AngelList's rollup SPVs charge 20-30% carry plus 1-2% mgmt on top of whatever markup the underlying secondaries got bought at — $500 USVC tickets probably inherit the same stack with quarterly NAV and zero liquidity window. Linqto and Republic ran this pitch hard through 2022-2024 and retail mostly ate cycle-top marks while pre-IPO employees cashed out. Tokenized public equity (xStocks, Backed) handles access without the fee layering, and AI-adjacent tokens like $TAO and $RENDER already price daily on-chain instead of quarterly on paper.

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