I'll repeat what I've said before about these platforms - I don't see why any institutional money would ever flow to them. Most startup funds require at least 5

I'll repeat what I've said before about these platforms - I don't see why any institutional money would ever flow to them. Most startup funds require at least 5 years of audited history before any capital allocator will touch them. They might get some small quick money from fund-of-funds, but I think they'll be hard-pressed to keep it. Given the relative short history on these platforms and the likely churn in algos, I can't see anyone putting serious money into them. One of the other problems I see with these platforms is that there is nothing that stops me, as far as I can tell, from pulling my algo from that platform once it is successful. Now there are lots of reasons why I could see people not doing that (running your own fund is hard, raising capital is difficult), but I don't see why anyone that is successful wouldn't immediately exit the platform in order to maximize their return.