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Mobius
David Mindell's Mobius gives accredited investors quarterly access to a basket of late-stage private tech companies through an SEC-registered interval...
Mobius
Mobius was founded in 2021 by David Mindell, Steve Meier, Nathan Baschez, and Alex Ly. Mindell previously invested at Andreessen Horowitz, while Meier held senior engineering roles at tech companies. The firm's founding thesis was that the secondary market for private company stock was fragmented and opaque, leaving most individual accredited investors unable to access high-growth companies before IPO. Mobius launched with an explicit mission to provide that access through a registered investment vehicle. The firm operates the Mobius Venture Capital Interval Fund, a 1940 Act-registered fund that invests primarily in secondary shares of late-stage, venture-backed private companies alongside direct primary investments. The fund's liquidity structure, offering quarterly redemptions of up to 5% of total shares outstanding, distinguishes it from the standard decade-long venture fund commitment. The portfolio is diversified across sectors including enterprise software, fintech, digital health, and space infrastructure. The fund also holds allocations to other venture capital funds for additional exposure. The vehicle is priced daily, making it accessible to a broader base of accredited investors through standard brokerage accounts. Mobius operates from San Francisco and has raised capital for both its fund and its management company. In August 2024, the firm disclosed that its interval fund had grown assets and expanded its portfolio of secondary investments (per SEC filings, August 2024). The fund's public filings show a strategy that blends co-investments alongside top-tier venture firms with purchases of employee and early-investor secondary stakes. The management company is structured as a standard venture adviser but is operationally focused on registered fund compliance and daily liquidity management. Mobius's primary structural differentiator is its use of a continuously offered interval fund structure to hold illiquid venture assets. This design forces the firm to maintain a perpetual liquidity sleeve and risk-managed portfolio, creating a governance posture that combines elements of a mutual fund board with a venture capital investment committee. The structure also subjects the firm to SEC reporting requirements and daily valuation oversight, a transparency level uncommon among private venture managers.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
David Mindell
Co-Founder & CEO
Steve Meier
Co-Founder
Nathan Baschez
Co-Founder
Alex Ly
Co-Founder
Frequently asked questions
How does Mobius provide liquidity for private company investments?
Mobius uses a 1940 Act interval fund structure that offers quarterly redemptions of up to 5% of the fund's outstanding shares. This allows investors to exit positions periodically rather than waiting for portfolio companies to IPO or get acquired. The fund also maintains a liquidity sleeve of cash and public securities to meet redemption requests without being forced to sell private shares at unfavorable prices.
Who co-founded Mobius and what is their professional background?
David Mindell, formerly an investor at Andreessen Horowitz, co-founded Mobius alongside Steve Meier, Nathan Baschez, and Alex Ly. Mindell's venture capital background provided the sourcing network for secondary transactions, while the technical co-founders built the operational infrastructure for the registered fund vehicle. The team's combined experience spans institutional investing and product engineering.
What types of companies does the Mobius fund hold?
The Mobius Venture Capital Interval Fund holds secondary shares and some direct primary investments in late-stage, venture-backed private companies. Public filings indicate exposure across enterprise software, fintech, digital health, and space infrastructure. The fund also allocates capital to other venture capital funds for additional diversification beyond its direct holdings.
Is Mobius a venture capital firm or an asset manager?
Mobius operates as a registered asset manager running an interval fund, though its investment activity resembles venture capital. The firm purchases secondary shares of private companies and participates in primary rounds, but the vehicle itself is an SEC-registered investment company — not a traditional venture capital fund. This structure imposes daily valuation, board oversight, and liquidity requirements not typical in venture.
How does Mobius source its secondary private company shares?
Mobius sources secondary shares through direct relationships with employees, former employees, early investors, and venture capital firms holding positions in late-stage private companies. The firm's co-founder network, built in part at Andreessen Horowitz, provides access to deal flow. The fund also purchases interests in other venture funds on the secondary market to broaden its portfolio exposure.
What is the minimum investment for the Mobius interval fund?
The Mobius Venture Capital Interval Fund requires investors to be accredited and typically has a minimum initial investment, though the specific amount can vary by share class and distribution channel. The fund is accessible through standard brokerage accounts and is priced daily, which lowers the operational barrier for individual accredited investors compared to traditional venture capital fund subscriptions.
What regulatory requirements does Mobius face that traditional venture firms do not?
As an SEC-registered interval fund, Mobius must comply with the Investment Company Act of 1940, including daily NAV calculations, annual audited financials, a board of directors with independent members, and restrictions on illiquid holdings. Traditional venture capital firms that rely on exemptions from registration under ERISA or the Investment Company Act do not face these same requirements, giving Mobius a differentiated compliance and reporting burden.
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