Now a new San Francisco-based firm has formed to invest in a broad portfolio of AngelList syndicates, via a fund-of-funds model.

It’s called Maiden Lane, and is expected to close its debut fund within the next week on between $20 million and $25 million. Not from AngelList users, but from traditional limited partners in VC funds, like Top Tier Capital Partners and Venture Investment Associates. Typical commitments would be around $200,000 up-front, plus reserved cash for follow-ons. Around half of Maiden Lane’s investments would be in AngelList syndicates, while the other half would be in direct investment opportunities (or co-investments) offered via AngelList’s deal platform.

Related: AngelList raises $24 million at heavenly valuation

Maiden Lane is not officially part of AngelList, but the ties between the two run deep. One of Maiden Lane’s two partners is Kevin Laws, AngelList’s current chief operating officer, who is beginning to slow down his day-to-day responsibilities with the company (he is expected to remain COO, but spend the vast majority of his time on Maiden Lane). The other is Dustin Dolginow, a principal with AngelList shareholder Atlas Ventures, who will be transitioning to a venture partner role with the firm. In addition, Atlas partner Jeff Fagnan and AngelList founder and CEO Naval Ravikant both will sit on Maiden Lane’s investment committee, and are limited partners in the fund.

Fagnan says that he and Atlas helped back Maiden Lane’s pilot program called Angel Pool, which already has returned its initial capital and is being held at around a 4x multiple.

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