Summation with Auren Hoffman Fundrise CEO Ben Miller: VCX, Roaring Kitty's revenge, and AI killing the office
May 12, 2026
Ben Miller, co-founder and CEO of Fundrise who listed VCX on the NYSE, discusses retail access to private companies and why VCX exploded on day one. He explains why closed-end funds suit private markets better than ETFs. He outlines how AI will reshape real estate and which markets may benefit or suffer. He also tells the story of visionary developers who remade neighborhoods.
AI Snips
Chapters
Transcript
Episode notes
Public Listing Lets A Fund Become Perpetual And Scale
- A public, perpetual fund can raise additional capital and scale like a mutual fund, unlike a traditional closed private fund with fixed capital.
- Ben notes NAV-based fees let a public fund choose to raise more AUM or start new funds.
Fulcrum Fees Offer Two-Way Incentive Alignment For Retail Funds
- Retail-regulated funds can't take traditional carry but can use a fulcrum (two-way) fee to align incentives.
- Ben highlights the SEC allows 20% fulcrum fees only if manager also shares downside, though few use it.
How Companies Reacted To Large Retail Holders On Cap Tables
- Ben recounts early company confusion about many retail shareholders on cap tables and reassured founders it's effectively one institutional holder.
- As category leaders normalized retail funds, private companies shifted from fear to openness.