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Once upon a time, tech founders built toward IPOs 鈥� not tender offers. In 1999, the median tech startup went public just five years after its founding. Today, that figure has stretched to 14 years. Instead of ringing the opening bell, founders are increasingly turning to private liquidity, keeping equity locked in private hands long past the company鈥檚 breakout success.

That shift has created a far bigger 鈥� and increasingly private 鈥� pie. In 2005, the combined value of the 50 most-valuable private U.S. tech companies was less than $5 billion. Today, that number . Over the same period, private markets have matured from niche pools into deep oceans, with global private-market assets under management surpassing 鈥� up from just $100 billion in the mid-1990s, a 150x increase.

As a result, we鈥檙e entering an era where the most transformative value 鈥� like the impact projected from AI 鈥� could be created almost entirely within private markets, widening the wealth gap between insiders and everyone else.

The long-standing objections to broader VC participation 鈥� risk, illiquidity, transparency and fees 鈥� are rapidly losing relevance.

Let鈥檚 take them one by one.

鈥榁enture capital is too risky鈥�

Risk is not monolithic. Late-stage companies such as , or look far more like mid-cap public equities than garage-stage moonshots. Investors can capture meaningful upside and diversify against individual company blow-ups by thoughtfully constructing a portfolio of 30 to 40 late-stage (post-Series C) funding rounds.

鈥楤ut it鈥檚 illiquid鈥�

Illiquidity is relative. Half of U.S. public equities are already locked in passive funds that rarely trade. Meanwhile, the private secondary market hit a record $162 billion in transaction volume in 2024 鈥� and continues to grow. Publicly registered VC funds can also hold 20% to 30% of assets in stocks or Treasuries to meet redemptions, bridging short-term liquidity needs with long-term exposure.

鈥楾here isn鈥檛 enough oversight鈥�

That鈥檚 changing. New publicly registered, evergreen VC funds, like the Innovation Fund, are subject to filings, audited financials and daily NAV disclosures.

鈥楾he fees are outrageous鈥�

Historically, yes. 2% management fees plus 20% carry were the norm. But new models are emerging. The Fundrise Innovation Fund, for instance, owns equity in nine of the 10 most well-known private U.S. tech companies 鈥� including and 鈥� and charges no carried interest, only a flat 1.85% management fee 1.

So why democratize VC now?

Momentum is finally on the side of access. In June 2025, the House passed the in a 397-12 landslide, directing the SEC to open private markets to knowledgeable investors, regardless of net worth.

The scale of the opportunity is enormous. Missing out on a $20 trillion AI wave isn鈥檛 just unfortunate 鈥� it鈥檚 locking out the majority of Americans of a generation-defining creation of wealth. Private tech also provides diversification in an era when public portfolios are dominated by the 鈥淢agnificent Seven.鈥� And with 60% of public equity assets held passively, denying those same long-term investors access to private growth feels increasingly arbitrary.

Venture capital will always carry risk 鈥� but so did buying in 1997 or in 2015. What鈥檚 changed is the timeline: Today, the lion鈥檚 share of value is created before companies ever go public.

Publicly registered VC funds are a breakthrough. They pair regulatory oversight with access to innovation, offering everyday investors a chance to participate in the upside of early-stage growth. Just as ETFs transformed public markets, these vehicles could reshape the future of private capital.

The arc of innovation bends toward abundance. It鈥檚 time for venture finance to bend with it 鈥� toward the many, not the few.

is the CEO and co-founder of , the leading direct-to-consumer alternative investments manager.

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