What is Vested's relationship with its Limited Partners (LPs), and how do they view Vested's offerings as an investment asset class?

For the most part, they are buying into the proto-VC index that they know will become a more refined version of an index over time. It's interesting: there's been a trend away from financial advisors that work within banks and broker-dealers to slightly more independent registered investment advisors. Historically, registered investment advisors have not had the easiest access to VC. Our goal over the next stretch of time is to make sure that registered investment advisors and the capital they control get access to VC without having to go through the front door and wait.

From the perspective of that class of investor capital, access to VC is the primary thing we're selling, and it’s in a differentiated, diversified, relatively reasonable cost way that makes them feel comfortable about accessing it, not on a single name basis.