# EDGAR Filing Document

**Accession Number:** 0001858660
**File Stem:** 0001104659-25-122984
**Filing Date:** 2025-12
**Character Count:** 71117
**Document Hash:** 8c5378be9fa905fab70e8529fc9dd04c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122984.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001104659-25-122984

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**EFFECTIVENESS DATE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USVC Venture Capital Access Fund
- **CENTRAL INDEX KEY:** 0001858660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255702
- **FILM NUMBER:** 251586776

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002
- **BUSINESS PHONE:** 833-729-0934

**MAIL ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SVX LLC
- **DATE OF NAME CHANGE:** 20220616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silicon Valley Access Fund LLC
- **DATE OF NAME CHANGE:** 20220209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AL Venture Fund LLC
- **DATE OF NAME CHANGE:** 20210422

?xml version='1.0' encoding='ASCII'? USVC Venture Capital Access Fund - 1858660 - 2025

**As filed with the U.S. Securities and Exchange Commission on December 19, 2025**

**Securities Act File No. 333-255702 Investment Company Act File No. 811-23660**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

(CHECK APPROPRIATE BOX OR BOXES)

⌧ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

◻ Pre-effective Amendment No.

⌧ Post-effective Amendment No. 2

⌧ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

⌧ Amendment No. 12

**USVC VENTURE CAPITAL ACCESS FUND**

**(Exact name of Registrant as specified in Charter)**

**140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Address of Principal Executive Offices) Registrant's Telephone Number, including Area Code: (833) 729-0934**

**Huoy-Ming Yeh AngelList Asset Management, LLC 140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Name and Address of Agent for Service)**

**Copies to: William J. Bielefeld, Esq. Alexander C. Karampatsos, Esq. Dechert LLP 1900 K Street, NW Washington, DC 20006-1110**

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

**If appropriate, check the following box:**

◻ The only securities being registered on the form are being offered pursuant to a dividend or interest reinvestment plan.

⌧ Any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

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| | |
|:---|:---|
| ◻ | This form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |

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| | |
|:---|:---|
| ◻ | This form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |

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| | |
|:---|:---|
| ◻ | This form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |

---

**It is proposed that this filing will become effective (check appropriate box):**

◻ when declared effective pursuant to section 8(c) of the Securities Act

**If appropriate, check the following box:**

◻ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

◻ This form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _______.

◻ This form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

⌧ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <u>333-255702</u>.

**Check each box that appropriately characterizes the Registrant:**

⌧ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "Investment Company Act")).

◻ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

◻ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

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| | |
|:---|:---|
| ◻ | A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |

---

◻ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

◻ Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).

◻ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

◻ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 (File Nos. 333-255702 and 811-23660) of USVC Venture Capital Access Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 2 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 2 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 2 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C**

**OTHER INFORMATION**

**Item 25. *Financial Statements and Exhibits***

25(1) &nbsp;&nbsp;&nbsp;&nbsp; Financial Statements:

[The Financial Statements of the Registrant, dated as of July 31, 2025, are included in the SAI.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001858660/000110465925115236/tm2531872d1_424b3.htm)

---

| | |
|:---|:---|
| 25(2) |  |
| (a)(1) | [Certificate of Formation](https://www.sec.gov/Archives/edgar/data/1858660/000110465921059303/tm2113167d2_ex99a1.htm). (1) |
| (a)(2) | [Certificate of Amendment dated November 30, 2021 to the Certificate of Formation](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a2.htm). (2) |
| (a)(3) | [Certificate of Amendment dated June 16, 2022 to the Certificate of Formation](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a3.htm). (2) |
| (a)(4) | [Certificate of Conversion.](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax4.htm) (4) |
| (a)(5) | [Certificate of Trust.](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax5.htm) (4) |
| (a)(6) | [Initial Declaration of Trust.](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax6.htm) (4) |
| (a)(7) | [Amended and Restated Declaration of Trust](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xax7.htm). (6) |
| (b) | [By-Laws](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xb.htm). (6) |
| (c) | Not Applicable. |
| (d) | Incorporated by reference to Exhibits (a)(7) and (b) above. |
| (f) | Not Applicable. |
| (g) | [Investment Advisory Agreement between the Registrant and AngelList Asset Management, LLC.](tm2533913d1_ex99-xg.htm) (9) |
| (h)(1) | [Distribution Agreement between the Registrant and ALPS Distributors, Inc](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xhx1.htm). (6) |
| (h)(2) | [Solicitation Agreement between the Registrant and North Capital Private Securities Corporation](https://www.sec.gov/Archives/edgar/data/1858660/000110465925104890/tm2529828d1_ex99-xhx2.htm). (8) |
| (i) | Not Applicable. |
| (j) | [Custody Agreement between the Registrant and U.S. Bank, N.A](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xj.htm). (6) |
| (k)(1) | [Services Agreement between the Registrant and SS&C GIDS, Inc](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xkx1.htm). (6) |
| (k)(2) | [Second Amended and Restated Expense Limitation Agreement between the Registrant and AngelList Asset Management, LLC.](tm2533913d1_ex99-xkx2.htm) (9) |
| (k)(3) | [Shareholder Services Plan](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xkx3.htm). (6) |
| (k)(4) | [Indemnification Agreement between the Registrant and each Trustee](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xkx4.htm). (6) |
| (k)(5) | [Second Amended and Restated Expense Reimbursement Agreement between the Registrant and AngelList Asset Management, LLC.](tm2533913d1_ex99-xkx5.htm) (9) |
| (l) | [Opinion and Consent of Dechert LLP](https://www.sec.gov/Archives/edgar/data/1858660/000110465925098013/tm2519868d10_ex99-xl.htm). (7) |
| (m) | Not Applicable. |
| (n) | [Consent of RSM US LLP, independent registered public accounting firm for the Registrant](https://www.sec.gov/Archives/edgar/data/1858660/000110465925098013/tm2519868d10_ex99-xn.htm). (7) |
| (o) | Not Applicable. |

---

---

| | |
|:---|:---|
| (p) | [Subscription Agreement between the Registrant and AngelList Asset Management, LLC](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xp.htm). (6) |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of the Fund](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xrx1.htm). (6) |
| (r)(2) | [Code of Ethics of the Investment Adviser](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xrx2.htm). (6) |
| (r)(3) | [Code of Ethics of the Distributor](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xrx3.htm). (6) |
| (s)(1) | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xsx1.htm). (6) |
| (s)(2) | [Filing Fee Exhibit](http://www.sec.gov/Archives/edgar/data/1858660/000110465925094589/tm2519868d7_exfilingfees.htm). (6) |

---

(1) Incorporated herein by reference to the corresponding exhibit of the Registrant's initial Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on April 30, 2021.

(2) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on June 16, 2022.

(3) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on May 30, 2025.

(4) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 7 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on August 11, 2025.

(5) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 8 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on September 11, 2025.

(6) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 9 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on September 29, 2025.

(7) Previously filed.

(8) Incorporated herein by reference to the corresponding exhibit of Post-Effective Amendment No. 1 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on October 31, 2025.

(9) Filed herewith.

**Item 26. *Marketing Arrangements***

Not applicable.

**Item 27. *Other Expenses of Issuance and Distribution***

*All figures are estimates*

---

| | |
|:---|:---|
| Registration Fees | $76550 |
| Audit Fees | 60000 |
| Legal Fees and Expenses | 601275 |
| Blue Sky Fees | 40000 |
| Printing Fees | 25000 |
| Miscellaneous Fees | 0 |
| **Total** | **802825** |

---

**Item 28. *Persons Controlled By or Under Common Control***

Not Applicable.

**Item 29. *Number of Holders of Securities***

The following table sets forth the approximate number of record holders of the Registrant's securities as of December 17, 2025.

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| | |
|:---|:---|
| **Title of Class**  | **Number of Record <br> Holders**  |
| Common Shares of Beneficial Interest | 43 |

---

**Item 30. *Indemnification***

Reference is made to Section 5.2 of the Registrant's Declaration of Trust filed as Exhibit (2)(a)(6) to this Registration Statement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 Act (the "1933 Act") may be permitted to the managers, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by the manager, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by the manager, officer or controlling person, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31. *Business and Other Connections of Investment Adviser***

Information as to the directors and officers of the Registrant's investment adviser, AngelList Asset Management, LLC (the "Investment Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Adviser, and each director, executive officer, managing member or partner of the Investment Adviser, is or has been, at any time during the past two fiscal years, engaged in for their own account or in the capacity of director, officer, employee, managing member, partner or trustee, is set forth in the Registrant's Prospectus and Statement of Additional Information in the sections entitled "Management of the Fund", and is included in the Investment Adviser's Form ADV as filed with the Securities and Exchange Commission (File No. 801-129822).

**Item 32. *Location of Accounts and Records***

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Registrant, AngelList Asset Management, LLC, 140 Lakeside Avenue, Suite 100, Seattle, WA 98122;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the Transfer Agent, SS&C GIDS, Inc., PO Box 219027, Kansas City, MO 64121;

&nbsp;&nbsp;&nbsp;&nbsp;(3) the Custodian, U.S. Bank N.A., 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212.; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) the Investment Adviser, AngelList Asset Management, LLC, 140 Lakeside Avenue, Suite 100, Seattle,
WA 98122.

**Item 33. *Management Services***

Except as described under "The Investment Adviser" and "The Fund Administrator and Transfer Agent" in this Registration Statement, the Fund is not party to any management service related contract.

**Item 34. *Undertakings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant undertakes to suspend the offering of Shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrant undertakes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to any plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the 1933 Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not Applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C: Each prospectus filed pursuant to Rule 424(b) under the 1933 Act as part of a registration statement relating to an offering, other than registration statements relying on rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the 1933 Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registrant undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of determining any liability under the 1933 Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this post-effective amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cold Spring Harbor, and State of New York, on the 19th day of December, 2025.

USVC Venture Capital Access Fund

---

| | |
|:---|:---|
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David Borecky\* |  |  |
| David Borecky | Trustee | December 19, 2025 |
| /s/ Nimesh Gupta\* |  |  |
| Nimesh Gupta | Trustee | December 19, 2025 |
| /s/ Erik Syvertsen |  |  |
| Erik Syvertsen | Trustee, Chief Executive Officer and President | December 19, 2025 |
| /s/ Daniel Hess |  |  |
| Daniel Hess | Principal Financial Officer | December 19, 2025 |
|  | (Principal Accounting Officer) |  |

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| | |
|:---|:---|
| \*By: | /s/ Erik Syvertsen |
|  | Erik Syvertsen |
|  | Attorney-in-Fact |
|  | (Pursuant to Powers of Attorney previously filed) |

---

**EXHIBIT INDEX**

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| | |
|:---|:---|
| [(g)](tm2533913d1_ex99-xg.htm) | [Investment Advisory Agreement between the Registrant and AngelList Asset Management, LLC.](tm2533913d1_ex99-xg.htm) |
| [(k)(2)](tm2533913d1_ex99-xkx2.htm) | [Second Amended and Restated Expense Limitation Agreement between the Registrant and AngelList Asset Management, LLC.](tm2533913d1_ex99-xkx2.htm) |
| [(k)(5)](tm2533913d1_ex99-xkx5.htm) | [Second Amended and Restated Expense Reimbursement Agreement between the Registrant and AngelList Asset Management, LLC.](tm2533913d1_ex99-xkx5.htm) |

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## Ex-99.(G)

**Exhibit 99.(g)**

**USVC VENTURE CAPITAL ACCESS FUND**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement is hereby effective as of the 5th day of December, 2025 (the "<u>Agreement</u>"), between USVC Venture Capital Access Fund, a Delaware statutory trust (the "Fund"), and AngelList Asset Management, LLC (formerly known as Strawberry Tree Management Company LLC), a Delaware limited liability company (the "<u>Adviser</u>").

**WITNESSETH:**

**WHEREAS,** the Fund is a closed-end, management investment company registered as such with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under and pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), with its shares of beneficial interest (the "<u>Shares</u>") registered for issuance in a public offering (the "<u>Offering</u>");

**WHEREAS,** the Adviser is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

**WHEREAS,** the Fund desires to retain the Adviser to provide investment advisory services to the Fund, and the Adviser is willing to provide or procure such services, on the terms and conditions hereinafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Adviser to act as investment adviser to the Fund for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADVISER</u>**

1. <u>Advisory Duties of the Adviser</u>. Subject to the supervision of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund (a) in accordance with the investment objective, policies and restrictions that are set forth in the Fund's filings with the SEC, as the same may be amended from time to time, (b) in accordance with the 1940 Act, the Advisers Act and all other applicable federal and state law, and (c) in accordance with the Fund's certificate of trust, amended and restated declaration of trust and bylaws (collectively, the "<u>organizational documents</u>"), each as amended or restated from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund (including performing due diligence on prospective investments); (iii) execute, close, service and monitor the Fund's investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; and (v) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments and the placement of orders for other purchase or sale transactions on behalf of the Fund, subject to the oversight and approval of the Board of Trustees. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board of Trustees. If it is necessary or convenient for the Adviser to make investments on behalf of the Fund through a subsidiary or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special purpose vehicle, in accordance with the 1940 Act.

2. <u>Subadvisers</u>. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may, through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated in this Agreement, including the management of all or a portion of the assets being managed hereby. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the members of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; provided that, in each case, the Adviser shall continue to oversee the services provided by such company or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.

3. <u>Books and Records</u>. The Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act or such longer period as the Fund may direct, all records relating to the services rendered by the Adviser under this Agreement and the Fund's investments made by the Adviser as are required by Section 31 under the 1940 Act, and rules and regulations thereunder, and by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange Act, and the respective rules and regulations thereunder, and the Fund's compliance policies and procedures, and to preserve such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures. In compliance with the requirements of Rule 31a-3 under the 1940 Act, any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered promptly to the Fund on request.

4. <u>Brokerage Commissions</u>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national securities exchange, broker or dealer an amount of commission or other compensation for effecting a securities transaction in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that the amount of such commission or other compensation is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund's portfolio, and constitutes the best net result for the Fund.

5. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Fund has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Fund. The Adviser shall be responsible for reporting the Fund's proxy voting activities, as required, through periodic filings on Form N-PX.

6. <u>Advisory Services Not Exclusive</u>. The Adviser's services to the Fund pursuant to this Agreement are not exclusive, and it is understood that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies. Whenever the Fund and one or more other funds, accounts or investment companies advised by the Adviser have available funds for investment, and the responsibility for the management of all of the assets of the Fund has not been delegated to a subadviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Fund recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Fund.

**<u>ARTICLE III</u>**

**<u>EXPENSES</u>**

1. <u>Expenses Borne by Adviser</u>. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Fund.

2. <u>Expenses Borne by the Fund</u>. The Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to: (a) the Management Fee (as defined below); (b) fees to the Fund's administrators, transfer agent, custodians, depositaries, and trustees and other service providers; (c) the cost of calculating the Fund's net asset value (including the cost and expenses of any independent valuation firm); (d) borrowing and indebtedness of the fund, including the costs of establishing such borrowing or indebtedness, as well as any interest expenses; (e) trading and investment expenses (e.g., expenses that the Adviser reasonably determines to be related to the investment of the Fund's assets), including: (i) brokerage commissions and expenses relating to short sales, (ii) clearing and settlement charges and other related amounts, (iii) prime broker fees and other bank service fees, and (iv) custodial fees, and fees of the trustee and any depositary in relation to trading and settlements; (f) dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more distributors and/or underwriters; (g) the costs and expenses of products and services relating to research concerning the Fund's investments or potential investments (except to the extent that such costs or expenses are paid for with "soft dollars"), including the following: (i) the costs of obtaining third-party research products and services, including the cost of research reports relating to securities, issuers, market segments or geographic regions, (ii) investment- and portfolio-related research surveys, (iii) the costs of computerized historical financial data, data feeds, audiovisual media, and databases (e.g., Bloomberg) and the costs of credit rating services, (iv) alternative data, and systems and services relating to research for alternative data, (v) the costs of subscriptions, publications, and news feeds regarding investments and/or the general investment markets, (vi) professional fees, including the expenses of consultants and experts, to the extent such professional fees relate to research, (vii) the costs of information technology hardware and software (including computers, telephones, videoconferencing equipment, and similar items) to the extent that such hardware or software is used for research (to include initial and ongoing costs for purchase or lease, licensing, data and physical file storage, maintenance, cyber and information security technology and services, consulting and third-party labor support, and other related expenses), and (viii) the cost of investigating actual or potential investments, including investment and general market conferences, travel expenses and out-of-pocket expenses of the officers and employees of the Adviser in relation to research concerning investments or potential investments for the Fund; (h) costs of third-party valuation consultants and price quotation services; (i) the costs of portfolio modeling and analyses, and data analytics, including expenses relating to services provided by affiliated or unaffiliated service providers; (j) professional fees, including: (i) expenses of consultants, experts and third-party advisors, related to portfolio investments (and not related to research), (ii) fees of any underwriter or rating agency in connection with borrowing or indebtedness of the Fund, (iii) fees and expenses associated with the Board of Trustees of the Fund, including travel expenses and costs associated with ongoing meetings of any such entities, and (iv) fees and expenses of anti-money laundering officers of the Fund; (k) legal, litigation, compliance, regulatory, and tax expenses, including consulting expenses, filing fees; (l) auditing and tax preparation expenses; (m) federal and state registration fees and any applicable exchange listing fees; (n) federal, state and local taxes of the Fund; (o) costs associated with offering or repurchasing the Fund's Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more distributors and/or underwriters; (p) distributions on the Fund's Shares or other securities; (q) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions; (r) any fees and expenses relating to escrow agent services; (s) Independent Trustee fees and expenses; (t) the costs of any reports, proxy statements or other notices to the Fund's Shareholders, including printing costs; (u) any applicable distribution and/or shareholder servicing fees; (v) insurance expenses (including fidelity insurance, Trustees and officers/errors and omissions liability insurance, cybersecurity insurance, and travel-related insurance); (w) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; (x) the costs of services, systems, data, databases, physical storage, electronic storage, and disaster recovery solutions relating to the management of the Fund (to include initial and ongoing costs for purchase or lease, licensing, maintenance, consulting and third-party labor support, and other related expenses), including the following: (i) the costs of third-party compliance, legal, client service, tax, trading, technology, portfolio analysis, operational and accounting products, services and consultants, including the costs of compliance, portfolio analysis and accounting software packages, (ii) the costs of risk management products and services, including the costs of risk management software or database packages, (iii) the costs of performance measurement services and GIPS and other verifications; and (iv) the costs of maintaining the books and records of the Fund; (y) fees, costs and expenses associated with Shareholder meetings; (z) costs and expenses, including travel expenses and costs associated with investor conferences or any other similar meetings of the Fund; (aa) expenses associated with special purpose vehicles and investment vehicles through which the Fund invests, including organizational, tax, legal, audit, administrative and transaction expenses, dedicated staffing expenses, and occupancy expenses for required physical locations (occupancy expenses to include rent, overhead, property taxes, and utilities in dedicated and shared locations (whether paid to third parties or allocated from AngelList Asset Management, LLC or its affiliates)); (ab) corporate licensing; (ac) organizational expenses; (ad) fees and expenses associated with marketing, distribution, training and investor relations efforts; (ae) dues, fees and charges of any trade association of which the Fund is a member; (af) extraordinary expenses, including the costs of indemnification; and (ag) all other expenses reasonably incurred by the Fund or the Adviser in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under this Agreement or incurred by the Adviser in performing its obligations under any administration or other services agreement with the Fund, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's Chief Compliance Officer, Chief Financial Officer, Chief Operating Officer and their respective support staff to the extent applicable.

**<u>ARTICLE IV</u>**

**<u>COMPENSATION</u>**

1. <u>Management Fee</u>. Effective commencing on the date first written above, the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a quarterly advisory fee (the "Management Fee"). The Management Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated net asset value (as determined each business day at the time set forth in the prospectus for determining net asset value per share) of the Fund and shall be paid quarterly in arrears. The net asset value of the Fund is determined by subtracting the Fund's liabilities from the fair market value of its assets in accordance with the Fund's prospectus. For purposes of this Agreement, a "business day" is any day the Fund is open for business or as otherwise provided in the Fund's prospectus. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time. The Management Fee for any partial calculation period shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such calculation period relative to the total number of days in such calculation period).

2. <u>Effective Date of Fee Calculation</u>. The effective date of this Article IV shall be the date first written above.

**<u>ARTICLE V</u>**

**<u>ADDITIONAL OBLIGATIONS OF THE FUND</u>**

1. <u>Documents</u>. The Fund has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future amendments and supplements thereto, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's certificate of trust, as filed with the Secretary of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's amended and restated declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registration Statement as filed with the SEC and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notification of Registration of the Fund under the 1940 Act on Form N-8A as filed with the SEC and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The form of Prospectus and Statement of Additional Information of the Fund pursuant to which the Fund's Shares are offered for sale to the public.

**<u>ARTICLE VI.</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Article VI to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). Nothing in this Agreement shall in any way constitute a waiver or limitation by the Fund of any rights or remedies which may not be so limited or waived in accordance with applicable law.

**<u>ARTICLE VII.</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Covenants of the Adviser</u>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments.

2. <u>Adviser Personnel</u>. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Adviser shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Adviser shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

3. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

4. <u>Name.</u> The Fund agrees that the Fund (to the extent that it lawfully can) shall cease to use the name "AngelList Asset Management, LLC" upon such date as the Adviser ceases to act as the investment adviser to the Fund, unless an affiliate of the Adviser serves as the investment adviser.

5. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect until October 29, 2027, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act or any exemptive relief therefrom.

This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Article VI of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Article IV through the date of termination or expiration, and Article VI shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

6. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party.

7. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, addressed and delivered or mailed to the other party at its principal office.

8. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

*[signature page follows]*

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date of the last signature below.

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| | |
|:---|:---|
| **USVC VENTURE CAPITAL ACCESS FUND** | **USVC VENTURE CAPITAL ACCESS FUND** |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |
| **ANGELLIST ASSET MANAGEMENT, LLC** | **ANGELLIST ASSET MANAGEMENT, LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

---

*[Signature Page to Investment Advisory Agreement of USVC Venture Capital Access Fund]*

## Ex-99.(K)(2)

**Exhibit 99.(k)(2)**

**SECOND AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT**

November 24, 2025

USVC Venture Capital Access Fund

140 Lakeside Avenue, Suite 100

Seattle, WA 98122

Dear Ladies and Gentlemen:

AngelList Asset Management, LLC (formerly Strawberry Tree Management Company LLC) (the "Adviser"), as investment adviser to USVC Venture Capital Access Fund (the "Fund"), agrees to waive its management fees and/or reimburse the Fund's expenses to the extent that the Fund's total expenses (*excluding* (i) management fees, (ii) shareholder services fees, (iii) acquired fund fees and expenses, (iv) all federal, state, local and foreign taxes, (v) merger or reorganization expenses, (vi) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders, and (vii) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities) ("Excluded Expenses")) exceed an annual rate of 0.30% of the average net asset value of the Fund (the "Expense Limitation"). Each quarter the Fund's total expenses, exclusive of Excluded Expenses, shall be annualized as of the last day of the quarter, and if the annualized total expenses, exclusive of Excluded Expenses, for any quarter exceed the Expense Limitation, the Adviser shall waive or reduce its management fee for such quarter or reimburse the Fund by an amount sufficient to reduce the annualized total expenses, exclusive of Excluded Expenses, so that such expenses do not exceed the Expense Limitation for that quarter.

This second amended and restated agreement (this "Agreement") shall commence on the date first set forth above. This Agreement shall continue in effect through at least one year from the date of this Agreement. Thereafter, this Agreement shall continue in effect from year to year for successive one-year periods provided that each such continuance is specially approved by the Fund's Board of Trustees and the Adviser. The Fund's Board of Trustees may terminate this Agreement at any time upon at least sixty (60) days' written notice to the Adviser, and this Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement between the Adviser and the Fund, provided, however, that this Agreement shall not terminate in the event that the Investment Advisory Agreement is terminated due to a change of control of the Adviser and a new investment advisory agreement with the Adviser becomes effective immediately upon such termination.

Notwithstanding anything to the contrary, this paragraph of this Agreement shall survive any termination of this Agreement with respect to any expenses that have not been recouped by the Adviser from the Fund. The Adviser may recoup from the Fund any fees previously reduced or expenses previously reimbursed with respect to the Fund pursuant to this Agreement if (i) such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and (ii) the reimbursement is made within three (3) years after the time at which the Adviser reduced the fee or incurred the expense. Subject to the terms of this Agreement, the Adviser may elect to seek recoupment or forgo seeking recoupment at its discretion; however, upon proper request to the Fund, the Fund shall be obligated to pay the Adviser such recoupment to the extent permitted under this Agreement.

The Adviser agrees that it shall look only to the assets of the Fund for performance of this Agreement and for any claims for payment. No trustees, officers, employees, agents or shareholders of the Fund shall be personally liable for performance by the Fund under this Agreement.

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto. Subject to approval by the Adviser, this Agreement may be amended by the Fund's Board of Trustees without the approval of Fund shareholders.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| AngelList Asset Management, LLC | AngelList Asset Management, LLC |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

---

USVC Venture Capital Access Fund

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| | |
|:---|:---|
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |

---

## Ex-99.(K)(5)

**Exhibit 99.(k)(5)**

**SECOND AMENDED AND RESTATED EXPENSE REIMBURSEMENT AGREEMENT**

This Second Amended and Restated Expense Reimbursement Agreement (the "**Agreement**") is made this 24th day of November, 2025, by and between USVC Venture Capital Access Fund, a Delaware statutory trust (the "**Fund**"), and AngelList Asset Management, LLC (formerly Strawberry Tree Management Company LLC), a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that is registered as an investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated October 29, 2025, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

WHEREAS, the Fund and the Adviser have determined that it may be appropriate and in the best interests of the Fund for the Adviser to pay certain expenses of the Fund.

WHEREAS, the Fund and the Adviser desire to amend and restate that certain Amended and Restated Expense Reimbursement Agreement, dated October 29, 2025 by and between the Fund and the Adviser (the "Prior Agreement") in its entirety, pursuant to Section 3(f) of the Prior Agreement.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Expense Reimbursement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall incur the Fund's organizational costs and the initial offering costs associated
with the Fund's continuous offering of shares including, but not limited to, legal expenses, printing costs, and expenses relating
to the initial seed audit. The Fund shall reimburse the Adviser for any such payments within three years of the Adviser incurring such
expenses subject to the limitation that a reimbursement (an "Adviser Recoupment") will be made only if and to the extent that
the Fund's net assets exceed $100,000,000.

**2.**  **<u>Termination and Survival</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect through at least one year from the effective date of the Fund's
registration statement on Form N-2 (file no. 333-255702), and prior to such date, the Adviser may not terminate the Agreement without
the approval of the Fund's Board of Trustees. Thereafter, this Agreement may be terminated, without the payment of any penalty,
by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the
Investment Advisory Agreement, provided, however, that this Agreement shall not terminate in the event that the Investment Advisory Agreement
is terminated due to a change of control of the Adviser and a new investment advisory agreement with the Adviser becomes effective immediately
upon such termination; (ii) the Board of Trustees of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon
a quotation or listing of the Fund's securities on a national securities exchange (including through an initial public offering)
or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which
the Fund's shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser or an affiliate
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 2 and 3 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything
to the contrary, Section 1 of this Agreement shall survive any termination of this Agreement with respect to any expenses
that have not been reimbursed by the Fund to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of
the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is a registered investment company under
the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the
extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act, the
latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's
Declaration of Trust or By-Laws, as may be amended or restated, or to relieve or deprive the Board of Trustees of the Fund of its responsibility
for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be
deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without
the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended only in writing by mutual consent of the parties. This Agreement may be
executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication,
each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same
instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

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| | |
|:---|:---|
| **USVC Venture Capital Access Fund** | **USVC Venture Capital Access Fund** |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |
| **AngelList Asset Management, LLC** | **AngelList Asset Management, LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

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*[Signature Page to Expense Reimbursement Agreement]*