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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.
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. Market prices of public securities held by the Fund may decline substantially before the Investment Adviser is able to sell the securities. 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). 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. 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. 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. There is a greater focus in technology securities that could adversely affect the Fund’s performance. 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 are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary. 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.
(the “Investment Adviser”) pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. 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. There are significant potential risks relating to investing in such securities. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. 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. 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. The Fund does not intend to list its shares on any exchange and does not expect a secondary market to develop.Īll investing involves risk including the possible loss of principal. 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 is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. Investment in the Fund involves substantial risk. The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share
Read the prospectus carefully before investing.
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For a prospectus with this and other information about The Private Shares Fund (the "Fund"), please download here, or call 1-85. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. The Fund’s investment thesis has not changed. 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. 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. The Fund’s portfolio managers did not change. As of December 9, 2020, Liberty Street Advisors, Inc.
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