# The Private Shares Fund

The Private Shares Fund is a Private Equity based in New York, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** $1.16 billion
- **Website:** www.privatesharesfund.com
- **LinkedIn:** https://www.linkedin.com/company/the-private-shares-fund

## Regulatory record

- **Reports private funds:** No

## About

The Private Shares Fund is a closed-end interval fund that offers individuals, family offices, and institutions access to the venture-backed asset class for a minimum investment of $2,500 without investor accreditation requirements. The Fund primarily invests in securities of private, late-stage, venture-backed growth companies across multiple industry sectors. It provides a Net Asset Value on a daily basis and offers a quarterly repurchase program allowing up to 5% of outstanding shares at NAV to be redeemed each quarter.

## People

- Kevin Moss — Managing Director, Liberty Street Advisors, Inc.
- Jennifer Pruitt — Vice President / PM, Liberty Street Advisors, Inc.
- Jonas Grankvist — Managing Director, Liberty Street Advisors, Inc.

## Questions

### How does The Private Shares Fund source its deal flow?

The fund acquires shares directly from existing stockholders — employees, early investors, venture funds, and corporate sellers — rather than from the issuing companies in primary rounds. Sourcing relies on an in-house team that works with venture-firm back offices, equity-administration platforms, and corporate development desks where employee equity is tracked and held. The fund's public filings confirm that transactions are negotiated bilaterally, often at a discount to the company's most recent primary valuation.

### What is the fund's liquidity mechanism, and how does it work?

As an interval fund registered under the Investment Company Act of 1940, the fund offers quarterly repurchase windows for up to 5% of outstanding shares at net asset value. This structure allows the fund to hold highly illiquid private-company securities while providing partial periodic liquidity for investors. The quarterly valuation process is overseen by an independent board, with fair-value marks reviewed and published in the fund's regulatory filings.

### How does this fund differ from a typical venture capital closed-end fund?

Unlike a closed-end venture fund with a fixed 10-to-12-year life, this interval fund operates as a continuous offering with no termination date. It raises capital on an ongoing basis, does not call capital in a series of installment commitments, and provides quarterly tender-offer liquidity rather than requiring investors to wait for IPOs or acquisitions. This permanent-capital structure also means the fund can hold shares through market cycles without forced exit deadlines.

### What investor base is the fund designed for?

The fund is structured for retail and mass-affluent investors who meet accredited-investor thresholds but lack access to venture-fund limited partnerships. It is distributed through major brokerage and wealth-management platforms, including Schwab, Fidelity, and UBS, according to its public offering documents. Institutional allocators can also access the fund, though its primary design is to democratize late-stage private-company exposure for individual investors.

## Related profiles

- [The Players' Impact](https://altss.com/profile/the-players-impact)
- [The Production Board](https://altss.com/profile/the-production-board)

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Last updated: 2026-08-11T15:08:18.003Z

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