Aerospace | Founded: 2002 | Funding to Date: $5.24B

Space Exploration Technologies (“SpaceX”) was founded to design, manufacture, and launch advanced rockets and spacecrafts with the ultimate goal of enabling people to live on other planets. Headquartered in Hawthorne, CA, the company was founded by Elon Musk in 2002. Though its interplanetary goals are yet to be achieved, the company currently generates revenue through commercial and government contracts. These contracts make use of SpaceX rockets for a range of objectives, including launching satellites into orbit and resupplying the International Space Station. In 2010, SpaceX demonstrated its ability of returning a spacecraft from low Earth orbit. In 2012, the company delivered cargo to and from the International Space Station via its Dragon spacecraft. Through March 2018, SpaceX has secured 100 missions to its manifest, representing over $12 billion on contract.

SpaceX News

NASA Administrator Bill Nelson Discusses Next Generation of Space Stations for Orbit

The Private Shares Fund, July 15, 2024
Three of The Private Shares Fund’s space sector holdings were featured in an interview with NASA administrator Bill Nelson, highlighting partnerships with private space companies.

This Month in Venture – June 2024

The Private Shares Fund, July 2, 2024
This month the Private Shares Fund team published a sector focus piece examining several of the Fund’s portfolio holdings. Founded in 2023, xAI is an artificial intelligence company working to accelerate human scientific discovery with advanced multimodal models.

Christian Munafo in MarketWatch: Elon Musk denies report SpaceX may sell some of its shares amid $200 billion valuation

The Private Shares Fund, June 11, 2024
Christian Munafo, CIO of Liberty Street Advisors, Inc. and Portfolio Manager of the Private Shares Fund, spoke with MarketWatch to discuss exposure to private space companies, noting that aerospace companies make up approximately 12.9% of The Private Shares Fund’s portfolio.

This Month in Venture – May 2024

The Private Shares Fund, June 3, 2024
This month the Private Shares Fund team published a sector focus piece examining several of the Fund’s portfolio holdings, exploring leading companies driving innovation in AI, as well as early adopters implementing the transformational technology to enhance existing products and services, create entirely new lines of business, and improve the efficiency of their internal operations.

This Month in Venture – Feb 2024

The Private Shares Fund, February 26, 2024
Epic Games received a 1.5 billion dollar investment from The Walt Disney Company, alongside their partnership for the creation of a new game and entertainment universe connected to Fortnite.

Axiom Space Successfully Launches, Third Mission to the International Space Station (ISS) on SpaceX Dragon

The Private Shares Fund, January 31, 2024
On January 18, 2024, The Private Shares Fund’s holding, Axiom Space, successfully launched its third all-private astronaut mission to the International Space Station (ISS) on the SpaceX Dragon.

We invite you to explore the latest updates and follow The Private Shares Fund’s LinkedIn page for additional content designed to keep you well-informed about our current portfolio holdings.

Important Disclosure

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.

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 is a non-diversified investment company, and as such, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. 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 investment funds (“Private Funds”), 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, Private Funds, 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.

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 invests primarily in equity securities of Portfolio Companies, which consists of shares of either common or a series of preferred stock of such company or convertible debt issued by such company which is convertible into shares of common or a series of preferred stock of such company (and references to “equity securities” throughout this Prospectus includes such equity-linked convertible notes).

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

Private Shares Fund

Top 10 Holdings as of 06/30/2024*
*Represents 34.28% of Fund holdings as of June 30, 2024. Holdings are subject to change. Not a recommendation to buy, sell, or hold any particular security. Current and future holdings are subject to risk. To view the Fund’s complete holdings, visit