AngelList just launched a new registered fund that allows retail investors to access top-tier private companies like OpenAI and Anthropic with just a $500 minimum. In this episode, Brian Belley and Scott Kitun break down what this means for the future of private market investing — and why investors need to look closely at fees, structure, and timing before jumping in.

Then, Teddy Lyons and Léa Bouhelier-Gautreau dive into a unique deal review of Alaffia, a clean beauty brand rebuilding after a private equity acquisition disrupted its supply chain. With the founder back and a new team in place, the question becomes: can this company reclaim its growth — and exceed it?

02:30 — What the USVC fund actually is
04:00 — Why this is a big moment for retail investing
06:30 — The hidden issue: secondary exposure
09:00 — Are retail investors buying too late?
11:00 — Fees, carry, and layered fund structures
14:00 — Funds vs picking individual startups
16:00 — Why portfolios may outperform retail investors
18:00 — Long-term expectations (and reality check)
20:00 — Where private market investing is heading
24:30 — Deal review intro: Alaffia
25:30 — Alaffia origin story & private equity impact
28:00 — Financials breakdown & revenue drop
30:00 — Key concern: growth ceiling
32:00 — Private equity case study (Toys “R” Us comparison)
34:00 — Why the new team matters
36:00 — Valuation analysis (~1x revenue)
38:00 — Final takeaways: betting on the team