--- title: "The Private Shares Fund Review 2026: A $2,500 Pre-IPO Interval Fund With a Large SpaceX Position and Prorated Repurchases" url: https://altstreet.investments/platforms/reviews/private-shares-fund kind: platform-review updated: 2026-10-17 description: "Private Shares Fund (PRIVX) review 2026: a $2,500 registered pre-IPO interval fund with $1.54B in assets, 2.5% annual expenses, SpaceX at 23.7% of NAV and prorated quarterly repurchases." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # The Private Shares Fund Review 2026: A $2,500 Pre-IPO Interval Fund With a Large SpaceX Position and Prorated Repurchases The Private Shares Fund (PRIVX) is a registered interval fund that gives investors with $2,500 and no accreditation a portfolio of late-stage venture-backed companies. Class A returned 7.91% a year at NAV over the ten years to September 30, 2026, against 9.84% for the Russell 2000 it reports against, and the fund costs 2.46% to 2.74% a year plus sales charges of up to 5.75%. At June 30, 2026, SpaceX was 23.7% of its $1.54 billion of net assets. Holders can sell only in quarterly repurchase offers for 5% of shares; they tendered 8% to 12% of the fund in each 2025 offer and 8.54% in June 2026, and requests were prorated. AltStreet score: 64.1 (B+), scored October 17, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | The Private Shares Fund | | What it is | SEC-Registered Diversified Closed-End Interval Fund (Investment Company Act of 1940) Holding Late-Stage Venture-Backed Companies | | Asset class | Interval fund shares with exposure to late-stage private and recently listed growth companies, held directly and through SPVs | | Website | privatesharesfund.com | | Review first published | October 17, 2026 | | Last updated | October 17, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version The Private Shares Fund lets any investor with $2,500 own a share of about 80 late-stage venture-backed companies through a registered interval fund with daily NAV, an independent custodian and administrator, audited annual reports and quarterly holdings disclosure. Four things matter most. Concentration: at June 30, 2026, SpaceX, listed on Nasdaq since June 2026, was $363.8 million, 23.7% of net assets, against a $13.5 million cost, and about 70% of the fund's net unrealized appreciation; the rest of the fund was private-company investments, other listed stocks and $236.8 million of money market holdings. Cost: a 1.90% advisory fee and total expenses of 2.46% to 2.74% a year, plus sales charges of up to 5.75% on Class A. Returns: Class A returned 7.91% a year at NAV over the ten years to September 30, 2026 (7.27% with the load), against 9.84% for the Russell 2000, and 8.83% a year since its 2014 launch, against 8.61%. Exit: each quarter the fund offers to repurchase 5% of shares at NAV; holders tendered between 8.03% and 11.91% in every 2025 offer and 8.54% in June 2026, requests were prorated, and unfilled shares had to be tendered again with no assured timetable. Positions bought at the 2021 and 2022 peak are carried well below cost, and subscriptions reached $430.6 million in the first half of 2026. - **23.7%** SpaceX's share of net assets at June 30, 2026: $307.8 million held directly plus $56.0 million through three SPVs, against a combined cost of $13.5 million. That position is about 70% of the fund's $502.3 million of net unrealized appreciation, a measure of the current paper gain rather than of cumulative returns. - **8% to 12%** Share of the fund holders asked to sell in each 2025 repurchase offer (9.51%, 8.03%, 11.91%, 9.18%), against 5% bought each time. Requests were prorated, and unfilled shares had to be tendered again. In June 2026, 8.54% was tendered and 5% repurchased. - **7.91%** Class A annualized return at NAV over the ten years to September 30, 2026 (7.27% after the maximum 5.75% sales charge), against 9.84% for the Russell 2000, the benchmark the fund reports. At June 30, 2026 the ten-year figures were 8.53% and 11.62%. - **2.54%** Class A total annual expenses in the May 2026 fee table (Class I 2.46%, Class L 2.74%), on top of a sales charge of up to 5.75% on Class A, which is 6.10% of the amount invested under $50,000. - **55%** Share of net assets valued with significant unobservable inputs (Level 3) at June 30, 2026: $849.3 million. Restricted securities were 83.41% of net assets. The adviser is the board's valuation designee. - **$430.6M** New money into the fund in the first half of 2026, against $152.4 million repurchased. Cash and the money market fund were $236.8 million, 15.4% of net assets, at June 30. Data note: Returns are as of September 30, 2026 unless dated otherwise; holdings, flows and financial-statement figures are as of June 30, 2026. Figures are from the fund's semiannual report for June 30, 2026 (unaudited), annual reports for 2014 to 2025 (audited by KPMG through 2024 and by Grant Thornton for 2025), the prospectus dated May 1, 2026 and its August 4, 2026 supplement (CIK 1557265), and Liberty Street Advisors' Form ADV of March 27, 2026. Returns as of September 30, 2026 are from privatesharesfund.com, captured October 17, 2026. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 23.7% | Roughly a quarter of the NAV tracks one stock that listed on Nasdaq in June 2026. | SpaceX's share of net assets at June 30, 2026, held directly and through three SPVs. $363.8 million against a $13.5 million cost; about 70% of the fund's unrealized gain. | | 11.91% | Share of the fund tendered in the September 2025 repurchase offer, against 5% bought. | Every 2025 offer was oversubscribed; June 2026 tenders were 8.54%. | | 7.91% | Class A ten-year annualized return at NAV to September 30, 2026. | Russell 2000: 9.84%. With the maximum sales charge: 7.27%. At June 30, 2026: 8.53% against 11.62%. | | $2,500 | Minimum for Class A and Class L, with no accreditation. | Registered 1940 Act interval fund priced daily. | | Grant Thornton | Auditor of the fund's 2025 financial statements. | KPMG audited 2014 to 2024; UMB Bank custodian; UMB Fund Services administrator and transfer agent. | ## Verdict The Private Shares Fund is a real, regulated way to own a basket of late-stage private companies with $2,500, and it has twelve years of audited, mostly positive returns. It is also expensive, it trailed the small-cap index it reports against over five and ten years, and today it combines a substantial SpaceX position, now a listed stock, with private-company investments, other public securities and liquid reserves. Holders can sell only in quarterly repurchase offers, which were oversubscribed through 2025 and again in June 2026, with requests prorated. Buy it for a long-horizon private-markets allocation, preferably in Class I, not for liquidity or for SpaceX. **Best for** - Long-horizon investors without accreditation who want many private companies in one registered vehicle. - Advisory clients who can buy Class I without a sales charge. **Look elsewhere if** - You may need to sell within a few years. - You want SpaceX in particular. - You would pay the full Class A sales charge. **Strengths** - Registered interval fund with an independent custodian, administrator and auditor (KPMG 2014 to 2024, Grant Thornton from 2025), a board and full position-level reporting. - Open to any investor at $2,500; available through major brokers and SoFi. - Twelve-year record: 8.83% a year at NAV since 2014 for Class A, to September 30, 2026. - No borrowing outstanding; $236.8 million in a money market fund at June 30, 2026. **Limitations** - SpaceX 23.7% of net assets at June 30, 2026; top ten 53.13% at September 30. - Repurchase offers oversubscribed in five of six quarters to June 2026, requests prorated. - Total expenses 2.46% to 2.74% plus sales charges up to 5.75%; costs inside SPVs beyond the 0.02% acquired fund fee line not quantified. - Behind the Russell 2000 over five and ten years; 55% of net assets valued at Level 3 by the adviser. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Investors with a long horizon who want a diversified pre-IPO allocation without accreditation | neutral | | | Advisory clients able to buy Class I | neutral | | | Investors buying for SpaceX exposure | poor-fit | | | Anyone who may need the money within two or three years | poor-fit | | ## Questions **Is the Private Shares Fund a good investment?** It is a registered interval fund with audited annual reports that has returned 8.83% a year at NAV for Class A from March 2014 to September 30, 2026, but it trailed the Russell 2000 over five and ten years, costs about 2.5% a year plus sales charges, held 23.7% of net assets in SpaceX at June 30, 2026, and limits exits to 5% of shares a quarter. It suits long-horizon investors who want a basket of private companies and can wait to sell. **How do I sell shares of PRIVX?** Only through the fund's quarterly repurchase offers, which buy up to 5% of shares at NAV (7% at the board's option). Notices go out about 30 days before each deadline. When more is tendered, the fund buys pro rata: in each quarter of 2025 holders tendered 8% to 12% and had roughly half of each request bought; the rest had to be tendered again in a later offer, with no assured timetable. **What are the Private Shares Fund's fees?** A 1.90% advisory fee on net assets and total annual expenses of 2.54% (Class A), 2.46% (Class I) and 2.74% (Class L) in the May 2026 prospectus, plus a sales charge of up to 5.75% on Class A and 4.25% on Class L. Underlying SPVs and private funds charge their own fees. **Does the Private Shares Fund own SpaceX?** Yes. At June 30, 2026 it held 1,801,650 SpaceX shares worth $307.8 million and three SPVs holding SpaceX common stock worth $56.0 million, together 23.7% of net assets, against a cost of $13.5 million. SpaceX was the largest holding on the website's September 30, 2026 list. **Do I need to be accredited to invest in the Private Shares Fund?** No. Class A and Class L have a $2,500 minimum and no accreditation requirement. Class I has a stated $1 million minimum that advisers can meet in aggregate for their clients. **Who manages the Private Shares Fund?** Liberty Street Advisors, Inc. of New York (CRD 142949), adviser since late 2020, when it replaced SharesPost's SP Investments Management. The portfolio managers are Sven Weber, Kevin Moss, Jonas Grankvist and Jennifer Pruitt as of August 2026. ## Evidence appendix Platform website captured October 17, 2026. EDGAR: all 288 filings of The Private Shares Fund (CIK 1557265), including the May 2026 prospectus and SAI and August 2026 supplement, the June 2026 N-CSRS, N-CSR annual reports for 2015 to 2025, N-PORT, N-CEN, 41 Rule 23c-3 repurchase notices and the 2020 proxy. Adviser: Form ADV of March 27, 2026 (CRD 142949). Site: 120-page crawl of privatesharesfund.com, October 17, 2026. Legal: SEC releases, AltStreet's ADV registry, CourtListener, web search. **Highlights** - N-CSR 2025: '% of Shares Tendered - Total Fund 9.51% 8.03% 11.91% 9.18%' against 5.00% repurchased, 'on a pro-rata basis.' - N-CSRS June 2026: 'restricted securities represented 83.41% of the net assets of the Fund.' - DEF 14A 2020: 'in exchange for certain compensation, SPIM has agreed to use its reasonable best efforts to cause (i) the engagement of Liberty as the investment advisor to the Fund.' - Website: 'you may not be able to sell your shares when, or in the amount that, you desire.' **Primary source pages** - Form N-CSRS, June 30, 2026: fund performance, schedule of investments, statements of assets, operations and changes in net assets, financial highlights, Notes 2, 3, 5, 6 and 9. - Form N-CSR, December 31, 2025 and prior years: repurchase tables, financial highlights 2015 to 2025, flows and realized results. - Prospectus (486BPOS, April 28, 2026): fee table, sales charges, repurchase policy, valuation, management, legal proceedings. - 424B3 supplements of October 10, 2025 and August 4, 2026: portfolio management changes. - DEF 14A, October 2020: Advisor Transition Support Agreement and new advisory agreement with Liberty Street. - privatesharesfund.com: returns and top ten holdings as of September 30, 2026; FAQ; how-to-invest page. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/private-shares-fund - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/secondary-pre-ipo-markets --- Source page: https://altstreet.investments/platforms/reviews/private-shares-fund Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.