There will be venture capital companies holding shares on behalf of them. Holding equity on behalf of investors means holding equity through an agency or a third-party company, rather than being directly held by investors. Such institutions or companies are called "venture capital companies". The institutions or companies holding equity can be VC funds, PE funds, SaaS enterprises, supply chain companies, etc. Or other types of enterprises or individuals. There are many reasons for holding equity, including diversifying risks, increasing exposure and obtaining more resources.