Ben Miller is the co-founder and CEO of Fundrise, an alternative asset management platform that gives individual investors access to private real estate, private credit, and venture capital. In March 2026, he listed the Fundrise Innovation Fund on the NYSE under the ticker VCX, one of the first publicly traded venture capital funds. VCX gives retail investors direct exposure to private companies like Anthropic, OpenAI, Databricks, and SpaceX. The fund manages over $650 million and has over 100,000 individual investors. Ben is a returning Summation guest.

In this episode of Summation, Ben and Auren discuss:

• Why VCX traded up 700% on day one while Bill Ackman's fund traded down the next week
• Why ETFs fall apart for private markets and closed-end funds are the right structure
• How AI will reshape real estate by 2031 and which markets get hit hardest
• The hidden truth that SoHo, Wynwood, and Miami Beach were all built by the same person

You can find Auren Hoffman on X at @auren and Ben Miller on X at @benmillerise