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The Index Fund Pioneer Just Put a Number on Private Market Allocation

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.

Investment Strategy

Gray Chynoweth

Sep 166 min read

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Legal & Regulatory Disclosures

Last Updated: January 12, 2026

1. No Investment Advice (The "Publisher’s Exclusion")

Prepublic Equity Partners ("PEP") is a publisher of general and impersonal investment research and thematic market analysis. PEP is not a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities regulator. This publication is provided in reliance upon the "Publisher’s Exclusion" from the definition of investment adviser under Section 202(a)(11)(D) of the Investment Advisers Act of 1940 and corresponding state laws.

The information provided herein is "one-size-fits-all" and is not tailored to the specific investment needs, financial circumstances, or objectives of any individual or entity. Nothing in this report should be construed as personal financial, legal, or tax advice.

2. No Offer or Solicitation

No report provided on this website and none of the contents of this website are for informational purposes only. They do not constitute an offer to sell, or a solicitation of an offer to buy, any security or investment product. Any such offer or solicitation will be made only by means of a confidential Private Placement Memorandum (PPM) or other definitive offering documents. PEP does not facilitate securities transactions or act as a "finder" or "broker-dealer."

3. Risks of Private & Late-Stage Investing

Investing in private, venture-backed, or "pre-IPO" companies involves a high degree of risk, including the potential for the total loss of principal invested. These risks include: (i) Illiquidity Risk: Private securities are highly illiquid and often subject to significant restrictions on resale; (ii) Speculative Nature Risk: Financial data for private companies (such as revenue and growth rates) may be based on unverified estimates or "reported" figures and should not be relied upon as fact; (iii) Valuation Volatility Risk: Private market valuations are subjective and may fluctuate significantly based on market sentiment or capital availability.

4. AI Disclosure & Accuracy of Information

PEP utilizes Generative Artificial Intelligence (GenAI) and automated analytical tools to assist in the synthesis of market data and the production of research reports. All AI-generated outputs are reviewed and edited by human personnel; however, PEP makes no representation or warranty as to the accuracy, completeness, or timeliness of the information. No material non-public information (MNPI) is used in the production of the PEP research published on this site. All views expressed are opinions as of the date of publication and are subject to change without notice.

5. Conflicts of Interest & Disclosure of Positions

PEP and its affiliates, officers, or employees may hold financial interests, including direct or indirect equity positions, in the companies discussed in this report. PEP reserves the right to buy or sell securities of the companies mentioned at any time, including positions that may be contrary to the views expressed herein, without further notice to readers. PEP does not receive compensation from the issuers mentioned in its research.

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7. Relationship with Alumni Ventures, LLC

PEP is an independently operated subsidiary of Alumni Ventures, LLC. PEP independently manages an investment process but receives certain administrative support from Alumni Ventures.

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