First time retail can buy OpenAI and Databricks before IPO? Ticker VCX listing March

Always figured pre-IPO tech was just something you read about VCs cashing in on. Didn't think retail would ever get near it. There's a fund listing on NYSE under VCX next month. Shareholder vote Feb 19, listing March. Portfolio is OpenAI, Anthropic, Databricks, Anduril, Canva, Epic Games. About 22 names.

What makes it interesting:

* 2.50% fee, zero carry. VC standard is 2/20. Math seems better here.
* Lockup only applies to existing holders for 6 months. New buyers can sell whenever.
* They dropped the 20-30% cash reserve requirement so now 100% deployed.

What gives me pause:

* Closed-end funds almost always trade at a discount to NAV. How much of a haircut are we talking?
* Fee bump from 1.85% to 2.50%. They say it's for public costs. Fair trade or no?
* Private company valuations don't update daily. Hard to know what you're really buying day to day.

Genuinely asking:
Is this actually a crack in the VC gate or just a cleverly packaged product?

Just trying to understand if the landscape is actually changing.