Liberty Street Advisors partners with GAM Investments
February 14, 2022 | Blog

Liberty Street Advisors partners with GAM Investments

New York / February 14, 2022 — Liberty Street Advisors, Inc. (“Liberty Street”) today announced that it has entered into a strategic partnership with GAM Investments to provide clients with access to high-quality late-stage privately-owned technology and innovation-driven companies for non-U.S. investors.

The team at Liberty Street currently manages just over $800 million of assets as of February 8, 2022, in a closed end interval fund for US Investors, The Private Shares Fund (PIIVX). They are deeply experienced in the United States private markets investing and have an extensive track record investing in late stage, high-growth innovation companies. In partnership with GAM, Liberty Street plans to launch a capability which will leverage the extensive knowledge of Liberty Street’s private markets investment team. This capability will give non-U.S. based investors the opportunity to gain exposure to a market which has historically been difficult for them to access.

Growth equity is a segment of the private equity asset class which sits between venture capital and traditional private equity. The growth equity asset class has expanded with disruptive technology-driven growth across multiple sectors and industries. This growth has led to a proliferation of potential unicorns, with more than 900 venture capital backed companies currently valued at over USD 1 billion as of December 31, 2021, and many more on a similar trajectory.1 By investing in these types of late-stage high-growth, innovation companies Liberty Street seeks to participate in their potential appreciation while they are under private ownership.

“We are seeing companies stay private for longer, driven primarily by regulatory changes, ease of business model development in the private sphere and a larger pool of available private capital,” said Kevin Moss, Managing Director at Liberty Street.

“A significant portion of these companies’ value appreciation occurs prior to entry into the public markets, at mid or large cap size,” said Mr. Moss. “We believe that late-stage, private growth companies can present an attractive balance of risk and return for investors, compared to early-stage venture investments and public equities.”

“We are delighted to partner with Liberty Street to provide our clients with access to leading privately-owned companies,” said Peter Sanderson, Group Chief Executive Officer at GAM Investments, “The team at Liberty Street Advisors has deep, multi-decade investing experience, as well as established relationships within the venture eco-system, and is an ideal partner for us.”

“An increasing number of our clients are seeking to diversify their portfolios by including longer-term private asset investment strategies,” said Mr. Sanderson. “In our view, privately-owned companies in their later-stage non-public funding rounds could offer investors strong long-term performance potential, and makes this asset class attractive for portfolio diversification.”

For further information please contact:

Milin Iyer
Director, Sondhelm Partners
milin@sondhelmpartners.com
703-752-1510

Visit us: https://libertystreetfunds.com/

1 Source: CB Insights

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 December 31, 2021, Liberty Street manages seven mutual funds and an interval fund with collective assets under management of over $1.6 billion.

About GAM

GAM is a leading independent, pure-play asset manager. The company provides active investment solutions and products for institutions, financial intermediaries, and private investors. The core investment business is complemented by private labelling services, which include management company and other support services to third-party asset managers. GAM employed 652 FTEs in 14 countries with investment centres in London, Cambridge, Zurich, Hong Kong, New York, Milan, and Lugano as at 30 June 2021. The investment managers are supported by an extensive global distribution network. Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange with the symbol ‘GAM’. The Group has AuM of CHF 103 billion (USD 110.4 billion) as of 30 September 2021.

Important legal information

The contents of this document is given for information purposes only and does not qualify as general or personal investment advice. This is also not an offer, solicitation, recommendation, or invitation to subscribe or invest into any fund, product or service in any country whatsoever, nor shall this constitute any promotion or marketing of the same. Opinions and assessments contained in this document may change and reflect the point of view of Liberty Street and GAM in the current economic environment as at the date that this document was issued. No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for the current or future development. All financial investments involve an element of risk. Therefore, the value of any investment and the income from it will vary and the initial investment amount cannot be guaranteed. There is no guarantee any projections will be realised. Allocations and holdings are subject to change.

Disclosures

As of December 9, 2020, Liberty Street Advisors, Inc. became the adviser to the Fund. The Fund’s portfolio managers did not change. Effective April 30, 2021, the Fund changed its name from the “SharesPost 100 Fund” to “The Private Shares Fund.” Effective July 7, 2021, the Fund made changes to its investment strategy. In addition to directly investing in private companies, the Fund may also invest in private investments in public equity (“PIPEs”) where the issuer is a special purpose acquisition company (“SPAC”), and profit sharing agreements. The Fund’s investment thesis has not changed.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. For performance as of the most recent month-end, please call 1-855-551-5510. Please see link for full standardized performance.

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, or call 1-855-551-5510. Read the prospectus carefully before investing.

The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share

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 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. 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’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 may not be suitable for all investors. Investors are encouraged to consult with appropriate financial professionals before considering an investment in the Fund.

The Private Shares Fund is distributed by FORESIDE FUND SERVICES, LLC

Private Shares Fund

Top 10 Holdings as of 04/20/2022*
*Represents 29.0% of Fund holdings as of April 20, 2022. Holdings are subject to change. Not a recommendation to buy, sell, or hold any particular security. To view the Fund’s complete holdings, visit privatesharesfund.com/portfolio.

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 December 31, 2021, Liberty Street manages seven mutual funds and an interval fund with collective assets under management of over $1.6 billion.

About GAM

GAM is a leading independent, pure-play asset manager. The company provides active investment solutions and products for institutions, financial intermediaries, and private investors. The core investment business is complemented by private labelling services, which include management company and other support services to third-party asset managers. GAM employed 652 FTEs in 14 countries with investment centres in London, Cambridge, Zurich, Hong Kong, New York, Milan, and Lugano as at 30 June 2021. The investment managers are supported by an extensive global distribution network. Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange with the symbol ‘GAM’. The Group has AuM of CHF 103 billion (USD 110.4 billion) as of 30 September 2021.

Important legal information

The contents of this document is given for information purposes only and does not qualify as general or personal investment advice. This is also not an offer, solicitation, recommendation, or invitation to subscribe or invest into any fund, product or service in any country whatsoever, nor shall this constitute any promotion or marketing of the same. Opinions and assessments contained in this document may change and reflect the point of view of Liberty Street and GAM in the current economic environment as at the date that this document was issued. No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for the current or future development. All financial investments involve an element of risk. Therefore, the value of any investment and the income from it will vary and the initial investment amount cannot be guaranteed. There is no guarantee any projections will be realised. Allocations and holdings are subject to change.

Disclosures

As of December 9, 2020, Liberty Street Advisors, Inc. became the adviser to the Fund. The Fund’s portfolio managers did not change. Effective April 30, 2021, the Fund changed its name from the “SharesPost 100 Fund” to “The Private Shares Fund.” Effective July 7, 2021, the Fund made changes to its investment strategy. In addition to directly investing in private companies, the Fund may also invest in private investments in public equity (“PIPEs”) where the issuer is a special purpose acquisition company (“SPAC”), and profit sharing agreements. The Fund’s investment thesis has not changed.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. For performance as of the most recent month-end, please call 1-855-551-5510. Please see link for full standardized performance.

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, or call 1-855-551-5510. Read the prospectus carefully before investing.

The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share

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 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. 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’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 may not be suitable for all investors. Investors are encouraged to consult with appropriate financial professionals before considering an investment in the Fund.

The Private Shares Fund is distributed by FORESIDE FUND SERVICES, LLC