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Normally, it’s not easy to own stock in privately held companies, like Uber or at Airbnb, unless you happen to work there. But that’s beginning to change, with mutual funds increasingly making investments in privately held technology startups.

The trend could be opening up average Americans to more risk as these mutual funds become part of retirement portfolios, but others, who are hungry for big returns, don’t want to pass up the chance for big returns.

Last year, mutual funds made 29 investments into privately held companies, worth a collective $4.7 billion, reports The New York Times, citing information from CB Insights. That’s up from six deals in 2012 that were worth a combined $296 million.

T. Rowe Price was the most active investor, making 17 private company investments. Other fund managers include Fidelity Investments and Black Rock.

For startups, the trend represents a welcomed source of new capital as they look to raise large sums without having to go public. Pinterest, Uber and Airbnb are just three of the companies that have participated in this trend, and locally, T.Rowe Price has invested in both Seattle-based Redfin and Bellevue-based Apptio.

To be sure, some individuals will be happy to get in on the action. Many of these companies are being called “unicorns,” giving people the impression that they are wonderful and magical. Often times, these startups are worth $1 billion-plus.

But being part of the excitement also may have consequences. Historically, funds have preferred less risky investments, including blue chip stocks like General Electric or Coca-Cola because they are more established and therefore safer. In contrast, these privately held stocks don’t even report financial results.

Here’s this to consider: If there were to be a tech bust, like the one in the early 2000s, it would not just be wealthy individuals, who have poured money into risky ventures funds or IPOs, that would be at risk. It would also be the average American’s stock portfolio.

Of course, everyone has their own level of comfort when it comes to risk, but tell us in the comments below, do you want your savings tucked away in conservative stocks, or in young Internet giants, like Uber and Airbnb?

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