Investors evaluating companies at this stage often explore a range of approaches to gaining exposure to late-stage private companies, including venture-focused funds, Special Purpose Vehicles (SPVs), and secondary marketplaces. One approach investors may consider is diversified private market funds such as The Private Shares Fund (PRIVX). PRIVX is a '40 Act interval fund holding Databricks as a top-ten portfolio position as of 3/31/26.
Databricks has reached significant scale while still private. As of February 2026, the company reports:
Because Databricks remains a privately held company, its shares do not trade on public exchanges like the NYSE or Nasdaq.
For investors evaluating exposure to companies operating at this scale before they go public, access is typically limited. For most, direct access to Databricks has traditionally been restricted to accredited individuals through high-minimum secondary market transactions. As a result, investors evaluating exposure to companies like Databricks often explore alternative approaches to accessing late-stage private markets.
The Private Shares Fund (PRIVX) provides a more accessible path. Investing in the Fund provides exposure to Databricks’ $134 billion valuation and $5.4B annual revenue run rate (as of Feb. 2026) within a professionally managed, diversified portfolio—without the need for accreditation or direct secondary market negotiations. This is one reason some investors look for alternative ways to gain late-stage private market exposure.
As generative AI moves from experimentation to real-world use, Databricks has become a key data and AI platform companies use to build and run AI applications.
Many large organizations, including Fortune 500 companies, use it to unify their data and AI workflows. By integrating data engineering, governance, and machine learning into a single "Lakehouse" architecture, Databricks provides the foundational platform that enables organizations to build next generation data intelligence and secure AI models using their own private, proprietary data.
Operational Highlights (as of April 2026):
As enterprise AI adoption expands, platforms that unify data, infrastructure, and model development may play an increasingly central role in how companies build and deploy AI at scale.
The Private Shares Fund provided a structured way to gain exposure to companies, like Databricks, that have been large, fast-growing and established businesses in private markets.
*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.
| Direct Databricks Investment | The Private Shares Fund (PRIVX) | |
|---|---|---|
| Ticker Symbol | None (Private) | PIIVX / PRIVX / PRLVX with Daily NAV |
| Investor Requirements | Typically accredited investors | Available to a broad range of investors |
| Minimum Investment | $100k - $1M+ (Secondary Markets) |
$2,500** |
| Databricks Weighting | 100% (Single Stock Risk) | 2.99% exposure to Databricks as of 3/31/26, as part of diversified portfolio of late-stage private equity |
Because companies like Databricks remain private for longer, investors typically evaluate several approaches to gaining exposure:
The Private Shares Fund (PRIVX) falls into this third category, offering a diversified approach to accessing late-stage private companies.
Databricks is a privately held company that does not trade on any national securities exchange, and there is no guarantee that its shares will ever be traded on any national securities exchange.
The information provided is about one security held by the Fund. As of March 31, 2026, there were 78 holdings in the Fund. A decision to invest in the Fund should consider more factors than just one holding in its portfolio.
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, visit the Fund’s website at PrivateSharesFund.com or call 1-855-551-5510. Read the prospectus carefully before investing.
The Private Shares Fund is a closed-end interval fund. 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. 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 which allows for up to 5% of the Fund’s outstanding shares at NAV to be redeemed each quarter. 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, as set forth in 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’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. Portfolio holdings of private companies that become publicly traded likely will be subject to more volatile market fluctuations than when private, and the Fund may not be able to sell shares at favorable prices. Such companies frequently impose lock-ups that would prohibit the Fund from selling shares for a period of time after an initial public offering (IPO). Market prices of public securities held by the Fund may decline substantially before the Investment Adviser is able to sell the securities.
The Fund may invest in private securities utilizing special purpose vehicles (“SPV”s), private investments in public equity (“PIPE”) transactions where the issuer is a special purpose acquisition company (“SPAC”), and profit sharing agreements. The Fund will bear its pro rata portion of expenses on investments in SPVs or similar investment structures and will have no direct claim against underlying portfolio companies. PIPE transactions involve price risk, market risk, expense risk, and the Fund may not be able to sell the securities due to lock-ups or restrictions. Profit sharing agreements may expose the Fund to certain risks, including that the agreements could reduce the gain the Fund otherwise would have achieved on its investment, may be difficult to value and may result in contractual disputes. Certain conflicts of interest involving the Fund and its affiliates could impact the Fund’s investment returns and limit the flexibility of its investment policies. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.
Unicorn: a startup company with a valuation exceeding $1 billion.
The Fund is distributed by FORESIDE FUND SERVICES, LLC.