There is something like this with crowdfunding called Reg CF (Regulation Crowdfunding) but it comes with many limitations. Ultimately the worry is that less wealthy people will invest their life savings in a scam and be rugpulled. Groups of accredited investors can, and definitely, do this. The problem is that these large funds have lost their scruples and it's hard to compete against a large fund that can outspend and out market a smaller one.