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The Private Shares Fund
The Private Shares Fund is a closed-end interval fund that provides retail investors access to late-stage, venture-backed private growth companies in the United States. It focuses on capital appreciation from pre-IPO companies and operates under a unique investment structure.
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Overview
The Private Shares Fund, managed by Liberty Street Advisors, Inc., is a closed-end interval fund that allows individual investors, family offices, and institutions to invest in late-stage, venture-backed private companies. Originally known as the SharesPost 100 Fund, it was rebranded in April 2021. The fund targets companies with established products and revenue, focusing on capital appreciation through direct investments and private investments in public equity (PIPEs). Since its launch on March 25, 2014, the fund has aimed to democratize access to private market investments, offering a minimum investment of $2,500 for Class A and Class L shares.
Focus
The Private Shares Fund focuses on late-stage, venture-backed private companies across various sectors. Its investment strategy includes direct investments in private companies and private investments in public equity (PIPEs) involving special purpose acquisition companies (SPACs). The fund aims to capitalize on the appreciation potential of these companies, which typically have established customer bases and significant growth trajectories.
Support
The Private Shares Fund provides investors with access to a diversified portfolio of late-stage private companies, offering operational features such as daily NAV and quarterly repurchase offers. The fund's structure allows for investment in high-growth companies that are typically not accessible to non-institutional investors, thereby democratizing access to private market opportunities.
Questions
What are the investment criteria for The Private Shares Fund?
The Private Shares Fund focuses on late-stage, venture-backed private companies that have demonstrated revenue growth and established customer bases. The fund invests across sectors including AI, healthcare, biotech, and agtech.
How can I apply or pitch to The Private Shares Fund?
Founders and companies interested in engaging with The Private Shares Fund should reach out via email at ThePrivateSharesFund@umb.com. The fund does not typically engage in primary venture investments, so direct pitches to the fund may not be applicable.
What makes The Private Shares Fund different from traditional venture capital firms?
The Private Shares Fund operates as a closed-end interval fund, allowing non-accredited investors to access late-stage private companies. Unlike traditional venture capital firms, it does not make primary investments or work directly with founders.
What is the geographic scope of The Private Shares Fund?
The fund primarily invests in companies based in the United States, focusing on sectors that show significant growth potential.
What is the fund size and check size for investments?
The Private Shares Fund has exceeded $1 billion in AUM. The fund's investment strategy involves purchasing secondary shares of late-stage companies rather than participating in primary funding rounds.
What kind of post-investment involvement does The Private Shares Fund have?
The fund adds value to its portfolio companies by providing access to capital, strategic guidance, and leveraging its network to support growth and expansion.
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Investor
InvestorInsight Partners is a global venture capital and private equity firm based in New York City, specializing in high-growth technology and software startups. Founded in 1995, it manages over $90 billion in assets and has invested in more than 875 companies worldwide.
InvestorF-Prime Capital is a venture capital firm based in Cambridge, Massachusetts, with additional offices in London and San Francisco. It focuses on investments in life sciences, technology, healthtech, and crypto, managing approximately $4.8 billion in assets.
InvestorHuman Capital is a multi-stage venture capital firm that partners with exceptional founders to build companies addressing critical industry challenges. They focus on assembling high-caliber teams and deploying capital to support these ventures.
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