I&#x27;m not sure you could <i>easily</i> find one LP willing to put up $400 million for a fund that, according to the article, will potentially make more than 1,000 investments. AngelList, because of its platform, obviously has a way to deploy this capital more efficiently than a typical firm, but these types of small early-stage investments are still fraught with challenges and I think sophisticated domestic LPs who have experience in venture capital would be very skeptical.<p>As the WSJ article implies, CSC may have certain motivations that a domestic LP wouldn&#x27;t, such as a desire to get capital deployed outside of China. And fast.<p>Personally, this looks like dumb money hoping AngelList can turn it into smart money. It could very well distort market for early-stage startup investments, but it isn&#x27;t likely to change the way these investments tend to behave in terms of returns.