Ankur Nagpal is the GP of USVC, a publicly accessible venture capital fund. In this conversation, we break down how retail investors can now access private markets like OpenAI, Anthropic, and SpaceX for as little as $500, and the controversy around USVC's Anduril investment, portfolio strategy, QSBS, tax alpha, and what it means to build wealth in America.

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• 0:00 - Intro
• 1:07 - The case for & against private market investing
• 9:27 - Inside USVC's fund structure (open to anyone with $500)
• 12:59 - What's in the USVC portfolio right now
• 14:44 - The Anduril SPV controversy explained
• 19:38 - Buying out LP stakes in venture funds
• 23:42 - Private markets vs S&P
• 25:34 - Lessons from AngelList's data on portfolio construction
• 30:44 - Why AI is no longer just a category & due diligence
• 34:16 - Biggest risks & tax alpha with USVC
• 39:22 - Sticking to the plan amid market change
• 40:43 - Working with Naval and what America means to Ankur