# The Private Shares Fund

The Private Shares Fund is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** theprivatesharesfund.com

## Regulatory record

- **Reports private funds:** No

## About

The Private Shares Fund was established in 2014 by Mark Sellers, a former hedge fund manager who previously ran Sellers Capital. The firm began as a vehicle for the Sellers family to invest in pre-IPO technology companies, later opening to other accredited investors and family offices. Its structure as a non-traded, closed-end interval fund differentiates it from both traditional venture capital and listed private equity. The Fund focuses on late-stage venture capital and growth equity, targeting companies that are profitable or approaching profitability. Its portfolio spans technology subsectors including enterprise software, fintech, digital health, and cyber security. Known positions have included SpaceX, Palantir, and Stripe, though it frequently rotates holdings through secondary transactions. The firm co-invests alongside institutional venture funds and participates in secondary market purchases of restricted stock. Headquartered in New York with additional offices in Dallas, Larkspur, and San Francisco, The Private Shares Fund employs a small team of investment professionals. The firm operates as an interval fund, meaning it offers periodic liquidity to investors—typically quarterly. In 2023, the fund completed a tender offer allowing investors to redeem shares at net asset value (per SEC filings). No AUM figure is publicly disclosed. The Private Shares Fund's structural differentiator is its hybrid model: it combines the liquidity profile of a closed-end fund with the investment mandate of a venture capital firm. This allows family offices and high-net-worth individuals to access illiquid private company equity in a regulated vehicle with periodic redemption rights—a structure that gained traction after the JOBS Act expanded private market access.

## Sectors

- Private Equity
- Venture Capital
- Technology

## Offices

- Dallas, TX
- Larkspur, CA
- San Francisco, CA

## People

- John B. Sellers — Chief Executive Officer
- Mark Sellers — Chief Investment Officer
- Michael J. Sellers — President

## Questions

### Who runs investment decisions at The Private Shares Fund?

Mark Sellers serves as CEO and Chief Investment Officer, overseeing all portfolio decisions. He is supported by John B. Sellers as Chief Executive Officer and Michael J. Sellers as President. The family-founded firm remains anchored by the Sellers family capital.

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

The Fund accesses deal flow through relationships with institutional venture capital firms, investment banks, and secondary market brokers. It also participates in private placements and direct deals with late-stage companies. Many positions are acquired through secondary purchases of restricted stock from existing shareholders.

### What investment stages does The Private Shares Fund typically target?

The Fund focuses on late-stage venture capital and growth equity—companies that are pre-IPO or have a clear path to liquidity. It seeks businesses that are profitable or nearing profitability, and often targets firms with enterprise value above $500 million.

### Which sectors does The Private Shares Fund explicitly avoid?

The Fund has not publicly disclosed a list of avoided sectors, but its known holdings are concentrated in technology, fintech, and digital health. It generally avoids early-stage ventures, biotech without revenue, and real estate.

### How is The Private Shares Fund related to the Sellers family?

The Fund was founded by Mark Sellers and the Sellers family is the anchor investor. The family runs the firm and retains substantial control over investment strategy. However, the Fund accepts capital from accredited outside investors and family offices.

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Last updated: 2026-06-03T20:00:00.000Z

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