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Private Shares Fund (fka SP100 Fund)
Key Statistics
Fund Size
$1,160M
Annualized Return
8.8%
Launch Year
2014
Min. Investment
€2,500
Availability
Open for public
Structure
40 Act fund
Product Category
Open-end
Domicile
United States
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.9%
Carry
None%
High Water Mark
No
Ticker
PRIVX
CUSIP
88339M108
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Daily subscriptions
Highlights
US Fund Metrics
Expense Ratio
2.54%
Tax Form
1099
Liquidity Terms
Shares can be bought daily at NAV. Liquidity is provided through quarterly repurchase offers for up to 5% of the fund’s outstanding shares at NAV; requests above that are prorated. There is no secondary market and shares should be treated as a long-term investment.
Allocations
Investment Strategy
Industry Focus
Information about fund
Venture Capital With a $2,500 Front Door
Rather than reserving venture capital for institutions, the Private Shares Fund allows anyone to invest from $2,500 in late-stage, venture-backed private companies — potential future household names still years away from an IPO. Launched in 2014 as the SharesPost 100 Fund and renamed in 2021 when Liberty Street Advisors took over as adviser, it holds dozens of these companies, the largest being SpaceX at approximately 16% of the portfolio.
Key Figures
Net Assets
$1.16B
As of July 2026
Annualized Return
8.85%
Since 2014 inception, net of expenses
Minimum Investment
$2,500
Class A / L; $1M institutional
Largest Holding
SpaceX
~16% of portfolio
Liquidity
Quarterly
Repurchase offers up to 5% of shares
Tickers
PRIVX / PIIVX
Class A / Institutional; CUSIP 88339M108
Performance and Costs
As of July 2026 the fund has grown to about $1.16 billion in net assets and has achieved a return of 8.85% annualized since inception. Costs are on the higher side for a registered fund — total net expenses run from 2.46% to 2.74% depending on share class — which is the price of running a diligence-heavy private portfolio inside a daily-NAV structure. The returns shown are net of those expenses.
Liquidity and Access
Terms at a Glance
| Structure | US closed-end interval fund (1940 Act), daily NAV |
| Share classes | Class A (PRIVX), Class L (PRLVX), Institutional (PIIVX) |
| Total net expenses | 2.54% (A) · 2.74% (L) · 2.46% (I) |
| Management fee | 1.90% |
| Minimums | $2,500 (A and L, no accreditation required) · $1,000,000 (Institutional) |
| Repurchases | Quarterly offers for up to 5% of outstanding shares at NAV; no secondary market |
| Tax reporting | 1099 |
The fund seeks to provide liquidity by repurchasing up to 5% of outstanding shares each quarter at the then-current net asset value. There is no secondary market for the shares, and they should be viewed as a long-term investment. Class A and L shares carry no accreditation requirement and a $2,500 minimum; the Institutional class starts at $1 million — making this one of the few genuine retail on-ramps to venture-stage private equity in the US.
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