Ankur Nagpal is the GP of USVC, a publicly accessible venture capital fund. In this conversation, we break down how retail investors can now access private markets like OpenAI, Anthropic, and SpaceX for as little as $500, and the controversy around USVC’s Anduril investment, portfolio strategy, QSBS, tax alpha, and what it means to build wealth in America.
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⏰ TimeStamps:
- 0:00 – Intro
- 1:07 – The case for & against private market investing
- 9:27 – Inside USVC’s fund structure (open to anyone with $500)
- 12:59 – What’s in the USVC portfolio right now
- 14:44 – The Anduril SPV controversy explained
- 19:38 – Buying out LP stakes in venture funds
- 23:42 – Private markets vs S&P
- 25:34 – Lessons from AngelList’s data on portfolio construction
- 30:44 – Why AI is no longer just a category & due diligence
- 34:16 – Biggest risks & tax alpha with USVC
- 39:22 – Sticking to the plan amid market change
- 40:43 – Working with Naval and what America means to Ankur
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