SharesPost 100 Fund: Q1 Update and Outlook
While the exit environment for late-stage VC companies slowed last year and valuations appear to have dampened, 2019 still saw record volume for secondary market transactions. As we move into 2020, how can investors aim to take advantage of increased market volatility and the continued protracted lifecycle of these companies to potentially build a strong portfolio that can generate attractive returns?
Join Chief Investment Officer Christian Munafo and Chief Operating Officer Kevin Moss as they provide insights on the Fund’s investments and positioning as well as opportunities in the market. This brief webinar is designed to keep you apprised of the portfolio and our views and will include:
The SharesPost 100 Fund, a closed-end interval fund, targets late-stage private growth companies that we believe are backed by strong management teams and seasoned investors who bring capital, governance, and operational insight across fluctuating market cycles.
Christian Munafo, Chief Investment Officer, SP Investments Management
Christian has 19 years of experience in finance, with the last 14 years focused on secondary investments involving venture-backed and growth equity-oriented companies and funds. During this time, he has also served on the boards of many of these companies and funds. Before joining SharesPost, Christian was Co-Head of the Global Private Equity Secondary Practice at HQ Capital based in New York. Prior to that, he served as Head of Secondaries at Thomas Weisel Partners. In aggregate, Christian has helped raise more than $1 billion globally from institutional investors, corporations, pensions, endowments and family offices, and has completed or overseen the completion of more than 100 secondary transactions representing over $1 billion in capital commitments. Christian received his B.A. from Rutgers College.
Kevin Moss, Portfolio Manager and Chief Operating Officer, SP Investments Management
Prior to joining SharesPost, Kevin was a senior portfolio manager at First New York Securities where he managed a global macro book. With over 17 years of senior level experience in financial services, Kevin’s specific areas of expertise include the management of client relationships, investment research coverage, block and position trading, and operations management. Kevin began his career as an institutional equities sales trader working for Instinet and later Commerzbank. His client base included hedge funds, pension funds, and proprietary trading desks. Subsequently, Kevin held a series of distinguished posts at leading hedge funds and proprietary trading firms including serving as the head of international trading for Libra Advisors and Opus Trading Funds.
Kevin holds a B.A. in Finance from Tulane University and an MBA from Columbia Business School, magna cum laude. He holds FINRA series 4, 7, 24, 27, 55 and 66 licenses
READ THESE IMPORTANT LEGAL NOTICES AND DISCLOSURES
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the Fund, please download here. Read the prospectus carefully before investing.
All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and you may not be able to sell your shares when, or in the amount that, 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 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, value will be based on the parameters set forth by the Prospectus. As a consequence, the value of the securities, and therefore the Fund’s NAV, may vary.
Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your investments when you wish to do so.
There are significant potential risks 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 larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. If the Fund does not have at least 500 Members for an entire taxable year, you could receive an adverse tax treatment.
SP Investments Management, LLC (“SPIM”) is the Adviser to the SharesPost 100 Fund, and is a SEC registered Investment Adviser. SPIM is a wholly owned subsidiary of SharesPost, Inc., and an affiliate of SharesPost Financial Corporation. Certain potential conflicts of interest involving the Fund’s Investment Adviser and its affiliates could impact the Fund’s investment returns and limit the flexibility of the implementation of its investment policies. Prospective investors should review the conflicts of interest described in the section entitled “Conflicts of Interest” in the Prospectus prior to making an investment in the Fund. This is not a complete enumeration of the Fund’s risks.
The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so, and may also result in an increase in the Fund’s expense ratio. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund, its investment strategy and your investment in the Fund, and other additional details.
The SharesPost 100 Fund is distributed by FORESIDE FUND SERVICES, LLC.