Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by clicking here. Please read the prospectus carefully before you invest.
Investments involve risk. Principal loss is possible. Diversification does not guarantee a profit or protection against loss.
Prepaid Forward Contract Risks. The Fund intends to enter into pre-paid forward contracts with individuals who hold securities in private companies. Counterparties to pre-paid forward contracts with the Fund may default on the performance of the contract, and in the event of such a default, the Fund’s sole recourse may be against the individual as a breach of contract, and the Fund will not have direct rights against the securities or the issuer of the securities underlying the pre-paid forward contract. The downside risks of the pre-paid forward contracts in which the Fund invests is typically not limited and the Fund may lose all of its investment in a particular contract.
Venture Capital and Early Stage Investment Risk. The Fund’s Venture capital and early-stage investing are inherently high risk activities, marked by the potential for significant losses. Venture capital backed startups are subject to a high rate of failure, meaning investors will lose all of their capital. The percentage of companies that survive and prosper can be small.
New Product Development and Technologies Risk. Certain of the Fund's investments will be in companies in the technology industries. The specific risks faced by such companies include rapidly changing science, technologies and consumer adoption; and products or technologies that may quickly become obsolete.
Competition Risk. The marketplace for investment exposure to private, venture-backed companies has become increasingly competitive. Involvement by financial intermediaries has increased, substantial amounts of funds have been dedicated to making investments in the private sector, and the competition for investment opportunities is at very high levels.
Liquidity Risk. The secondary market for shares of closed-end funds may experience limited liquidity, which may impact an investor's ability to buy or sell shares at favorable prices.
Market Discount Risk. The Fund’s shares may trade at a discount or premium to their Net Asset Value (NAV).
Forward-Looking Statements. This website contains forward-looking statements. These statements are based on current expectations, estimates, and projections about the fund, the industry, and the markets in which it operates. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict.
Distributed by Foreside Fund Services, LLC.
Definitions
Unicorn company: (i) a start-up private company that receives significant funding from venture capitalists and has a valuation of over $1 billion. Unicorn companies are characterized by innovative and scalable business models and may be viewed as disruptors, creating new markets or revolutionizing existing ones.
Liquid Venture Capital: An investment strategy that aims to provide exposure to the venture capital asset class through liquid and exchange-traded instruments.
2&20: A standard fee structure used by private equity and venture capital funds, where the manager charges a 2% management fee on total assets under management and a 20% performance fee (or carried interest) on profits generated above a certain hurdle rate.
Total Value to Paid-In (TVPI): A metric used in private equity and venture capital to measure the total value created by a fund relative to the amount of capital invested. It is calculated as the sum of distributed capital and the remaining value of the portfolio divided by the total capital paid in.
