Your Access Point to Private Growth Companies

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 has typically occurred before their entry into the public markets.

Available for a minimum investment of $2,500 without investor accreditation requirements, the Private Shares Fund, a closed-end interval fund, offers individuals, family offices, and institutions an effective means to access the venture-backed asset class.

Please note: For a prospectus with this and other information about the Fund, please download here. Read the prospectus carefully before investing. For additional information on the material discussed this video, please read our “Your Access Point to Private Growth Companies” brochure. To learn more about late-stage private companies and their growth profile, please see our report “Understanding the J-Curve”.

Key benefits

Access
Access
Gain access to alternative growth investments typically reserved for institutions and endowments.
Broad Exposure
Broad Exposure
Gain exposure to late-stage venture-backed private companies across multiple industry sectors.
Operational Efficiencies
Operational Efficiencies
The Fund is available for purchase and provides a Net Asset Value (NAV) on a daily basis. It also provides for more efficient redemptions than direct investments or venture capital funds. The Fund's quarterly repurchase program allows for up to 5% of the Fund's net assets to be redeemed each quarter.

Our Private Shares Fund team

Kevin Moss
Kevin Moss

Managing Director
Liberty Street Advisors, Inc.

Christian Munafo
Christian Munafo

Chief Investment Officer
Liberty Street Advisors, Inc.

Jonas Grankvist
Jonas Grankvist

Director
Liberty Street Advisors, Inc.

View all team members

The Private Shares Fund
Symbol: PRIVX
CUSIP: 81951Q101
NAV: $41.09
Change: $0.11
As of: 5/7/2021

The Investment Case for Late-Stage, Venture Capital-Backed Companies

The Investment Case for Late-Stage, Venture Capital-Backed Companies

Read

Current Shareholders

Access your account details with UMB's online portal. To sign in or create an account, start here.

Phone: +1.855.551.5510
Email: ThePrivateSharesFund@umb.com

Important Disclosure

AS OF DECEMBER 9TH, 2020, LIBERTY STREET ADVISORS, INC. REPLACED SP INVESTMENTS MANAGEMENT, LLC (“SPIM”) AS THE ADVISER TO THE FUND. AS OF APRIL 30, 2021, THE FUND CHANGED ITS NAME FROM THE “SHARESPOST 100 FUND” TO “THE PRIVATE SHARES FUND.” THE FUND’S PORTFOLIO MANAGERS HAVE NOT CHANGED. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about The Private Shares Fund (the "Fund"), please download here. Read the prospectus carefully before investing.

Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. The Fund has no history of public trading and investors should not expect to sell shares other than through the Fund's repurchase policy regardless of how the Fund performs. The Fund does not intend to list its shares on any exchange and does not expect a secondary market to develop.

All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. While the Fund and the Investment Adviser will use good faith efforts to determine the fair value of the Fund’s securities, value will be based on the parameters set forth by the prospectus. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary. There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. The Fund is a “non-diversified” investment company, and as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are “diversified.” The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so and may also result in an increase in the Fund’s expense ratio. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.

Companies that may be referenced on this website are privately-held companies. Shares of these privately-held companies do not trade on any national securities exchange, and there is no guarantee that the shares of these companies will ever be traded on any national securities exchange.

The Fund is distributed by FORESIDE FUND SERVICES, LLC

Prospectus for: