As companies stay private longer and late-stage innovation continues accelerating, investors are increasingly seeking access to the next generation of private market opportunities.
The Private Shares Fund (PRIVX) invests in a diversified portfolio of late-stage private growth companies.
SpaceX helped bring renewed attention to how private markets have evolved over the last decade. Increasingly, many of the world's fastest-growing companies are remaining private longer, raising substantial amounts of private capital before ever reaching public markets. As a result, a growing portion of company growth and value creation may occur before traditional public market access becomes available to most investors.
For many investors, the broader question is no longer simply how to invest in a single company like SpaceX, but rather how to gain exposure to the next generation of private market leaders as new sectors and technologies continue emerging.
While SpaceX represented one of the most visible private market stories of the modern era, investor attention is increasingly expanding into additional areas of innovation across private markets. Today, many late-stage private companies are operating at the center of major technological and economic shifts spanning artificial intelligence infrastructure, defense technology modernization, quantum computing, enterprise software, robotics, autonomy, and space-related technologies.
The Private Shares Fund seeks to provide diversified exposure across multiple areas of private market opportunity rather than relying on any single company or theme.
The Private Shares Fund investment approach is to invest in late-stage private growth companies, participating as businesses potentially scale and mature, potentially monetizing positions through liquidity events such as IPOs or acquisitions, and redeploying capital to other investment opportunities in late-stage private growth companies.
This approach allows the Fund to continuously evolve alongside changing private market conditions and emerging areas of focus.
The Fund maintains exposure across a diversified portfolio of late-stage private companies operating across multiple innovation-driven sectors.
While portfolio holdings and weightings may change over time, the Fund's investment approach remains focused on identifying private companies participating in long-term structural growth trends across the evolving private market landscape.
As private markets continue evolving, many investors and financial advisors are increasingly evaluating how private market exposure may complement traditional public equity and fixed income allocations. Some investors and advisors also view private markets as a potential complement to traditional public market exposure as more companies delay public listings.
Private market strategies may provide differentiated exposure to forward-thinking companies, alternative sources of growth potential, and access to businesses that may remain private for extended periods before broader public market participation occurs.
The Private Shares Fund offers a diversified portfolio of innovative, late-stage private companies across emerging areas of growth and innovation.
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The SpaceX IPO represented one of the most significant liquidity events in recent private market history. While many investors focused on SpaceX itself, the IPO also highlighted a broader trend of private companies remaining private longer and generating substantial value before entering public markets.
As of 3/31/26 the combined SpaceX and xAI entity remains the largest holding in Private Shares Fund (PRIVX), representing 19.36% of the total portfolio value. Portfolio holdings and position sizes may change over time based on market conditions, liquidity events, investment opportunities, and portfolio management decisions. Investors should review the Fund's most recent holdings for current portfolio information. Holdings are subject to change.
Many investors are increasingly focused on emerging opportunities across artificial intelligence infrastructure, defense technology, enterprise software, digital assets, robotics, autonomy, and other forward-thinking sectors. The private market landscape continues evolving as new companies mature and seek capital outside traditional public markets.
Over the last decade, many companies have increasingly raised larger amounts of private capital before pursuing public listings. As a result, more company growth and value creation may occur during private market stages than in prior market cycles.
The Fund seeks exposure to late-stage private companies operating across sectors benefiting from emerging trends and structural growth. The investment team evaluates opportunities based on company fundamentals, market position, growth potential, valuation considerations, and portfolio fit.
Potential liquidity events, including IPOs, acquisitions, tenders, and secondary market transactions, may create opportunities for the Fund to monetize positions and redeploy capital into new private market investments. There can be no assurance that any portfolio company will experience a liquidity event.
Some investors view private markets as a way to gain exposure to innovative companies that may remain private for potentially extended periods before becoming publicly traded. Private market investments may offer differentiated growth opportunities but also involve unique risks, liquidity constraints, and valuation considerations.
An interval fund is a type of registered investment vehicle that provides access to investments that may be less liquid than traditional publicly traded securities. Unlike mutual funds, interval funds generally offer periodic repurchase opportunities rather than daily liquidity. Learn more about the fund structure here.
The Private Shares Fund is available through eligible financial advisors and approved investment platforms. Investors should review the Fund's prospectus and consult their financial professional to determine whether the Fund is appropriate for their investment objectives and risk tolerance. Learn more about how to invest in the Fund.
Late-Stage Private Market Investing
The Private Shares Fund provides exposure to a diversified portfolio of innovative late-stage private companies.
SpaceX 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 December 31, 2025 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.
Diversification does not assure a profit, nor does it protect against a loss.
The Fund is distributed by FORESIDE FUND SERVICES, LLC.