Keep pulling the thread on Dave Nadig.
Major investment firms including Blackstone, Apollo, KKR, Ares, and Blue Owl are building retail distribution channels for their products.
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 Pershing Square US (PSUS) fund primarily holds public equities and employs a strategy of high concentration and leverage.
Boaz Weinstein's ETF, CEFS, employs an activist strategy of buying closed-end funds at a discount to NAV and then pressuring management to close the valuation gap.
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 Pershing Square US (PSUS) fund charges a management fee of approximately 2%.
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 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 AngelList USVC fund is a non-traded vehicle, meaning investors can only exit through its limited quarterly liquidity windows or special fund distributions.
The USPE fund from TAP is planned to be a traded closed-end fund that will hold private assets.
The ETF XOVR holds a 15% stake in the private company SpaceX.
Ron Baron's fund, RONB, holds a significant portion of its assets in the private company SpaceX.