> Seems like Silicon Valley financiers have always thought like Wall Streeters. FTFY ;-) BTW, in finance terminology this is called a fund of funds (FoF). Fe

> Seems like Silicon Valley financiers have always thought like Wall Streeters. FTFY ;-) BTW, in finance terminology this is called a fund of funds (FoF). Fees on top of fees. Warren Buffett has been warning against these types of structures for years, but both professional and individual investors have always had an appetite for them since they are the closest thing to a privately held ETF. Speaking of ETFs, here's a quote from the man behind the company from the article: > “Some day you’re going to sit at your Schwab account or your Fidelity account and you’re going to say, ‘I’d like to take 1% of my net worth and put it into angel deals,’” Schwab and Fidelity target upper middle class individuals, who loooove ETFs (or should love them, since, as a group, they are not very good investors). Also this fund might charge a 30% carry, but at least there is no management fee. Footnote: I know that there are exceptions to every rule. So please no N=1 anecdotal replies.