Keep pulling the thread on Mike Cagney.
Power Law is the first venture-backed firm to list a closed-end fund.
Mike Cagney predicts that closed-end funds providing access to private markets will eventually be integrated into retirement accounts and 401(k) plans.
Power Law's strategy is to provide investment products that give the $25 trillion in U.S. retirement accounts access to private company investments.
Power Law intends to liquidate its positions in portfolio companies after they go public and their lockup periods expire, in order to reinvest the capital into new private companies.
Mike Cagney predicts a structural shift in venture capital will lead to an increase in closed-end fund structures to provide liquidity for private investments.
Mike Cagney believes SpaceX is a phenomenal company that will continue to grow for decades.
The Power Law closed-end fund holds investments in companies including OpenAI, Kelshi, Databricks, and Kraken.
The number of U.S. public companies has decreased by half over the last 25 years.
The premium to net asset value for closed-end funds like Power Law is caused by a supply-demand imbalance, with massive demand for a limited supply of shares in top private companies.
Power Law has executed almost 900 secondary market transactions.
Approximately 50% of the deals in the Power Law Fund are structured through Special Purpose Vehicles (SPVs).
Power Law's due diligence process for SPV investments requires that the SPVs are audited and that the investment is traced through to the company's capitalization table.