You said: "There are many existing projects like this", directly followed by "That's kind of the point, there are none." when asked for an example. Which one is it?

It's seems like a pretty thankless fundraising job but one where having connections to companies, banks and experience with distributing funds comes in handy. What's in it for a VC? I'd assume incoming deal flow and connections to new open source companies.

Seems more promising to me than a technical open source maintainer stepping up to do it on the side. But time will tell.

there are many existing, none with meaningful traction

it looks like there are no direct connections, they are investing, taking fees, and distributing the leftovers