The Private Shares Fund
PRIVX
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ROIC.AI
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- The Private Shares Fund (PRIVX) operates as a U.S.-domiciled, 1940 Act closed-end interval fund that seeks capital appreciation through investments in a diversified portfolio of private, late-stage, venture-backed growth companies, primarily in technology and innovation-led sectors. The fund provides retail and institutional investors access to these typically illiquid assets via direct investments in private securities; special purpose vehicles (SPVs); private investment funds; private investments in public equity (PIPE) transactions, particularly those involving special purpose acquisition companies (SPACs); and profit sharing agreements, with a minimum investment of $2,500 for Class A and L shares and $1,000,000 for Institutional shares (PIIVX). It maintains a concentrated portfolio, with top holdings including companies such as GrubMarket, Nanotronics Imaging, Tradeshift, SpaceX, Motive, Axiom Space, NextRoll, Kraken, Betterment, Relativity, and Lime, focusing on firms with established product lines, revenue traction, and strong venture syndicates across sectors like technology, fintech, and space. Founded in 2014 and headquartered in New York, New York, at 88 Pine Street, Suite 3101, the fund originally launched as the SharesPost 100 Fund under SharesPost, which was acquired by Forge for $160 million in May 2020. In December 2020, Liberty Street Advisors, Inc. became the investment adviser, with the existing portfolio management team remaining intact; the fund was renamed The Private Shares Fund effective April 30, 2021. Further strategic updates occurred on July 7, 2021, expanding the investment strategy to include PIPEs with SPACs and profit sharing agreements beyond direct private company investments. The fund targets individual investors, family offices, and institutions seeking exposure to pre-IPO growth opportunities without accreditation requirements or high minimums typical of private placements, offering quarterly repurchases of up to 5% of outstanding shares at net asset value despite high illiquidity risks. Liberty Street Advisors manages assets exceeding $1 billion as of 2022, with the adviser contractually capping net expenses through at least May 2, 2026, at 2.65% for Class A shares; the fund is distributed by Foreside Fund Services, LLC. It operates principally in the United States, sourcing opportunities through proprietary databases and relationships in the venture capital ecosystem, particularly Silicon Valley.