Mobius

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.

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.

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.

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.

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.

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.

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.