Core Viewpoint - The article discusses a new paradigm for startup financing, emphasizing the relationship between limited partners (LPs) and general partners (GPs) in investment, and the perceived inequities in access to investment opportunities between retail investors and institutional investors [1][2]. Group 1: Investment Structure - LPs provide capital while GPs manage investments, similar to how retail investors use platforms like Ant Financial to invest in stocks and bonds [1]. - The author proposes a hypothetical scenario where retail investors should have priority access to initial public offerings (IPOs) over institutional investors, arguing that retail investors pay management fees and should not be at a disadvantage [1][2]. Group 2: Equity and Access - The article highlights the unfair advantage that institutional investors and insiders, such as executives, have in accessing lower-priced shares before public offerings, which retail investors cannot access [2]. - It questions the compliance of allowing certain entities, like Ant Financial and its executives, to buy shares at lower prices compared to retail investors, suggesting a need for more equitable access to investment opportunities [2][3]. Group 3: Market Dynamics - The author illustrates the dynamics of investment rounds in startups, where initial rounds are often dominated by institutional investors, leaving retail investors to enter at higher valuations [3]. - The article notes that top-tier institutions are willing to invest in later rounds at higher prices, indicating a market structure that favors established players over smaller investors [3].