Late-Stage Private Markets Show Signs of Reacceleration as Private Shares Fund Reports Strong 1Q Sales and IPO Pipeline, with SpaceX as Largest Position
The Private Shares Fund (PRIVX/PIIVX), managed by Liberty Street Advisors, Inc. (Liberty Street), reported strong first quarter performance alongside an expanding pipeline of portfolio companies progressing toward potential IPO, tender, or acquisition events. The Fund’s largest holding, SpaceX, has been the subject of recent IPO-related developments, while several other key holdings, including Cerebras and Kraken, have advanced S-1 activity. These developments reflect increasing activity across late-stage private markets. All information is as of March 31, 2026, unless otherwise indicated.
The Private Shares Fund (PIIVX) Top 10 Holdings SpaceX and xAI Merge to Advance Space-Based Data Centers
Liberty Street Advisors, Inc. (“LSA”), investment adviser to The Private Shares Fund (the “Fund,” PRIVX, PIIVX, PRLVX), announces a shift in its portfolio following the landmark acquisition of xAI by SpaceX on February 2, 2026. This merger unites two ambitious technology frontiers, creating a combined entity that now represents 18.51% of the Fund’s total holdings as of February 10, 2026.
The Private Shares Fund (PIIVX) Anchored by SpaceX as Largest Holding Amid Growing Pre-IPO Activity
Liberty Street Advisors, Inc. (“LSA”), investment adviser to The Private Shares Fund (the “Fund,” PRIVX, PIIVX, PRLVX), today announced that SpaceX (Space Exploration Technologies Corp.) remains the Fund’s largest holding as of 12/31/2025, representing approximately 13.64% of the Fund’s total portfolio, and positioning PIIVX among other diversified registered investment companies that provide pre-IPO exposure to SpaceX.
Liberty Street Advisors, Inc. Announces Personnel Changes for The Private Shares Fund
Liberty Street Advisors, Inc. (“LSA”), investment manager to The Private Shares Fund (“TPSF” or the “Fund “) announced that effective October 10, 2025, Christian Munafo, LSA’s chief investment officer and Fund portfolio manager (“PM”) has resigned to pursue a new opportunity. Timothy Reick, LSA’s co-founder and chief executive officer since 2007, as well as trustee of TPSF since 2023, will replace Mr. Munafo as LSA’s chief investment officer. Mr. Reick commented, “We thank Christian for his past contribution and wish him success in his new endeavor.”
Robert Boulware, Chairman of The Private Shares Fund, Appointed Lecturer at University of California, Santa Barbara to Develop and Teach New Course on Venture Capital and Private Equity
Robert Boulware, Chairman of the Board of Trustees of The Private Shares Fund, has been appointed as a Lecturer at the University of California, Santa Barbara (UCSB), where he has developed the syllabus and course content for TMP191VC: Venture Capital and Private Equity. This undergraduate course, launching in the Winter Quarter 2025, will be the first at UCSB to focus on the role of private capital in driving innovation and economic growth, and is offered by the Department of Technology Management.
