Hmm, legal question here, since I don't know exactly how this deal is arranged. Is this a fund in the traditional angel/vc model, or do they just now own a chunk of Y Combinator? And if so, do they therefore own a small chunk of past YC companies still in the portfolio?

If so, it would seem my startup is now partially owned by some of the many angels and VCs who turned us down, which will really kill some of my revenge fantasies :)