Episode 113: Lucas and Luna explore why venture capital — historically reserved for institutions and accredited investors — is increasingly accessible to the middle class through rolling funds, deal-by-deal platforms, and fund-of-funds ETFs. They examine the specific case of AngelList's rolling fund structure, which allows non-accredited investors to commit as little as $1,000 per quarter to a portfolio of startups. Lucas explains the trade-offs: high fees (typically 20% carried interest plus 2% management), illiquidity, and the brutal power law that means most returns come from a tiny fraction of companies. Luna pushes back on whether this is genuine democratisation or a way to repackage risk. The episode closes with a reflection on whether venture capital as an asset class belongs in a diversified middle-class portfolio at all.

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