FAQs

Will SP Investments Management (“SPIM”), the advisor to the SharesPost 100 Fund be part of the announced merger with Forge Global?

No, SPIM, the adviser to the SharesPost 100 Fund will not be part of the Forge merger.

How will the Fund be managed if the proposal to approve a new investment advisory agreement between the Fund and Liberty Street Advisors, Inc. is approved by shareholders?

The entire SharesPost 100 Fund’s investment team from SPIM, the Fund's investment strategy, governance structure, board of trustees and service providers will remain unchanged if the proposal to approve a new investment advisory agreement between the Fund and Liberty Street Advisors, Inc. ("LSA") is approved by shareholders. Certain key personnel of SPIM as well as the other members of the SPIM investment management group, who provide portfolio management services to the Fund, are expected to become employees of LSA upon the effective date of the new advisory agreement and to continue to provide the same portfolio management services to the Fund with the support of LSA’s resources. Founded in 2007, LSA is an SEC registered investment adviser that currently manages 4 mutual funds with AUM over $1 billion.

Who will market the SharesPost 100 Fund going forward?

The SharesPost 100 Fund will be marketed by LSA’s affiliate broker dealer, HRC Fund Associates (“HRC”). Founded in 2007, HRC is an SEC and FINRA registered broker-dealer that brings longstanding relationships with numerous financial advisors at major wire-houses, RIAs, and independent broker-dealer distribution channels.

When is the Fund shareholder meeting to consider the proposal?

The Board of Trustees of the Fund (the “Board”) has called for a special meeting of shareholders (the “Special Meeting”) to obtain shareholder approval for a new advisory agreement appointing LSA as the investment advisor to the Fund. The Special Meeting will be held virtually on Tuesday, December 1, 2020.

What is a closed-end interval fund?

The SharesPost 100 Fund is a closed-end interval fund. An interval fund is legally classified as a closed-end fund, but it is unique in that it shares several key features with mutual (open-end) funds. Thus, interval funds are often referred to as a hybrid between closed-end and mutual (open-end) funds. Detailed information on closed-end interval funds can be found on the SEC’s website.

The SharesPost 100 Fund, as an interval fund, differs from traditional closed-end funds in two important ways:

  • The SharesPost 100 Fund shares are continuously offered by the Fund for purchase by investors at net asset value (NAV) rather than traded on an exchange (in the secondary market).
  • The SharesPost 100 Fund redeems its shares through quarterly repurchase offers of 5% of the Fund’s outstanding net assets at NAV.

How do I make an investment in the SharesPost 100 Fund?

Investors can invest in the Fund at any time through participating brokers, including SharesPost. Contact us at +1.855.551.5510 to inquire about Fund accessibility via a specific broker.

Investors can learn how to invest directly in the Fund by reviewing the Fund prospectus.

How do I sell my shares in the SharesPost 100 Fund?

The Fund offers quarterly repurchase offers that enable investors to sell shares. Each quarterly repurchase offer will be for no less than 5% of the total shares outstanding at NAV. The Fund maintains liquid securities, cash or access to a bank line of credit in amounts sufficient to meet quarterly redemption requirements. Shareholders are notified of repurchase offers approximately 30 days before the repurchase request deadline. More details can be found in the Fund prospectus.

How is the net asset value (NAV) of the SharesPost 100 Fund determined?

The NAV of the Fund's shares is determined daily, after the close of regular trading. During the continuous offering, the price of the shares will increase or decrease on a daily basis according to the NAV of the shares. In computing NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available.

Because market quotations are not typically readily available for the majority of the Fund’s securities, they are valued at fair value as determined by the Board of Trustees. The Investment Adviser, subject to the oversight of the Board of Trustees, shall develop the Fund’s valuation methodologies and make valuation determinations. Valuation determinations are reviewed periodically by the Board of Trustees, including in connection with any quarterly repurchase offer. More details can be found in the Fund prospectus.

Who manages the SharesPost 100 Fund?

The Board of Trustees of the Fund has overall responsibility for monitoring the Fund's investment program and its management and operations. View the Board of Trustees.

The investment advisor for the Fund is SP Investments Management, LLC. Learn more about SP Investments Management, LLC.

What is the SharesPost 100 Fund’s advisory fee?

The Fund’s annual advisory fee is 1.90%. Based on an expense limitation agreement between the Fund and the investment advisor, the total annual cost including certain Fund expenses is limited to 2.50% annually. The investment advisor will waive advisory fees accordingly. For details, see prospectus.

Can I exchange my private stock in a SharesPost 100 company for shares in the SharesPost 100 Fund?

Yes, shareholders of SharesPost 100 companies may potentially be able to exchange their stock for shares in the SharesPost 100 Fund. Exchanges will depend on the investment advisor’s interest in the stock, and an agreed-upon exchange rate. To inquire about a potential exchange, private company shareholders should contact the investment advisor at info@sp100fund.com.

What happens when a portfolio company goes public?

When a portfolio company goes public, the shares held by the Fund will typically be subject to a lock-up period that prevents sale of shares for a certain period of time. Once that lock-up has expired, it is the advisor’s expectation that the Fund will divest of its holdings in a reasonable timeframe.

How are SharesPost 100 Fund dividends and capital gains handled?

Any dividends or capital gains generated by the Fund’s portfolio companies will be automatically reinvested in the Fund unless an investor specifically elects to receive cash distributions. New investors can elect for cash distributions of dividend and capital gain proceeds in the Fund’s Subscription Agreement. Current investors who wish to change their election can do so by contacting the Fund Administrator at +1.855.551.5510.

Is the SharesPost 100 Fund expected to invest in all SharesPost 100 companies?

The SharesPost 100 List should not be viewed as an index, but a selection of companies in which the Fund will seek to make investments. There may be reasons why a particular SharesPost 100 List company is not included in the Fund’s portfolio, including without limitation: limited availability of shares for purchase, or the investment advisor’s analysis of the appropriateness of particular securities.

While the investment advisor may use the SharesPost 100 List as a guideline for investing, the Fund may invest in the securities of issuers other than those included in the SharesPost 100 List. However, it is expected that at least 85% of the Fund’s equity investments will be among the companies included in the SharesPost 100 List, and the Fund has adopted a non-fundamental policy to invest, under normal market conditions, at least 80% of the value of its assets in companies in the SharesPost 100 List (measured at the time of investment).

What is the minimum investment amount?

The Fund’s minimum investment amount is $2,500.

Can I invest with my IRA?

Yes, as long as the broker where you hold your account has a selling agreement in place with the Fund.

What is the tax treatment?

The Fund is classified as an association taxable as a corporation for U.S. federal tax purposes. The Fund also (i) will elect to be treated as, and (ii) intends to operate in a manner to qualify as, a “regulated investment company” (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Fund generally will pay no U.S. federal income tax on the earnings or capital gains it timely distributes to Shareholders. This avoids a “double tax” on distributed earnings normally incurred by taxable investors in regular “C corporations.” Shareholders normally will be taxed on their Fund distributions (unless their Shares are held in a retirement account that permits tax deferral or the holder is otherwise exempt from U.S. federal income tax). Tax-exempt U.S. investors generally will not incur unrelated business taxable income with respect to an investment in Shares if they do not borrow to make the investment. The Fund’s tax reporting to Shareholders are made on IRS Forms 1099.

Please note that the information provided herein is for educational and informational purposes only, and should not be construed as any investment, financial, legal, or tax advice.

Important Disclosure

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the SharesPost 100 Fund (the "Fund"), please download here. 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. 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 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 SP Investments Management, LLC (the "Investment Adviser" or “SPIM”) 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. 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.

SPIM is the investment adviser to the Fund and is a SEC registered investment adviser. SPIM is a wholly owned subsidiary of SP Holdings Group, Inc. 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.

The Fund is distributed by FORESIDE FUND SERVICES, LLC

*The Fund is subject to a Fundamental Concentration Policy pursuant to which no more than 25% of the value of its assets may be invested in companies in a particular industry or group of industries. Further, holdings in companies that represent more than 5% of value of Fund’s total assets may not exceed more than 50% of the value of Fund’s assets. The Fund is a “non-diversified” investment company, and as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are “diversified.”

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