May 3, 2021 | Blog

Liberty Street Advisors Renames SharesPost 100 Fund To The Private Shares Fund

New Name Reflects Dynamic Change in Private Late-Stage Capital Market

NEW YORK, May 3, 2021 /PRNewswire/ -- Liberty Street Advisors, Inc. ("Liberty Street") today announced that the SharesPost 100 Fund (the "Fund") has a new name: The Private Shares Fund.

The Fund is a non-diversified, closed-end interval fund investing in private, operating, late-stage, venture-backed growth companies.

“The Fund’s name change reflects an evolution of the private market’s dynamics and expansion of the opportunity set,” said Christian Munafo, Liberty Street’s Chief Investment Officer and Portfolio manager of The Private Shares Fund. "Private growth companies have been staying private for longer with a significant portion of their appreciation typically occurring before exiting through M&A or entry into the public markets. This has led to an increase in unicorns, or late-stage companies valued more than $1 billion.”

When the Fund was founded in 2014, there were only a few dozen companies in this stage of the market. “Today, there are hundreds of unicorns and other companies with similar profiles that meet our criteria,” said Mr. Munafo. “As a result, it is appropriate to remove the reference to a list of just 100 companies. At over $400 million in Assets Under Management as of 3/31/21, the Fund is currently well-positioned to take advantage of today’s numerous opportunities.”

“Since inception, The Private Shares Fund has democratized access to this asset class and makes it easy for all investors to gain exposure to a broad portfolio of dynamic, late-stage venture-backed companies, a segment of the market that is typically only offered to qualified and accredited investors in private funds,” said Kevin Moss, Managing Director at Liberty Street and President of the Fund.   “The Private Shares Fund provides a distinct opportunity for financial advisors and their clients to participate in this growth opportunity."

“Because of its novel structure, the Fund offers access to the venture-backed asset class at very low minimums and without investor accreditation requirements”, said Liberty Street's CEO, Tim Reick. "Inclusion of these types of private, innovative and high-growth investments in a portfolio allocation can be an important diversifier and an uncorrelated source of capital appreciation," he said.

The Fund’s entire San Francisco Bay and New York based investment team remains in place, maintaining close proximity to its deep relationships throughout Silicon Valley and the venture capital community. The Fund's governance structure, board of trustees and service providers also have not changed.

The Fund’s tickers also remain the same: PIIVX, PRIVX, PRLVX.

The Fund was created in 2014 in response to demand from customers of the Fund’s former parent company, SharesPost Inc., who, in 2009, established one of the first secondary markets for private technology-oriented company shares. Since then, the Fund's shareholder base has experienced significant asset growth.

The Fund will continue to be marketed by Liberty Street's affiliated broker dealer, HRC Fund Associates, LLC ("HRC"), Member FINRA/SIPC. HRC, based in New York City, is the exclusive marketer for the Liberty Street family of funds. Over its 18-year history, HRC has developed and maintains significant longstanding relationships with numerous financial advisors at major wire-house, registered investment advisor and independent broker dealer distribution channels.

“HRC's successful asset raising capabilities are expected to help grow the Fund's asset base and lead to expanded high-profile investment opportunities,” said Mr. Reick.

"Looking ahead, The Private Shares Fund investment team will continue leveraging its experience to innovate new products focused on compelling opportunities within the private market”, added Mr. Munafo.

ABOUT LIBERTY STREET ADVISORS

Liberty Street Advisors, Inc. ("Liberty Street") is an SEC registered investment advisor managing the Fund and other mutual funds sub-advised by unaffiliated asset managers. 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. Liberty Street manages seven mutual funds with assets under management of over $1 billion as of March 31, 2021.

ABOUT HRC FUND ASSOCIATES

HRC Fund Associates, LLC ("HRC") is an SEC and FINRA registered broker dealer. The company was founded in 2007 and is headquartered in New York City. HRC acts as the exclusive marketer for all of the Liberty Street funds and as third-party marketer for a select group of investment managers. The firm maintains relationships with financial advisors and wealth managers at over 120 intermediary platforms, including major wire-houses, registered investment advisors and independent broker-dealers. HRC's gross investment fund sales over the 5-year period ending March 31, 2021 were approximately $6 billion.

FOR MORE INFORMATION

For more information, please contact:
Milin Iyer, Media Director, Sondhelm Partners at milin@sondhelmpartners.com or 703-752-1510.

IMPORTANT DISCLOSURES

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund. Shares of the Fund are sold only through their respective share class prospectus. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. This information is included in the Fund's prospectus, which you may obtain at no cost from your financial advisor or the Fund's website at www.privatesharesfund.com, or by calling the Fund toll-free at (800) 834-8707. Please 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. 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. The Fund’s quarterly repurchase program allows for up to 5% of the Fund’s net assets 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 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.

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.

Forward-Looking Statements

This release contains forward-looking statements that 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. Various forward-looking statements in this press release relate to the transition of the Fund's advisory relationship from SPIM to Liberty Street, including regarding expected scale opportunities, operating efficiencies, integration of personnel, growth opportunities, shareholder and other benefits, and returns.

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. Important risk factors that may cause such differences include: (i) the anticipated benefits and synergies of the transaction may not be realized; and (ii) Liberty Street may be unable to successfully integrate SPIM's business with those of Liberty Street or to integrate the businesses within the anticipated timeframe. 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.

The Private Shares Fund is distributed by Foreside Fund Services, LLC.

Private Shares Fund

Top 10 Holdings as of 06/17/2021*
*Represents 30.30% of Fund holdings as of June 17, 2021. 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.

IMPORTANT DISCLOSURES

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund. Shares of the Fund are sold only through their respective share class prospectus. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. This information is included in the Fund's prospectus, which you may obtain at no cost from your financial advisor or the Fund's website at www.privatesharesfund.com, or by calling the Fund toll-free at (800) 834-8707. Please 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. 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. The Fund’s quarterly repurchase program allows for up to 5% of the Fund’s net assets 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 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.

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.

Forward-Looking Statements

This release contains forward-looking statements that 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. Various forward-looking statements in this press release relate to the transition of the Fund's advisory relationship from SPIM to Liberty Street, including regarding expected scale opportunities, operating efficiencies, integration of personnel, growth opportunities, shareholder and other benefits, and returns.

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. Important risk factors that may cause such differences include: (i) the anticipated benefits and synergies of the transaction may not be realized; and (ii) Liberty Street may be unable to successfully integrate SPIM's business with those of Liberty Street or to integrate the businesses within the anticipated timeframe. 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.

The Private Shares Fund is distributed by Foreside Fund Services, LLC.

Prospectus for: