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Democratizing the Private Markets — ft. Ben Miller
2024/8/29
Prof G Markets
B
Ben Miller
通过Fundrise，Ben Miller将曾经仅限于精英投资者的房地产投资机会开放给普通投资者，实现了房地产投资的民主化。
E
Ed Shustory
Ben Miller: Fundrise 通过创新模式，成功地将房地产、风险投资和私人信贷等资产类别民主化，向普通投资者开放。这涉及到与SEC合作，创建第一个公开注册的风险投资基金，并通过技术平台和混合流动性资产策略来克服私募投资的行政和后勤障碍。Fundrise 的商业模式是收取资产管理费，而非传统的‘二八分成’模式，这在风险投资领域具有颠覆性意义。Fundrise 在过去十年中，房地产基金的业绩显著跑赢了先锋房地产指数基金。Fundrise 通过与客户建立关系和利用自身投资者的网络，获得了进入一些私营公司资本表的渠道。
Ben Miller: 创业成功的关键在于坚持不懈，并能够应对各种挑战，包括监管、市场波动和投资者关系管理。创业者必须具备承受痛苦并从中获得满足的能力，将痛苦转化为动力。
Ed Shustory: 私募市场资产的民主化是一件好事，监管可能是为了将这些资产限制在机构手中，以限制其获得更多资本。监管机构保护投资者免受自身行为伤害的论点是基于一种家长式的观点。建立信任是私募基金管理者和企业家需要关注的关键问题，而获得投资者的信任的关键在于业绩表现。
Deep Dive
Ben Miller, CEO of Fundrise, discusses the regulatory landscape of private markets and how Fundrise is changing the game by allowing everyday investors to access opportunities previously limited to institutions. He explains how Fundrise earned the trust of major companies like OpenAI and gained access to their cap tables.
- Fundrise created the first public venture fund, a publicly registered 40-act fund like a mutual fund.
- Fundrise democratized real estate investment and now has approximately 2 million users and $7 billion in real estate assets.
- The regulatory framework in the US regulates either the offering or the investor, leading to restrictions in private markets.
- Fundrise spent years working with the SEC to establish a framework for opening up the venture capital industry.
Shownotes Transcript