Ben Miller
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The Public Venture Fund That 9x’d in 3 Days (Fundrise VCX)
Ben Miller, Benjamin Miller, Molly O'Shea
Fundrise's VCX fund has emerged as a novel public venture capital vehicle that democratized access to private tech assets by raising a $700 million valuation and attracting 100,000 investors. Within three days of its listing, the fund's shares appreciated to a $6.5 billion valuation, driven by a 193% weighted average growth in its portfolio which includes major holdings like Anthropic, Databricks, and OpenAI. By leveraging a direct network investing strategy and bypassing traditional fee structures, the fund positions itself as a primary capital bridge that challenges the collapsing IPO exit model while preparing for future expansion into larger check sizes.
- Milken Institute1h 0m
Crowdfunding for Start-Ups and Small Business
Daniel Gorfine, Chris Brummer, Candace Klein, Ben Miller, Nivi, Danae Ringelmann, Matthew Accarrino, David Rockefeller Jr., Christopher Coleman, Andet Taylor, Ian
The Milken Institute convened a panel to analyze the transformative potential of securities crowdfunding following the 2012 JOBS Act, where experts including Daniel Gorfine, Ben Miller, and Danae Ringelmann highlighted the shift from risk-averse traditional financing to decentralized capital formation. Panelists detailed how Title II, Title III, and Reg A+ frameworks have enabled diverse models ranging from Somolend's debt-based lending to Fundrise's equity real estate projects, effectively democratizing access for non-accredited investors while leveraging algorithms to mitigate fraud. Despite uncertainties regarding pending SEC rulemaking and potential broker-dealer liability, the consensus emphasizes that robust self-regulation and community validation are essential to scaling these platforms and integrating them with traditional venture capital ecosystems.