To provide non-U.S.-based clients with access to privately-owned, late-stage, high growth innovation companies

New York / February 14, 2022 – Liberty Street Advisors, Inc. (“Liberty Street”) announced today it has entered into a strategic partnership with GAM Investments to provide clients with access to high-quality late-stage privately-owned technology and innovation-driven companies for non-U.S. investors.

The team at Liberty Street currently manages just over $800 million of assets as of February 13, 2022, in a closed-end interval fund for U.S. Investors, The Private Shares Fund (PIIVX). They are deeply experienced in the United States private markets investing and have an extensive track record in late-stage, high-growth innovation companies. In partnership with GAM, Liberty Street plans to launch a capability that will leverage the vast knowledge of Liberty Street’s private markets investment team. This capability will allow non-U.S.-based investors to gain exposure to a market historically tricky for them to access.

Growth equity is a private equity asset class segment that sits between venture capital and traditional private equity. The growth equity asset class has expanded with disruptive technology-driven growth across multiple sectors and industries. This growth has led to a proliferation of potential unicorns, with more than 900 venture capital-backed companies currently valued at over USD 1 billion as of December 31, 2021, and many more on a similar trajectory. [1] By investing in these types of late-stage high-growth innovation companies, Liberty Street seeks to participate in their potential appreciation while under private ownership.

“We are seeing companies stay private for longer, driven primarily by regulatory changes, ease of business model development in the private sphere, and a larger pool of available private capital,” said Kevin Moss, Managing Director at Liberty Street.

“A significant portion of these companies’ value appreciation occurs before entry into the public markets, at mid or large capsize,” said Mr. Moss. “We believe that late-stage, private growth companies can present an attractive balance of risk and return for investors, compared to early-stage venture investments and public equities.”

“We are delighted to partner with Liberty Street to provide our clients with access to leading privately-owned companies,” said Peter Sanderson, Group Chief Executive Officer at GAM Investments, “The team at Liberty Street has deep, multi-decade investing experience, as well as established relationships within the venture eco-system, and is an ideal partner for us.”

“An increasing number of our clients are seeking to diversify their portfolios by including longer-term private asset investment strategies,” said Mr. Sanderson. “In our view, privately-owned companies in their later-stage non-public funding rounds could offer investors strong long-term performance potential and makes this asset class attractive for portfolio diversification.”

For further information, please contact:
Milin Iyer
Director, Sondhelm Partners
milin@sondhelmpartners.com
703-752-1510

Visit us: https://libertystreetfunds.com/.

About Liberty Street Advisors, Inc.

Liberty Street Advisors, Inc. (“Liberty Street”) is an SEC-registered investment advisor. Liberty Street provides access to valuable and timely investment strategies designed to help investors and financial advisors meet the challenges of today’s market environment. The firm is located in New York City and launched its first fund in 2007. As of December 31, 2021, Liberty Street manages seven mutual funds and an interval fund with collective assets under management of over $1.6 billion.

About GAM

GAM is a leading independent, pure-play asset manager. The company provides active investment solutions and products for institutions, financial intermediaries, and private investors. The core investment business is complemented by private labeling services, including management companies and other support services to third-party asset managers. GAM employed 652 FTEs in 14 countries with investment centers in London, Cambridge, Zurich, Hong Kong, New York, Milan, and Lugano as of June 30, 2021. An extensive global distribution network supports the investment managers. Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange with the symbol ‘GAM.’ The Group has AuM of CHF 103 billion (USD 110.4 billion) as of September 30, 2021.

Important legal information

The contents of this document are given for information purposes only and do not qualify as general or personal investment advice. This is also not an offer, solicitation, recommendation, or invitation to subscribe or invest into any fund, product, or service whatsoever, nor shall this constitute any promotion or marketing. Opinions and assessments contained in this document may change and reflect the point of view of Liberty Street and GAM in the current economic environment as of the date that this document was issued. No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for current or future development. All financial investments involve an element of risk. Therefore, the value of any investment and its income will vary, and the initial investment amount cannot be guaranteed. There is no guarantee any projections will be realized. Allocations and holdings are subject to change.

Disclosures

As of December 9, 2020, Liberty Street Advisors, Inc. became the adviser to the Fund. The Fund’s portfolio managers did not change. Effective April 30, 2021, the Fund changed its name from the “SharesPost 100 Fund” to “The Private Shares Fund.” Effective July 7, 2021, the Fund changed its investment strategy. In addition to directly investing in private companies, the Fund may also invest in private investments in public equity (“PIPEs”) where the issuer is a special purpose acquisition company (“SPAC”), and profit-sharing agreements. The Fund’s investment thesis has not changed.

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. For performance as of the most recent month-end, please call 1-800-834-8707. Please see the link for full standardized performance.

Read the prospectus carefully before investing. Before investing, investors should carefully consider the investment objectives, risks, charges, and expenses. For a prospectus with this and other information about The Private Shares Fund (the “Fund”), please download here, or call 1-800-834-8707.

The investment minimums are $2,500 for the Class A Share and Class L Share and $1,000,000 for the Institutional Share.
Investment in the Fund involves substantial risk. The Fund is appropriate only for investors who tolerate a high degree of risk and do not require a liquid investment. The Fund is not suitable for investors who cannot bear the risk of losing all or part of their investment. The Fund has no history of public trading, and investors should not expect to sell shares other than through the Fund’s repurchase policy regardless of how the Fund performs. The Fund does not intend to list its shares on any exchange and does not expect a secondary market to develop.

All investing involves risk, including the possible loss of principal. Shares in the Fund are highly illiquid and can be sold by shareholders only in the quarterly repurchase program of the Fund, which allows for up to 5% of the Fund’s outstanding shares at NAV to be redeemed each quarter. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when or in the amount you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. While the Fund and the Investment Adviser will use good faith efforts to determine the fair value of the Fund’s securities, the value will be based on the parameters set forth by the prospectus. Consequently, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary. Significant potential risks are associated with investing in venture capital and private equity-backed companies with complex capital structures.

The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a more extensive, more varied portfolio. There is a greater focus on technology securities that could adversely affect the Fund’s performance. The Fund is a non-diversified investment company. The Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do and may also increase the Fund’s expense ratio. Portfolio holdings of private companies that become publicly traded likely will be subject to more volatile market fluctuations than when private, and the Fund may not be able to sell shares at favorable prices. Such companies frequently impose lock-ups that would prohibit the Fund from selling shares for a period of time after an initial public offering (IPO). Market prices of public securities held by the Fund may decline substantially before the Investment Adviser can sell the securities.

The Fund may invest in private securities utilizing special purpose vehicles (“SPV” s), private investments in public equity (“PIPE”) transactions where the issuer is a special purpose acquisition company (“SPAC”), and profit-sharing agreements. The Fund will bear its pro-rata portion of expenses on investments in SPVs or similar investment structures and will have no direct claim against underlying portfolio companies. PIPE transactions involve price risk, market risk, expense risk, and the Fund may not be able to sell the securities due to lock-ups or restrictions. Profit-sharing agreements may expose the Fund to certain risks. The agreements could reduce the gain the Fund otherwise would have achieved on its investment, may be difficult to value, and may result in contractual disputes. Specific conflicts of interest involving the Fund and its affiliates could impact the Fund’s investment returns and limit the flexibility of its investment policies. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.

The Fund may not be suitable for all investors. Investors are encouraged to consult with appropriate financial professionals before considering an investment in the Fund.

The Private Shares Fund is distributed by FORESIDE FUND SERVICES, LLC.

[1] Source: CB Insights