Naval’s $500 VC fund, the Maduro Polymarket scandal, and NYT defends theft and murder | E2280

April 25, 2026

AI Summary

5 min read

AngelList's new USVC fund democratizes access to venture capital by allowing non-accredited investors to participate with just a $500 minimum. The SEC-registered, closed-end fund invests in private pre-IPO companies, charging a flat 2.5% annual fee instead of the traditional VC model's 2% management fee plus 20% carry on profits. Hosts Jason Calacanis and Gilad Edelman explain that this shifts incentives: managers earn steadily from assets under management (AUM), potentially prioritizing growth over high-risk swings for outsized returns. Naval Ravikant, a key figure behind it, leverages existing AngelList SPVs to seed the portfolio, providing liquidity to early investors in mature SaaS firms like those held by Calacanis (e.g., 5% of .com). Redemptions are limited to 5% quarterly, reflecting private market illiquidity—unlike liquid public equities.

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What you'll learn

1 (00:00) **NYT Opinion Podcast Tease** - Hosts preview criticism of NYT for hosting discussion on theft and violence, defer to off-duty
2 (00:29) **Naval's AngelList USVC Fund Launch** - $500 minimum VC fund for non-accredited investors, closed-end with 2.5% annual fee, no carry
3 (01:23) **USVC Criticisms and Defenses** - Viral thread calls it retail VC grift; Hari Raghavan post explains private market realities
4 (07:04) **Hosts Endorse USVC Experiment** - Encourage small bets for learning, like poker tables; more liquidity aids founders and economy
5 (12:03) **OpenAI GPT-5.5/Pro Release** - New model sets benchmarks; awaits independent tests vs. prior versions and Claude
6 (12:31) **Maduro Polymarket Scandal** - Special forces soldier Gannon Van Dyke charged for $33k bets winning $409k on Maduro ouster
7 (13:47) **Hosts Defend Soldier's Confidence** - Betting on own mission shows morale; Trump praises as betting on his team

+ Full timestamped outline available in the app

Show Notes

This Week In Startups is made possible by:

Northwest Registered Agent - https://northwestregisteredagent.com/twist

LinkedIn Jobs - https://LinkedIn.com/twist

Today’s show:

It’s a News and Off-Duty weekend roundup!

AngelList’s USVC fund is open to anyone with $500, but it’s getting pushback on social media. Do the critics have a point?

A Special Forces soldier made $409K betting on the military’s capture of Venezuelan leader Nicolas Maduro. Is the world just a big casino now?

And a NYT podcast defends shoplifting and explores “social murder.” Find out why Jason says they crossed the line.

Plus: Why you should teach your kids about investment and more, Off-Duty streaming and book recommendations.

Related Links

USVC: https://usvc.com/

AngelList: https://www.angellist.com/

Naval Ravikant on X: https://x.com/naval

“Don’t Listen to the Peanut Gallery; USVC is a Watershed Moment” by Hari Raghavan: https://x.com/haridigresses/status/2047503944839016681

@Covered_Call USVC tweet: https://x.com/covered_call/status/2047020060900733306

Forge Global: https://forgeglobal.com/

Calm: https://www.calm.com/

Full DOJ indictment of Gannon Ken Van Dyke: https://www.justice.gov/opa/pr/us-soldier-charged-using-classified-information-profit-prediction-market-bets

NYT “The Opinions” podcast: “The Rich Don’t Play by the Rules. So Why Should I?” https://www.nytimes.com/video/opinion/100000010849055/the-rich-dont-play-by-the-rules-so-why-should-i.html

Hasn Piker on Twitch: https://www.twitch.tv/hasanabi

New Yorker: Jia Tolentino: https://www.newyorker.com/contributors/jia-tolentino

NYT: Nadja Spiegelman: https://www.nytimes.com/by/nadja-spiegelman

Jia Tolentino on X: https://x.com/jiatolentino

Garry Kasparov on X: https://x.com/kasparov63

Prof G Media: https://www.profgmedia.com/

Kids Investment Club: