Over the last decade or so, the once-clubby world of startup investing has been cracked open wide by a number of innovations, including special purpose vehicles (SPVs), which are essentially pop-up venture funds that come together quickly with monies from all kinds of accredited investors — from institutions to VCs to dentists — to nab a stake in a single privately held company.
Yet as the market has soured, many investors are learning the hard way that SPVs are complicated, expensive, and not the sure-fire path to riches they once appeared to be. In fact, some who began assembling
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