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Founder:
Liberty Street Advisors
Fund Focus:

Late-stage

Minimum Investment:
$2500.00
Fund Type:
Management Fee:
1.90%

Updates

The fund was created on March 20th 2014 by the investing portal Sharespost. Sharespost was acquired by Forge for $160 Million in May 2020. December 9, 2020, Liberty Street Advisors, Inc. became the advisor for the Sharespost 100 Fund. In April 2021 Liberty Street renamed the fund to The Private Shares Fund. The Fund's tickers are: PIIVX, PRIVX, PRLVX.

Fund Managers / Founder

Sven Weber was the original founder of the fund. Before joining SharesPost, Sven served as President of SVB Capital at Silicon Valley Bank, where he managed the company’s venture capital investing business, which included direct, secondary and fund of fund investments exceeding $1.5 billion under management. Prior to SVB Capital, Sven managed secondary investments at Cipio Partners and direct investments for Siemens. He previously had operational responsibilities at both Vodafone Germany and O2 Germany.

It is now managed by Liberty Street Advisors made up of Kevin Moss - MD, Christian Munafo - CIO, Jonas Grankvist - MD.

Liquidity

Enjoy more efficient redemption than direct investments or traditional venture capital funds through the SharesPost 100 Fund’s quarterly redemption program.

Type of Fund

A Closed-End Mutual fund that you do not need to be accredited to access. The Fund is a non-diversified, closed-end interval fund investing in private, operating, late-stage, venture-backed growth companies. In addition to directly investing in private companies, the Fund may also invest in private investments in public equity (“PIPEs”) where the issuer is a special purpose acquisition company (“SPAC”), and profit sharing agreements.  This started with those that were listed on the Sharespost platform, but has since expanded. The fund has a U.S.A. Geographic Focus. It is a non-diversified, continuously offered, closed-end interval fund, incorporated in the USA. It offers individuals, family offices and institutions an effective means to access the venture-backed asset class.

The historically attractive return profile of many late-stage venture-backed companies has typically only been available to institutional and high net worth investors. With many high-growth companies staying private longer than ever, a significant portion of their value appreciation typically occurs before their entry into the public markets. Distributed by FORESIDE FUND SERVICES, LLC.

Additional Fee details

  • Front Load 5.75 
  • Redemption Fee 2.00 
  • 12b1 Fee - 0

Returns

YCharts provides helpful key stats, but only goes back to late 2017, not the fund inception.

Image:
Privx Returns from YCharts data

Yahoo Finance takes us back to review historical performance over the life of the fund. At this moment in time October, 2022 it has outperformed a fund that tracks the S&P500, but not to the extent I would expect a venture fund to do so.

Image:
PRIVX Yahoo Finance chart
Portfolio:

The fund started as the top 100 companies listing equity on Sharespost, and grew from there. It provides access to an alternative growth investment typically reserved for institutions and endowments, and diversification through exposure to late-stage venture-backed private companies across multiple industry sectors.

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