When former biotech analyst Peter Freudenthal floated a plan for a publicly traded venture-capital fund last year, he learned how radical an idea it was. As he made the rounds of the venture capitalists on Sand Hill Road in Menlo Park, Calif., he found they didn't want to open their cozy world to hordes of retail investors. VCs were doing fine logging triple-digit gains by making early bets on dotcoms before they went public and swimming in cash raised from the likes of pension funds and the wealthiest individual investors.
But Freudenthal, 37, doesn't give up on an idea easily. He...
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