Cathie Wood’s ARK creates venture capital fund open to individual investors
Cathie Wood’s Ark Investment Management is giving ordinary investors access to a venture capital fund while working on ways to make the new offering accessible to financial advisers.
The new fund, announced Tuesday, will aim to invest about 70% of its portfolio in private companies and 30% in public companies, Max Friedrich, a research analyst at the firm who is a member of the ARK venture fund’s investment committee, told MarketWatch by phone. Summerlin said that through those experiences ARK has had “many opportunities in the past to invest in great private companies that have now been successful and gone public, but we didn’t have a fund through which we could actually make those investments.”
While institutional and wealthy investors have long had access to venture capital funds, top-tier VC managers tend to be “very exclusive” and may charge more in carried interest, according to Friedrich. It’s even hard for many institutional investors to have access to them, he said. ARK’s venture fund, which is structured as an interval fund – or an “open-ended evergreen fund” — allows investors to redeem capital on a quarterly basis, according to Summerlin.
“So, if some investors say they want to get their money back,” said Summerlin, “you’ll likely get somewhere between 5% and 100% in a given quarter.”
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