Private Shares Fund Reports Strong Momentum as Late-Stage Private Market Begins Reacceleration
- Fund surpasses $1.1B in assets
- Strategic expansion into defense and optical I/O technology
- Meaningful opportunity pipeline, including a 19.3% holding in SpaceX
NEW YORK–(BUSINESS WIRE)–
The Private Shares Fund (PRIVX/PIIVX), managed by Liberty Street Advisors, Inc. (Liberty Street) reported strong first quarter sales alongside continued portfolio expansion into 3 new investments. Liberty Street believes this growth is indicative of a broader renewal of activity across late-stage private markets. All information is as of March 31, 2026, unless otherwise indicated.
Momentum Builds as Private Market Activity Grows
The update comes amid improving sentiment across private equity and venture markets. Gross sales for the Fund totaled approximately $118 million for Q1 2026, representing the fifth strongest quarter in the Fund’s 12-year history. As of 3/31/2026, the Fund manages approximately $1.16 billion in assets. Within the portfolio, companies representing over $600 million, or over 50% of Fund net assets, have taken steps toward or have publicly discussed undertaking Initial Public Offering (IPO) or Merger and Acquisition (M&A) transactions.
While timing and outcomes remain uncertain, this pipeline reflects the Fund’s focus on late-stage private companies progressing toward public markets or acquisition.
SpaceX Remains Largest Position
The Fund’s largest holding, SpaceX, represented approximately $224 million or 19.3% of Fund net assets.
SpaceX has recently made a confidential S-1 filing with the SEC, according to various media reports. SpaceX is valued by the Fund at an implied valuation of approximately $1.25 trillion. While there can be no assurance regarding the timing, occurrence, or valuation of any future transaction, recent market commentary has reported that bankers’ discussions with potential IPO investors have referenced a potential IPO valuation at or around $2 trillion.
Strong Liquidity Profile Supports Portfolio Flexibility
The Fund enters the second quarter with a solid liquidity profile. After funding new investment opportunities and fulfilling 100% of 1st quarter redemption requests, cash and cash equivalents were approximately $100M. Quarterly gross sales of $118M continue to gain momentum; having increased in each of the last several quarters. Public security positions amounted to approximately $34M. Additionally, the Fund maintains a line of credit totaling $150M. The credit line has never been drawn upon. SpaceX and the aforementioned IPOs and M&A transactions also serve as potential sources of future liquidity.
“The Fund performed extremely well over the last several, very difficult, years for venture and traditional private equity funds,” said Tim Reick, Liberty Street’s CEO & CIO. “We are pleased to be entering this period in strong financial condition with a more vibrant IPO calendar and promising prospects ahead.”
Key Focus: Defense, Artificial Intelligence (AI), Aerospace
The Fund continues to strategically build its portfolio and looks forward to continuing to introduce promising additions. Most recently, the Fund added three new companies advancing in their respective fields of expertise:
- True Anomaly (defense, 2022, $2.6B funding) — delivering space defense capabilities that safeguard orbital infrastructure and high-value satellite networks using AI-driven software and autonomous spacecraft.
- Ayar Labs (artificial intelligence, 2015, $874M funding) — revolutionizing a critical component of AI and high-performance computing with an optical input and output (I/O) chiplet that replaces traditional copper-based interconnects with light-based data links, vastly accelerating data movement critical to the growth of generative AI.
- Saronic (defense, 2022, $388M funding) — revolutionizing naval warfare and defense operations with the most advanced and capable autonomous surface vessels (ASVs).
“These additions reflect our emphasis on areas we believe are driving the next phase of innovation,” said Kevin Moss, Managing Director and Portfolio Manager. “Artificial intelligence and defense will continue to be focus areas, alongside our existing emphasis on aerospace, as we move forward.”
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 3/31/26, Liberty Street manages four open-end mutual funds, the Private Shares Fund, and a non-U.S. fund with total assets under management of over $1.9 billion. For further information, visit https://libertystreetfunds.com/.
About The Private Shares Fund
The Private Shares Fund is a 1940 Act registered, closed-end interval fund that invests in a portfolio of private, late stage, growth companies. Traditionally, such access to private companies has only been available to institutional and high net worth investors through high-minimum, complex and paperwork laden private placement vehicles. The Private Shares Fund provides access to such companies without accreditation at low investment minimums, with a daily NAV, a quarterly repurchase program, no performance fees and simple 1099 tax reporting.*
To learn more about the Fund’s current holdings, total return performance, investment process, our team, and more, please visit the Fund’s website at www.privatesharesfund.com.
The Fund’s top ten holdings represented 50.71% of the portfolio as of 3/31/2026: SpaceX, Grubmarket, Nanotronics, Motive, Tradeshift, Dataminr, Databricks, Upgrade, Lime and Betterment.
*The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share, which is waived for fee-based asset management programs. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. 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. Though there is no performance fee, other fees and expenses apply to the Fund.
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 visit the Fund’s website at www.privatesharesfund.com, or call 1-855-551-5510. Read the prospectus carefully before investing.
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 approved 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.
The Fund is distributed by FORESIDE FUND SERVICES, LLC.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are 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.
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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260414686647/en/
Jen Corletta
Water & Wall
[email protected]
KEYWORDS: New York United States North America
INDUSTRY KEYWORDS: Finance Asset Management Artificial Intelligence Banking Professional Services Technology Aerospace Manufacturing
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