The B-REIT fund is an example of a non-traded closed-end fund.

The ETF XOVR holds a 15% stake in the private company SpaceX.

The USPE fund from TAP is planned to be a traded closed-end fund that will hold private assets.

Dave Nadig believes that a combination of poor transparency and lack of liquidity deters most rational investors from buying discounted closed-end funds like PSUS.

Ron Baron's fund, RONB, holds a significant portion of its assets in the private company SpaceX.

Dave Nadig criticizes the lack of transparency in how funds like USVC value their private holdings, such as their stake in SpaceX, and calls for the publication of valuation rules.

The closed-end fund structure is used by the AngelList USVC fund, launched by Naval Ravikant, to hold illiquid assets such as stakes in SpaceX.

The AngelList USVC fund is a non-traded vehicle, meaning investors can only exit through its limited quarterly liquidity windows or special fund distributions.

The investment appeal of the AngelList USVC fund is based on the belief that its managers have early access to high-quality deal flow from Silicon Valley.

The USPE fund from TAP charges a 2% management fee, but its total expenses can increase to 3-4% due to acquired fund fees.

The Pershing Square US (PSUS) fund charges a management fee of approximately 2%.

To attract capital for the PSUS fund, Bill Ackman offered investors a structure where they received a share of the Pershing Square management company in addition to shares in the fund.

The AngelList USVC fund is structured to offer investors a quarterly opportunity to redeem up to 5% of their shares, although this liquidity is not guaranteed.

The Pershing Square US (PSUS) fund primarily holds public equities and employs a strategy of high concentration and leverage.

The Pershing Square US (PSUS) fund, a traded closed-end fund launched by Bill Ackman, is trading at a 20% discount to its net asset value (NAV).

The management fee for the Pershing Square US (PSUS) fund is approximately 2%.

The USPE fund from TAP charges a 2% management fee, but its total expenses can reach 3% to 4% due to acquired fund fees from investing in other funds.

The USVC fund is structured as an interval fund that offers to redeem up to 5% of its assets quarterly, though this liquidity is not guaranteed.

The XOVR ETF holds a 15% allocation to the private company SpaceX, utilizing the maximum allowed illiquid investment bucket.

Dave Nadig believes the current push to 'democratize' private investing is primarily driven by institutional investors seeking to exit their positions by selling to retail investors at the end of a ma...