That doesn't make it any more expensive to invest; it just decreases the eventual returns. But that variation in returns will be dwarfed by the variation caused by which startup you pick. Which means investing with no cap would be business as usual for angels.

Not that they would have to in any case. We don't anticipate that the startups' additional money will have to come with no cap. Ron and Yuri had to do this because to make their fund work like an index fund, they had to get the entire batch, which meant they had to make it an offer no rational founder would refuse.