> Most 401ks and pension funds do not invest in pre IPO companies

Pensions do, individuals don’t.

“Less than 1% of the $14 trillion in assets in the defined contribution retirement system is invested in private markets, compared with approximately 24% for U.S. public pension funds and 17% for private pension funds as of 2023” [1].

[1] https://bipartisanpolicy.org/article/the-role-of-private-mar...

“Private markets” is not the same thing as pre-IPO companies