WSJ: AngelList's Newest Experiment: a $25 Million Fund to Invest in Angel Investors:

A new experiment in startup funding could have widespread ramifications for the way venture capitalists place bets on young companies.

On Tuesday, crowdsourced fundraising site AngelList unveiled a new fund that has raised about $25 million from limited partners who traditionally invest in venture-capital funds. The fund, called Maiden Lane, will bet about $200,000 each on the site's top investors and on select startups picked by them.
...aaaaand Silicon Valley sticks its head up its own ass.