SharesPost Investment Management

SharesPost Investment Management served as the investment adviser to the SharesPost 100 Fund (PRIVX), a publicly traded interval fund designed to provide accredited investors with access to late-stage private companies. Unlike traditional early-stage venture capital firms, SharesPost Investment Management's strategy through PRIVX focused on acquiring stakes in established, often pre-IPO, private companies with significant valuations. The fund's portfolio typically comprised well-known companies such as Palantir, Airbnb, and SpaceX, which often had valuations exceeding $1 billion.

The investment approach involved participating in secondary market transactions or later-stage growth equity rounds. This allowed the fund to offer liquidity to existing shareholders of private companies and provide retail investors with exposure to a diversified portfolio of high-growth private assets. As an interval fund, PRIVX also offered periodic liquidity to its own shareholders, distinguishing it from traditional illiquid private equity funds.

The size of investments made by the SharesPost 100 Fund reflected its focus on mature private companies. For instance, as of March 31, 2019, the fund reported net assets of approximately $226.7 million. With a typical portfolio ranging from 10 to 30 companies, individual investments (or "first cheques" into these late-stage entities) generally ranged from several million dollars to tens of millions. Based on its asset base and portfolio diversification, a typical investment could be estimated to range from approximately $5 million to $25 million per company.

SharesPost, the broader entity behind SharesPost Investment Management, was a pioneer in the private securities market, facilitating transactions in private company shares. The company, including its investment management arm, eventually became part of Forge Global, a leading private securities marketplace. This transition marked the evolution of the platform and its investment vehicles within the broader ecosystem of private market liquidity solutions.