Ask three investors who have committed to late-stage private companies how they built the position and you’ll get three different answers. Deciding to commit is one thing. Building the position is another. The machinery doesn’t exist yet In public markets you barely have to think about it. Take investing for retirement through an employer 401(k), for example: pick a target-date fund and it sets your stock-bond split.

Vanguard spent fifty years telling you to own the whole market. Last month they acknowledged part of it has moved. This spring, SpaceX, OpenAI and Anthropic together passed $3 trillion in value. As of June, none of them were in your index fund.

Value creation is staying private. Liquidity is learning to follow it as venture secondaries become a crucial on-ramp. For most of modern venture history, the script was straightforward: invest early, support the company, and wait for an IPO or acquisition to unlock returns. That script is now being rewritten as two powerful signals are converging.

Access Is Expanding — and That Raises the Bar for Discipline There’s a quiet but important signal coming out of Washington. The U.S. House has passed the INVEST Act of 2025 — a broad capital-formation package aimed at modernizing how capital flows into growing companies. It’s not law yet. The Senate still needs to act. But the direction of travel is clear: policymakers recognize that more value creation is happening in private markets — and they’re exploring ways to exp