MutualFundWire.com: One Fund, Eight Years, $1B In AUM

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Wednesday, August 31, 2022

One Fund, Eight Years, $1B In AUM

The team at a New York City-based, multi-manager fund firm is celebrating breaking into 10-figure territory with an eight-year-old fund they took over less than two years ago.

Timothy William "Tim" Reick
Liberty Street Advisors, Inc.
CEO

Earlier this month, Kevin Moss (managing director of Liberty Street Advisors Inc. [profile], president of its Private Shares Fund, and one of the fund's three PMs), Tim Reick (CEO of Liberty Street), and Christian Munafo (chief investment officer of Liberty Street and another PM on the Private Shares Fund) confirmed that the Private Shares Fund has surpassed $1 billion in AUM. (Liberty Street offers eight funds in total and, as of June 30, had more than $1.4 billion in total AUM.)

The Private Shares Fund (then known as the SharesPost 100 Fund) was launched back in March 2014 by SharesPost Inc. Liberty Street took over management of the fund in December 2020, then renamed it to the Private Shares Fund in April 2021. The Liberty Street team notes that the fund's AUM has grown by about $723 million since their December 2020 takeover.

The fund is a closed-end interval fund, still under the 1940 Act, with daily reporting and three share classes (A, I, and L). The fund is designed to "democratize access to the private market, and late-stage, venture-backed, private companies specifically," Moss explains.

"Our investment team has done yeoman's work implementing the institutional framework that has allowed us to scale the strategy," Reick states, putting the fund's recent growth in the context of investors "still searching for opportunities that offer them liquidity options" in private markets.

"This achievement wouldn't be possible without the combined efforts of our dedicated investment team, our trustees and our shareholders," Moss states. "I'm grateful for the trust our investors continue to place in us."

"I'm thrilled that we have achieved such a significant milestone and am enthusiastic about the next phase of the Fund's growth," Munafo states. "We're well-positioned to continue working with various participants across the venture capital and growth ecosystem, while capitalizing on technology and innovation-driven opportunities across sectors including aerospace, finance, cybersecurity, healthcare, agriculture, transportation and e-commerce, among others."

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