OpenVC opens its second pre-IPO index fund on iCapital

What's the deal? OpenVCDealroom has a profile for this one. Try Dealroom → has launched its OPEN Unicorn Fund II on iCapital Marketplace, giving investors index-based exposure to the top 20 US late-stage, venture-backed private companies. The fund builds on its predecessor, Fund I, which closed after demand from family offices, high-net-worth individuals, and Registered Investment Advisors.

What's the endgame? OpenVCDealroom has a profile for this one. Try Dealroom → wants to bring index investing to late-stage venture capital, tracking the leading US pre-IPO companies through a rules-based strategy. The firm frames Fund II as part of a broader push to build investable benchmarks that bridge public and private markets.

Why now? Companies are staying private far longer, keeping value creation out of reach for most public-market investors. "IPOs have become exit points, rather than entry points, for many of the largest companies shaping the economy," said co-founder and chief executive officer David Shapiro.

What did the first fund prove? "Fund I validated the demand for a more disciplined and transparent approach to accessing leading private market companies," Shapiro said. Fund II offers advisors diversified exposure to 20 US pre-IPO firms through the same index-driven approach. OpenVC has not disclosed the fund's size.

The signal: The launch reflects growing appetite for systematic, lower-cost access to private markets — an asset class once reserved for institutions. As startups delay going public, products that package pre-IPO exposure into index-like vehicles are positioning to capture value that increasingly happens before the listing.

Image credit: Ken Lund