NEW YORK, NY — August 19, 2026— Liberty Street Advisors today announced the strategic expansion of The Private Shares Fund’s (PRIVX/PIIVX) investment management team with the appointment of an additional portfolio manager and two new investment analysts. This expansion comes as private market opportunities driven by emerging technologies continue to accelerate, further building on the Fund’s strong momentum.
The Fund has welcomed back veteran private markets investor Sven Weber as returning portfolio manager, alongside Kevin Moss, Jonas Grankvist, and Jennifer Pruitt.
He will also serve as Managing Director of Liberty Street Advisors, Inc. and in addition to portfolio manager, as a member of the Investment Adviser’s Investment Committee.
Mr. Weber brings over three decades of experience across venture capital, private growth companies, and secondary markets. Notably, he has a unique connection to the Fund's history, having previously served as a senior portfolio manager of the SharesPost 100 Fund, the predecessor to today's Private Shares Fund, from its inception to October 2018. Alongside Kevin Moss and Jonas Grankvist, he played a key role in developing and implementing the Fund’s investment strategy, which continues to guide the portfolio today. Mr. Weber also served as a member of the Fund’s Board of Trustees and as President of the Fund through April 2019.
"Watching the Private Shares Fund scale from a $100 million strategy into a $1.5 billion fund is a testament to the disciplined execution and deep conviction of Kevin, Jonas, Jennifer, and the broader team," said Mr. Weber. "It is an incredibly exciting time to join the Liberty Street team. As activity across emerging technology sectors is accelerating, I look forward to contributing to the Fund's continued evolution and value creation."
Concurrently Mr. Weber also serves as a Managing Principal and portfolio manager of Knightsbridge Advisers LLC, an SEC-registered investment adviser that manages private funds-of-funds, secondary funds, and separate managed accounts. He has served in these capacities since 2018.
Positioning the Portfolio for Next-Generation Technology
The current expansion of the investment team underscores the firm's growing conviction in the long-term investment opportunity created by companies continuing to garner scale in the private markets. As next-generation technology becomes increasingly embedded across the global economy, the Fund continues to expand its exposure beyond consumer applications and foundation software models toward key innovation themes, including:
While much of the public attention surrounding artificial intelligence has centered on foundation models and consumer applications, the Fund believes the next stage of AI's evolution will increasingly be defined by the infrastructure, industrial systems, and real-world applications required to deploy the technology at scale.
"We're thrilled to have Sven back during this pivotal time for both the Fund and the private tech markets," said Kevin Moss, portfolio manager of The Private Shares Fund. "The next phase of AI investment isn't just about smarter models. It's about the physical systems required to deploy those models across the global economy. We believe the most compelling long-term value creation opportunities are emerging across the infrastructure, industrial systems, and real-world applications that make AI deployment possible."
Building a Platform for Long-Term Private Market Investing
These announcements come as The Private Shares Fund continues to expand its presence in the late-stage private markets. With approximately $1.5 billion in assets under management as of June 30, 2026, the Fund's increased scale has strengthened its ability to establish meaningful positions, participate in larger late-stage financings alongside leading institutional investors, and access investment opportunities that may otherwise be difficult to obtain. This expanded investment capacity has enhanced access to some of the private market's most significant financing opportunities.
"For decades, investors have watched many of the world's most innovative companies remain private longer. We believe that trend isn't reversing, it’s accelerating, and AI is amplifying it. The Private Shares Fund is designed to help investors participate in that evolution through exposure to late-stage private companies,” said Kevin Moss.
To learn more about how the Fund provides retail investors with access to late-stage private markets without accreditation requirements, combining low investment minimums, daily NAV, 1099 tax reporting, and access through ticker PRIVX, see here.
About Liberty Street Advisors, Inc.
Liberty Street Advisors, Inc. (“Liberty Street”) is an SEC registered investment advisor. The firm is located in New York City and launched its first fund in 2007. Liberty Street provides access to valuable and timely investment strategies designed to help investors and financial advisors meet the challenges of today’s market environment. As of 6/30/26, Liberty Street manages four open-end mutual funds, the Private Shares Fund, and a non-U.S. fund with total assets under management of over $2.4 billion. For further information, visit https://libertystreetfunds.com/.
About The Private Shares Fund
The Private Shares Fund is a 1940 Act registered, closed-end interval fund that invests in a portfolio of private, late stage, growth companies. Traditionally, such access to private companies has only been available to institutional and high net worth investors through high-minimum, complex and paperwork laden private placement vehicles. The Private Shares Fund provides access to such companies without accreditation at low investment minimums, with a daily NAV, a quarterly repurchase program, no performance fees and simple 1099 tax reporting.*
To learn more about the Fund’s current holdings, total return performance, investment process, our team, and more, please visit the Fund’s website at www.privatesharesfund.com.
*The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share, which is waived for fee-based asset management programs. 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. Though there is no performance fee, other fees and expenses apply to the Fund.
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 visit the Fund’s website at www.privatesharesfund.com, or call 1-855-551-5510. 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. 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 approved 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.
The Fund is distributed by FORESIDE FUND SERVICES, LLC.
SEC registration does not constitute an endorsement of a firm by the SEC nor does it indicate that the firm has attained a particular level of skill or training.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are subject to risks, uncertainties and other factors that may cause actual results to differ materially. Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary" or other similar words are forward-looking statements.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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 visit the Fund’s website at www.privatesharesfund.com, or call 1-855-551-5510. 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. 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 approved 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.
The Fund is distributed by FORESIDE FUND SERVICES, LLC.
SEC registration does not constitute an endorsement of a firm by the SEC nor does it indicate that the firm has attained a particular level of skill or training.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are subject to risks, uncertainties and other factors that may cause actual results to differ materially. Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary" or other similar words are forward-looking statements.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
