Top 10 Position EquipmentShare IPOs and Top 10 Position Motive Files for IPO

NEW YORK--(BUSINESS WIRE)--Feb. 2, 2026-- Liberty Street Advisors, Inc. (“LSA”), investment adviser to The Private Shares Fund (the “Fund,” PRIVX, PIIVX, PRLVX), today announced thatSpaceX (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.

SpaceX, reportedly worth approximately $800 billion following a year-end tender offer, continues to drive significant value to the Fund through its expansive Starlink internet constellation, its Falcon 9 launch services, and the transformative potential of Starship.

Reports suggest a landmark IPO in late 2026 could potentially value the company at $1.5 trillion, which would make it one of the largest IPOs in history. Additionally, the company is reported to be in talks regarding a merger between SpaceX and artificial intelligence company, xAI, prior to any potential IPO.

“The Private Shares Fund has maintained a strategic investment in SpaceXfor many years, providing our investors with valuable exposure to one of the more innovative, impactful, and forward-thinking companies in the space industry —a true force driving the future of space exploration, global connectivity, and technological progress, “ said Kevin Moss, Managing Director of LSA and Portfolio Manager of the Fund. “Our commitment to holding these shares through the private markets, across varying conditions and funding rounds, reflects our deep confidence in SpaceX’s long-term potential. The impressive growth trajectory of SpaceX demonstrates a core advantage of the closed-end interval fund structure: it enables investors to gain exposure to private, transformative companies during their growth phase.”

Since its inception in March 2014, the Fund has been among the first closed-end interval funds to provide access to private growth equity, which has historically been reserved for institutional investors.

The Fund is also seeing increased IPO activity from other core holdings, such as two of its top 10 positions as of 12/31/25:

• Motive Technologies: An innovator in AI-powered fleet management, confidentially filed for an IPO in September 2025, and publicly on January 5, 2026. The company, which is a top five holding in PIIVX at a 3.79% weighting as of 12/31/25, has reportedly tapped JPMorgan to lead the offering following a strong year of growth and a $150 million pre-IPO funding round.
• EquipmentShare: In December 2025, the construction technology and rental giant filed its Form S-1 with the SEC to list on Nasdaq under the ticker "EQPT". EquipmentShare held a 2.82% weighting in the Fund as of 12/31/25. EQPT made its public debut on January 23, 2026.

Databricks, another top-ten holding and a key player in data and AI, recently completed a Series L financing round, valuing the company at $134 billion.

“We are entering a new phase," states Moss “With companies like Motive and EquipmentShare reaching the scale necessary for public listings, we believe our investors are positioned for potential benefits from the late-stage venture cycle, regardless of whether the IPO window is wide open or temporarily restricted."

The Private Shares Fund Top 10 Holdings As of 12/31/2025

SpaceX, GrubMarket, Nanotronics, Tradeshift, Dataminr, Motive Technologies, Databricks, xAI, EquipmentShare, Upgrade

The top 10 holdings represent 47.60% of Fund holdings as of December 31, 2025. Holdings are subject to change. Not a recommendation to buy, sell, or hold any particular security.

The Fund’s website updates top holdings and total holdings frequently. Please visit the Fund’s website for the most current information here: top holdings; total holdings.

About Liberty Street Advisors, Inc.
Liberty Street Advisors, Inc. (“Liberty Street”) is an SEC registered investment advisor. The firm is located in New York City and launched its first fund in 2007. 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. As of December 31, 2025, Liberty Street manages four open-end mutual funds, the Private Shares Fund, and a non-U.S. fund with total assets under management of approximately $1.8 billion. For further information, visit https://libertystreetfunds.com/

About The Private Shares Fund
The Private Shares Fund is a 1940 Act registered, closed-end interval fund that invests in a portfolio of private, late stage, growth companies. Traditionally, such access to private companies has only been available to institutional and high net worth investors through high-minimum, complex and paperwork laden private placement vehicles. The Private Shares Fund provides access to such companies without accreditation at low investment minimums, with a daily NAV, a quarterly repurchase program, no performance fees and simple 1099 tax reporting.*

To learn more about the Fund’s current holdings, total return performance, investment process, our team, and more, please visit the Fund’s website at www.privatesharesfund.com

*The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share, which is waived for fee-based asset management programs. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. 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 that, you desire. Though there is no performance fee, other fees and expenses apply to the Fund.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about The Private Shares Fund (the "Fund"), please visit the Fund’s website at www.privatesharesfund.com , or call 1-855-551-5510. Read the prospectus carefully before investing.

Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. 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 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 Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies approved by the Board of Trustees, as set forth in the prospectus. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary.

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. 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. 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 is able to 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, including that 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. Certain 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 is distributed by FORESIDE FUND SERVICES, LLC.

FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that subject to risks, uncertainties and other factors that may cause actual results to differ materially. Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary" or other similar words are forward-looking statements.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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Jen Corletta
Water & Wall
jen@waterandwall.com

Source: Liberty Street Advisors, Inc.