> Does everyone want a new alternative asset class that simply buys minority non-controlling stakes in smaller companies and just takes a slice of the dividends? Let's call it the SmallCoDividendsFund. Ok, show the world how you reliably return 8%+ every year from DHH's strategy and limited partners will be beating down your down door to give you more money! You don't have to write essays evangelizing the alternative investment thesis; instead, just invest real money in SmallCoDividendsFund, get awesome returns, and all the media outlets will provide publicity and encourage copycat investors.

I own startup equity, index funds, real estate, even a stake in someone's poker winnings. I model SaaS company valuations for fun. I would consider myself a sophisticated investor.

If you gave me access to a fund that acted sort of like Berkshire Hathaway, where someone went and picked out (with a careful eye) growth tech companies (that have also been derisked and had reached a point where they were profitable and self sufficient) that might not ever go public but would throw off cash, I would be interested in buying into such a fund, even if the shares were somewhat illiquid. You might even call it something catchy, like a "Continuity" fund. This is similar to how investors get exposure to SpaceX through a Fidelity fund that isn't publicly traded. Private markets are the new public markets, apologies to Matt Levine, without all of the hassle of being public (looking at you Tesla! 420 secured).

A problem that might be encountered is that more money doesn't necessarily generate more growth (depending on the market space constraints), so LPs beating down your door is a hinderance. You want long term investors who are happy to collect their cut while you're busy executing, not obsessing short term over share value.