Venture Capital

The Private Shares Fund

Formation2012

CategoryInterval Fund

SEC Filing ↗

Net Assets

$987.0M

NAV YoY

+8%

Portfolio Composition

Investment Type

Common Stock in Public Companies

8.20%

Common Stock in Private Companies

37.00%

Preferred Stock in Private Companies

38.50%

Convertible Notes of Private Companies

4.20%

Warrants of Private Companies

0.10%

Special Purpose Vehicles

6.80%

Private Funds

0.50%

Short-Term Investments

4.60%

Portfolio composition data sourced from regulatory filings.

Deeper Analysis

Institutional intelligence and portfolio transparency

Reported as of September 2025

Principal Portfolio Holdings

Holding	Value	Allocation
SPACE EXPLORATION TECHNOLOGIES CORP. COMMON SHARES aerospace	$76.4M	7.74%
TRADESHIFT HOLDINGS INC. PREFERRED SERIES 3 software	$41.5M	4.20%
GRUBMARKET, INC. PREFERRED E SHARES e-commerce	$40.9M	4.15%
Proprietary Exposure	---	---
Proprietary Exposure	---	---

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About This Fund

The Private Shares Fund is a '40 Act registered closed-end interval fund managed by Liberty Street Advisors. It invests primarily in equity securities of late-stage private operating companies, seeking capital appreciation through direct investments, secondary purchases, and exchanges. The fund may also utilize special purpose vehicles, private funds, and PIPE transactions. Portfolio companies are typically technology-related businesses expected to experience liquidity events within two to five years. The fund provides quarterly limited liquidity through repurchase offers and is designed for long-term investors.