How to Invest in OpenAI, Anthropic, and SpaceX (and the Fees)

Summary

Ankur Nagpal, GP of USVC, explains how his registered fund allows non-accredited investors to access private companies like SpaceX, OpenAI, and Anthropic with a $500 minimum. He contrasts the fund's NAV-linked pricing with venture ETFs that can trade at large premiums, details the fee structure (2.5% expense ratio, no carry), and outlines the portfolio composition and deployment strategy. The discussion emphasizes the illiquid, long-term nature of venture investing and the fund's goal to index the highest-growth private tech companies.

• USVC is a registered fund with a $500 minimum investment, targeting non-accredited investors.
• The fund's NAV is based on underlying company valuations, not market trading, reducing premium/discount risk.
• It charges no carried interest, a 1% management fee, and a total expense ratio of 2.5% (subsidized early).
• Current holdings include SpaceX (via xAI), OpenAI, Anthropic, Crusoe, Vercel, Sierra, and Legora.
• About 56% of the fund is cash, to be deployed into early-stage startups, funds, and secondaries.
• Quarterly redemptions up to 5% of NAV are available (subject to board approval).
• Ankur warns that venture ETFs like VCX trade at premiums to NAV and can lose money even when companies perform well.
• The fund is positioned as a long-term allocation to venture capital, not a short-term trading vehicle.