The Private Shares Fund (PIIVX)

Data through 2026-06-30 · latest filing N-CSRS filed 2026-09-08

Sponsored by Liberty Street/Private Shares. Interval Fund structure focused on private equity.

Interval FundPrivate Equity

Sponsor: Liberty Street/Private Shares
CIK: 0001557265
Liquidity: Quarterly repurchase offers at NAV
Inception: 03/25/2014

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Net assets

June 30, 2026

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history

NAV per share

Class I, June 30, 2026

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history

Total return, 12m

2025-07-01 to 2026-06-30

Source. Manager-published (archived snapshot), 2025-07-01 to 2026-06-30

Net flows, last quarter

qtr ended 2026-06-30 · our calculation

01What changed

What changed

Red and yellow flags from the fund's latest filings.

Red flag

Available to signed-in readers.

Event dated June 18, 2026 · filing filed September 8, 2026 · flagged September 9, 2026

Why it matters

Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding, and unmet demand usually rolls into the next offer, so repeated proration, the defining liquidity-stress pattern for an evergreen fund, is worth watching for.

Available to signed-in readers.

Yellow flag

Available to signed-in readers.

Event dated March 31, 2026 · filing filed May 27, 2026 · flagged August 26, 2026

Why it matters

A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized; the fund-level NAV effect depends on the position's size.

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02Returns

Returns

What has it actually returned?

Filed performance history

Complete direct filed history for the audited canonical class, newest window first. Repeated windows use the newest filing. Standardized table values preserve their filed annualization; no displayed value is re-estimated. Where the fund filed both shareholder-transaction and GAAP-FH bases, the transactional value is preferred and both remain visible. Figures remain separate from the calculated NAV-plus-distributions index and manager-source monthly returns.

03Distributions

Distributions

Is the distribution earned?

04Holdings

Holdings

What does it own?

05Liquidity

Liquidity

Can holders get out?

Stated cap: 5% of shares/quarter.

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06Leverage

Leverage

How much is borrowed?

Available to signed-in readers.

07Fees

Fees

What does it really cost?

Filed fee conditions

Available to signed-in readers.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I		Available to signed-in readers. * None. The standardized prospectus fee table contains no incentive/performance-fee line.		-	* Filed label: Ratio of gross expenses before reimbursement to average net assets; period 2025-12-31. Available to signed-in readers.	* Filed label: Ratio of net expenses to average net assets (d); period 2025-12-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. Available to signed-in readers.

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

08Sources

Where every figure comes from.

Its source, one click away.

Also in the filing: every headline figure, with its date

Net assets: source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history
NAV / share: source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history
Net flows, last qtr
Leverage in use: No borrowings on the balance sheet
Total return, 12m

Who can invest: No investor qualification is stated in the prospectus.

Recent filings

Filed	Form	Accession
Available to signed-in readers.