SPACs are great as investors commit before the formation of a deal. However, investing structure has to exist and requires set-up costs.
Token presale funds
Simple Agreement for Future Tokens (SAFTs) and token pre-sales are not allowed in the US, so an active market has sprung up with offshore funds and entities that fund the early stages of protocols that deliver crypto and DeFi tokens. These investors have a privileged position and have made very high returns - often more than 300% per year for the last two years.
Most US-based "crypto" funds use this structure to purchase SAFTs and participate in token presales. US-based investors who are not eligible could invest in a Crypto Presale Fund that allows them to participate in these transactions.