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.
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What the data actually shows - TL;DR
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.
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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.
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.
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.
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%.
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.
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.
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.
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.
Quick Verdict
Is this platform right for you?
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.
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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.
Avoid if
- You may need to sell within a few years.
- You want SpaceX in particular.
- You would pay the full Class A sales charge.
Top 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.
Key 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.
Compare Before Deciding
Where The Private Shares Fund fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
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Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
No listing and no secondary market; the fund says it 'does not expect a secondary market to develop.' In 2025 each quarterly offer was oversubscribed and filled pro rata at 5%.
K-1 Timing
No K-1; Form 1099-DIV.
Distributions
Year-end; reinvested unless cash is elected.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
The Private Shares Fund is a Delaware statutory trust registered with the SEC as a diversified, closed-end management investment company that operates as an interval fund under Rule 23c-3 of the Investment Company Act. It sells shares continuously at NAV plus any sales charge, strikes NAV daily, and offers each quarter to repurchase 5% of its outstanding shares at NAV; it does not list on an exchange. Its objective is capital appreciation, pursued by investing at least 80% of net assets plus borrowings in equity of private, operating growth companies, and holding them until an IPO, merger or acquisition.
It buys common and preferred stock directly, buys exposure through single-company SPVs and venture funds, lends through convertible notes, and may use PIPE transactions with SPACs and profit-sharing agreements with sellers. Three share classes sit on one portfolio: Class A (PRIVX, $2,500 minimum, up to 5.75% sales charge), Class L (PRLVX, $2,500, up to 4.25% plus a 0.25% distribution fee) and Class I (PIIVX, stated minimum $1 million, which registered investment advisers can meet in aggregate across clients). The adviser is Liberty Street Advisors, Inc. of New York; UMB Bank is custodian, UMB Fund Services administrator and transfer agent, Foreside Fund Services distributor, and Grant Thornton auditor.
For six years it stayed small: $102 million of net assets at the end of 2017 and $192 million at the end of 2019, with gross expenses above 3% capped at 2.50% for Class A. On August 28, 2020, SP Investments Management, Liberty Street Advisors and SharesPost's successor parent signed an Advisor Transition Support Agreement under which SPIM, 'in exchange for certain compensation', agreed to work for Liberty Street's appointment; shareholders voted on the new advisory agreement at a December 1, 2020 meeting, the fee stayed at 1.90%, and the portfolio team moved to Liberty Street. The fund, renamed The Private Shares Fund, then grew fast: $303 million at the end of 2020, $728 million in 2021 and $989 million in 2022. It lost 8.36% in 2023 and net assets fell to $876 million, recovered to $973 million in 2024 and $1,113 million in 2025, and reached $1,537 million at June 30, 2026 after $430.6 million of new subscriptions in six months. SharesPost itself merged into Forge Global in 2020.
Fund
The Private Shares Fund (CIK 1557265; 811-22759; 333-184361), Delaware statutory trust, diversified closed-end interval fund; tickers PRIVX (Class A), PIIVX (Class I), PRLVX (Class L).
Size
$1,537.0 million of net assets at June 30, 2026: Class I $1,282.3 million (83%), Class A $228.4 million, Class L $26.4 million; 28.99 million shares.
NAV
June 30, 2026: Class A $52.20, Class I $53.20, Class L $51.14; struck daily.
Liquidity
Quarterly repurchase offers for 5% of shares at NAV (up to 7% at the board's option); pro rata when oversubscribed. No exchange listing.
Fees
Advisory fee 1.90% of net assets; total annual expenses 2.54% (A), 2.46% (I), 2.74% (L); sales charge up to 5.75% (A) or 4.25% (L); repurchase fee waived.
Providers
Adviser Liberty Street Advisors (CRD 142949); custodian UMB Bank; administrator and transfer agent UMB Fund Services; distributor Foreside Fund Services; wholesaler HRC Fund Associates (adviser affiliate); auditor Grant Thornton (KPMG through 2024); counsel Dechert.
Visual Summary
The Private Shares Fund against other retail pre-IPO funds AltStreet covers
Structure, exit and cost from each fund's own filings as recorded in AltStreet's reviews.
The Private Shares Fund (PRIVX)
Structure and exit
Unlisted interval fund; 5% quarterly repurchase at NAV, pro rata when oversubscribed
Cost
1.90% advisory fee on net assets; 2.46% to 2.74% total; up to 5.75% sales charge
Destiny Tech100 (DXYZ)
Structure and exit
NYSE-listed closed-end fund; sell any day at the market price, which has ranged from a large premium to a discount to NAV
Cost
2.50% of gross assets; 4.56% total in the May 2026 fee table
Robinhood Ventures (RVI)
Structure and exit
Listed closed-end fund; sell at the market price
Cost
See the Robinhood Ventures review
AngelList USVC
Structure and exit
Registered venture fund with tender-offer liquidity at NAV
Cost
See the AngelList review
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
No K-1; Form 1099-DIV.
Cash Flow
Distributions
Frequency
Annual, if any realized gains.
Timing
Year-end; reinvested unless cash is elected.
Consistency
Paid in 2020, 2021 and 2022; none from 2023 to 2025.
Liquidity
Exit Reality
Holding period
None, but exits only through quarterly repurchase offers.
Exit options
- Tender shares in a quarterly repurchase offer at NAV.
- Tender any shares not repurchased again in a later offer.
Secondary market
No listing and no secondary market; the fund says it 'does not expect a secondary market to develop.' In 2025 each quarterly offer was oversubscribed and filled pro rata at 5%.
Investment Structures
Class A shares (PRIVX)
$2,500 minimum; sales charge 5.75% of offering price under $50,000, falling to 0% at $1 million; shareholder servicing fee (0.04% in the fee table); total annual expenses 2.54%; expense cap 2.65% through May 2, 2027. $228.4 million at June 30, 2026.
Class I shares (PIIVX)
Stated $1 million minimum, waivable and met in aggregate by advisers buying for clients; no sales charge or distribution fee; total annual expenses 2.46%; cap 2.40% (the fee table includes 0.04% of recoupment). $1,282.3 million at June 30, 2026.
Class L shares (PRLVX)
$2,500 minimum; sales charge 4.25% falling to 1.25% at $1 million; 0.25% distribution fee; total annual expenses 2.74%; cap 2.90%. $26.4 million at June 30, 2026.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Concentration
SpaceX 23.7% of net assets at June 30, 2026 (direct and three SPVs); top ten 53.13% at September 30, 2026.
Exit
5% quarterly repurchase at NAV; tenders of 8.03% to 11.91% each quarter of 2025 and 8.54% in June 2026, filled pro rata.
Valuation
55% of net assets Level 3; restricted securities 83.41%; the adviser is valuation designee and is paid on NAV.
Public-stock exposure
$383.1 million (24.9%) in listed common stock at June 30, 2026, mostly SpaceX at Level 2; lock-up dates not disclosed.
Fee drag
Total expenses 2.46% to 2.74% a year plus sales charges; net investment loss about 1.7% to 2.1% of assets a year.
Leverage
UMB line of up to $150 million, unused at June 30, 2026; borrowing is limited to 33⅓% of assets.
One stock carries the NAV
SpaceX was $363.8 million of the fund's $1,537.0 million at June 30, 2026, against a $13.5 million cost, and about 70% of its unrealized gain. It has traded on Nasdaq since June 2026.
Why it matters
A fall in one listed stock moves the whole NAV, and the fund may be locked up while the price moves. New buyers pay a NAV that already includes the SpaceX gain.
Mitigation / verification
Check SpaceX's weight in each quarterly holdings report and in the website's top ten; the next N-PORT and the 2026 annual report will show any sales.
Repurchases are oversubscribed
Holders tendered more than the 5% offer in five of the six quarters from March 2025 to June 2026 and were paid pro rata.
Why it matters
A full exit has no assured timetable: each offer fills only part of an oversubscribed request, the rest must be tendered again at a later NAV, and the board may suspend or postpone offers in limited circumstances under Rule 23c-3.
Mitigation / verification
Read the repurchase table in each semiannual and annual report before investing money that might be needed within a few years.
Marks set by the party paid on them
Most of the portfolio is valued by the adviser as valuation designee, with Level 3 inputs, and the advisory fee is a percentage of NAV.
Why it matters
If marks on private positions are slow to fall, buyers overpay and shareholders whose tenders are accepted are paid more than later holders receive.
Mitigation / verification
Compare marks with later financing rounds, IPO prices and sale prices as the schedule of investments reports them.
Cost of ownership
About 2.5% a year in expenses, including 0.02% of reported acquired fund fees, plus a sales charge of up to 5.75% on Class A; costs inside SPVs that the acquired fund fee line does not capture are not quantified.
Why it matters
Over the ten years to September 30, 2026, Class A returned 7.27% a year with the load against 7.91% at NAV, and both trailed the benchmark it reports.
Mitigation / verification
Buy Class I through an adviser where available, or a Class A breakpoint; confirm the sales charge with the broker.
Regulatory & Legal Posture
Security Status
Registered diversified closed-end management investment company operating as an interval fund under Rule 23c-3 (811-22759); shares registered under the Securities Act (333-184361) and offered continuously under Rule 415; regulated investment company for tax.
The fund files N-CSR and N-CSRS shareholder reports, N-PORT holdings, N-CEN, Rule 23c-3 repurchase notices and a prospectus updated each spring. A 2017 SEC exemptive order permits multiple share classes, asset-based distribution fees and early-repurchase fees. Liberty Street Advisors is an SEC-registered adviser (801-67698) since March 2007 with no disclosures on its Form ADV.
- Board of five trustees: Robert Boulware, Mark Radcliffe, Daniel A. Doyle, Herb W. Morgan and Timothy Reick. Reick is an interested trustee as a co-founder of the HRC Group and, since October 10, 2025, Liberty Street's chief investment officer.
- Affiliated distribution: HRC Fund Associates, Member FINRA, is affiliated with the adviser, wholesales the fund under a marketing agreement paid by the adviser and received $112,420 of sales charges from the distributor in the first half of 2026.
- Predecessor sponsor: in March 2012, before the fund launched, SharesPost, Inc. and its founder Greg Brogger settled SEC charges of acting as an unregistered broker-dealer (Exchange Act Release 66594), paying $80,000 and $20,000 without admitting or denying the findings. It did not involve the fund or Liberty Street.
- Prospectus, April 2026: the fund 'is not currently a party to any legal proceeding that we believe would have a material adverse effect.'
- Legal scan, October 17, 2026: no SEC, FINRA or state action and no lawsuit naming the fund, Liberty Street Advisors (Form ADV: no disclosures) or SP Investments Management located in SEC releases, AltStreet's ADV registry, CourtListener or web search; state dockets not comprehensively searched.
Disclosure Quality
Strong: every position with cost, fair value and acquisition date in each semiannual and annual report; repurchase tender and acceptance figures from 2025; NAV errors and adviser reimbursements footnoted. Weaker on underlying SPV fees and on the fund's plans for listed positions.
Custody Model
Securities held by UMB Bank as custodian; SPV and private fund interests recorded in the fund's name; shareholder records kept by UMB Fund Services as transfer agent.
Regulatory Backing
Investment Company Act protections: an independent custodian, a board that approves the advisory contract annually, Rule 23c-3 repurchase requirements, limits on affiliated transactions (the fund reported none with an affiliated broker in the first half of 2026) and a 33⅓% borrowing limit.
Tax Treatment
Reporting
Form 1099-DIV
Annual, by UMB Fund Services or the investor's broker.
Income Character
Capital gain distributions when realized
The fund qualifies as a regulated investment company and distributes realized gains, if any, once a year; distributions are reinvested unless the holder elects cash. It distributed $0.64 a share in 2020, $3.22 in 2021 and $0.58 in 2022, and estimated zero for 2025. Most of the return has been unrealized appreciation, taxed only when the holder sells shares back to the fund.
Limitation
AltStreet is not a tax adviser.
Special Considerations
- Reinvested distributions are taxable in the year paid.
- A large realized gain, for example from selling SpaceX after its lock-up, would be distributed to holders of record at the time, including recent buyers.
- Tax-exempt investors generally do not incur unrelated business taxable income unless they borrow to invest, per the FAQ.
Account Suitability
Taxable
Yes.
Roth IRA
Yes, where the broker has a selling agreement with the fund (FAQ).
Traditional IRA
Yes, on the same condition.
HSA
Not addressed.
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AltStreet Data Layer
What the data actually shows
Twelve years of audited reports make the fund's growth, flows, repurchase demand and position-level marks measurable.
SpaceX is most of the unrealized gain
SpaceX carried at $363.8 million against $13.5 million of cost at June 30, 2026; total unrealized appreciation $502.3 million.
What this means
About 70% of the fund's current net unrealized appreciation rests on one stock now trading on Nasdaq; this measures the paper gain, not cumulative return.
Every 2025 repurchase oversubscribed
Tenders of 9.51%, 8.03%, 11.91% and 9.18% against 5% bought; 8.54% tendered in June 2026.
What this means
Exit capacity, not NAV, is the binding constraint for holders who want out.
The 2021 to 2022 vintage
$922 million raised and $622 million invested in 2021 and 2022; many of those positions are carried far below cost (Relativity common $20.3 million to $0.05 million, Color Health $10.0 million to $1.7 million).
What this means
The fund's peak-cycle buying shows in its 2023 loss and its five-year return of 5.79%.
Record inflows
$430.6 million subscribed in the first half of 2026 against $152.4 million repurchased; net assets $1,537.0 million.
What this means
Subscriptions exceeded repurchases by $278.2 million in the half; buyers enter at a NAV that includes SpaceX at its listed price.
Data as of 2026-10-17 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Investors with a long horizon who want a diversified pre-IPO allocation without accreditation
Registered, audited and broad in name count, but expensive, a quarter in one stock at June 2026, and slow to exit when others are selling.
Advisory clients able to buy Class I
Class I avoids sales charges and carries the lowest expenses (2.46%); the concentration and prorated repurchases are the same.
Investors buying for SpaceX exposure
SpaceX trades on Nasdaq; buying it through the fund adds about 2.5% a year in fees, a sales charge on Class A and an exit limited to 5% a quarter.
Anyone who may need the money within two or three years
Tenders ran at 8% to 12% a quarter in 2025 against a 5% offer; unfilled shares must be tendered again, with no assured timetable.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Access
Up to 5.75% sales charge on Class A.
Oversight
The adviser sets most marks as valuation designee and is paid on NAV.
Returns
Behind the Russell 2000 over five and ten years; 2023 loss of 8.36%.
Liquidity
Oversubscribed and prorated through 2025 and in June 2026.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Investors who need to sell on short notice
Exit is a 5% quarterly offer that has been oversubscribed.
Buyers who want SpaceX specifically
It is now a listed stock; the fund adds fees and prorated quarterly repurchases.
Fee-sensitive investors without access to Class I
Class A costs 2.54% a year plus up to 5.75% up front.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
The fund does what it says: it gives ordinary investors a regulated, audited share of a portfolio of late-stage private companies, priced every day. Its weaknesses are the ones the structure produces when private assets are popular and then unpopular. It raised and spent most of its money at the 2021 to 2022 peak, carries losses on much of that vintage, and holds about 70% of its current net unrealized appreciation in a 2019 SpaceX purchase that was 23.7% of net assets at June 30, 2026. Repurchase requests have exceeded the 5% offer in five of the last six quarters while subscriptions rose. A buyer today should judge it as a substantial SpaceX position alongside private companies, other listed stocks and cash, held for years, at about 2.5% a year.
Positioning
Among retail pre-IPO vehicles AltStreet covers, it sits between the listed closed-end funds (Destiny Tech100, Robinhood Ventures), which can be sold any day at a market price that may be far from NAV, and single-company SPVs from marketplaces such as EquityZen, Forge or Linqto, which offer one company and little or no exit. Its exit is at NAV but rationed.
The Bottom Line
A twelve-year-old, $2,500, registered pre-IPO interval fund with full reporting, high fees, SpaceX at 23.7% of NAV at June 30, 2026 and prorated quarterly repurchases.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the prospectus sections on quarterly repurchases, the fee table and 'Determination of Net Asset Value.'
Open the latest semiannual or annual report on EDGAR (CIK 1557265) and read the repurchase table in Note 6 and the schedule of investments.
Check SpaceX's weight in the most recent top ten on privatesharesfund.com.
Ask the broker which share class is available and what sales charge applies at the amount invested.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Similar Platform Reviews
- Destiny Tech100 Review
A listed closed-end pre-IPO fund whose market price has ranged far from NAV.
- AngelList USVC Review
A registered retail venture fund with tender-offer liquidity at NAV.
- Robinhood Ventures Review
A listed fund of private companies sold through Robinhood.
- Forge Global Review
The marketplace that absorbed SharesPost, this fund's original sponsor.
- Sweater Review
The Cashmere Fund, a $500 venture interval fund with the same Rule 23c-3 quarterly repurchase structure.
- USVC vs Fundrise VCX
A registered venture fund at NAV against a listed one at a premium: the same pricing question this fund answers with repurchases.
Report Appendix
Evidence & Methodology
8 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
8 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
8 supporting passages on file for The Private Shares Fund and its offerings from 3 source documents, 8 verified by an analyst through 2026-10-17, 1 discrepancy flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 8
- Source documents
- 3
- Analyst verified
- 8
- Discrepancies flagged
- 1
Latest analyst verification 2026-10-17; latest extraction 2026-10-17. A discrepancy is a disagreement between two sources, or between a document and a marketing claim, recorded rather than resolved silently.
ASReview Evidence
Methodology
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.
Scope
The Private Shares Fund, all three share classes, and Liberty Street Advisors as its adviser; SharesPost only as the predecessor sponsor.
Key Findings
- *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
Comparable Platforms
- Destiny Tech100
Listed and tradable daily at a market price; higher fees on gross assets.
- AngelList USVC
Registered venture fund with tender offers at NAV.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
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.