Rethinking venture capital
New models for accessing, building and trading venture portfolios.

Venture capital is changing on both sides of the market. New investment models are changing how companies raise capital and how investors select and build portfolios. Other platforms are widening access to venture funds and private shares, or reducing the cost of managing investments. This map distinguishes these approaches: broader access, systematic investing, founder-friendly financing, secondaries, employee equity financing and supporting infrastructure. Inclusion does not imply retail eligibility, assured liquidity or better returns.

Select an organization for its model, access and liquidity details.

Selected Series B pro-rata
Index-linked late-stage portfolios
Data-selected angel co-investment
Open applications · standardized Series A
Fund selection and access vehicles
Deal-by-deal syndicates
Fund and SPV operations
Ownership records and custody
Tokenized issuance and registries
Staged, evidence-led investing
Equity with optional dividends
Managed venture funds
Employee option financing

Pioneers of new venture models

Yuri Milner / DST · founder-friendly growth financing

DST invested $200 million in Facebook in May 2009 without a board seat or special observer rights. It also proposed buying at least $100 million of employees’ vested shares. The combination provided growth capital and a route to shareholder liquidity while leaving board control with the existing team.

Facebook announcement · 26 May 2009

Yuri Milner + SV Angel · Start Fund

Start Fund offered $150,000 in convertible debt to each company in a Y Combinator batch in January 2011. Conversion in a qualifying equity round had no valuation cap or discount. This batch-wide offer is an early example of systematic co-investment, separate from DST’s growth strategy and from an investable whole-market index.

Yokum Taku’s review of the terms · 31 January 2011

41 organizations. Forge, AngelList and OurCrowd appear in two categories for distinct offerings and are each counted once in Stats. Last checked 2026-09-09.