FORTUNE — It has been nearly eight months since AngelList launched Syndicates, a program that lets individual angel investors raise third-party commitments to back early-stage startups. Basically a fundless sponsor platform for angel deals.
And no one has secured more commitments than Kevin Rose, the Digg founder who currently serves as a partner with Google’s (GOOG) venture capital arm. As of this morning, 688 people had committed $3.546 million to his syndicate. Also as of this morning, he hasn’t actually done a single deal via Syndicates.
Rose tells me that this isn’t an accident, or reflection of there not being enough quality deal-flow. In fact, he’s actually invested in syndicates managed by other people, like Tim Ferriss. Instead, Rose says that he simply is focused fulltime on his work at Google Ventures, and really chose to launch his syndicate so as to get a better understanding of how they functioned, given that Google Ventures is an AngelList investor.
“I actually stopped all of my angel investing a few years ago,” Rose says. “At some point perhaps I’ll use the syndicate perhaps to co-invest alongside a Google Ventures deal but it’s not really something I’m focused on right now.”
Rose also acknowledges that there seem to have been some early kinks in the Syndicate system, particularly around calling down capital. But he believes most of that has been worked out, based on his recent buy-side participation in the Tim Ferriss syndicate.
Sign up for my daily email newsletter on deals and deal-makers: GetTermSheet.com
