Liberty Street Advisors, Inc. Announces Personnel Changes for The Private Shares Fund

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NEW YORK--(BUSINESS WIRE)--Oct 10, 2025--

Liberty Street Advisors, Inc. (“LSA”), investment manager to The Private Shares Fund (“TPSF” or the “Fund “) announced that effective October 10, 2025, Christian Munafo, LSA’s chief investment officer and Fund portfolio manager (“PM”) has resigned to pursue a new opportunity. Timothy Reick, LSA’s co-founder and chief executive officer since 2007, as well as trustee of TPSF since 2023, will replace Mr. Munafo as LSA’s chief investment officer. Mr. Reick commented, “We thank Christian for his past contribution and wish him success in his new endeavor.”

In addition to his work with TPSF, Mr. Reick provides supervision and strategic oversight to a diverse, non-traditional group of sub-advised 1940 Act-registered mutual funds managed by LSA. Mr. Reick has over 25 years of senior level experience in financial services and investment management. His role also entails significant interaction with many of the Fund’s constituencies, including platform sponsors and registered investment advisers. Mr. Reick added, “I am very excited to take on this role especially at this time, with interest rates falling, our expectation of an IPO market reopening and a number of Fund holdings that appear to be positioning their companies for initial public offerings.”

Portfolio management responsibilities will continue to be performed by veteran Fund PMs Kevin Moss and Jonas Grankvist, with the addition of a newly appointed portfolio manager, Jennifer Pruitt. Mr. Moss, Managing Director at LSA, has over 33 years of senior level experience in financial services and investment management. He is the President of the Fund and has been with the Fund since its inception in 2014. He will continue to work collaboratively with Mr. Grankvist, Managing Director at LSA, who has over 16 years of senior level experience in financial services and investment management. Mr. Grankvist has also been with the Fund since inception and has served as a Fund portfolio manager since 2018.

Ms. Pruitt, Vice President at LSA, is a Certified Financial Analyst (CFA) and has worked as a research analyst for the Fund for over 6 years. Overall, Ms. Pruitt has 10 years’ experience in financial services and investment management, including working as a financial analyst at a leading global investment bank. Mr. Moss stated, “Jennifer’s experience and understanding of our investment process and her detailed knowledge of many of our key portfolio companies should serve the Fund well and help to maintain the culture and continuity of our team.”

About Liberty Street Advisors, Inc.
Liberty Street Advisors, Inc. (“Liberty Street”) is an SEC registered investment advisor. The firm is located in New York City and launched its first fund in 2007. Liberty Street provides access to valuable and timely investment strategies designed to help investors and financial advisors meet the challenges of today’s market environment. As of September 30, 2025, Liberty Street manages four open-end mutual funds and a closed-end interval fund with collective assets under management of approximately $1.5 billion. For further information, visit https://libertystreetfunds.com/

About The Private Shares Fund
The Private Shares Fund is a 1940 Act registered, closed-end interval fund that invests in a portfolio of private, late stage, growth companies. Traditionally, such access to private companies has only been available to institutional and high net worth investors through high-minimum, complex and paperwork laden private placement vehicles. By contrast, The Private Shares Fund provides access to such companies without accreditation at low investment minimums, with a daily NAV, a quarterly repurchase program, no performance fees and simple 1099 tax reporting.*

To learn more about the Fund’s current holdings, total return performance, investment process, our team, and more, please visit the Fund’s website at www.privatesharesfund.com

*The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share, which is waived for fee-based asset management programs. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. Though there is no performance fee, other fees and expenses apply to the Fund.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about The Private Shares Fund (the "Fund"), please visit the Fund’s website at www.privatesharesfund.com, or call 1-855-551-5510. Read the prospectus carefully before investing.

The Private Shares Fund is a closed-end interval fund. Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. All investing involves risk including the possible loss of principal.

Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund which allows for up to 5% of the Fund’s outstanding shares at NAV to be redeemed each quarter. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies approved by the Board of Trustees, as set forth in the prospectus. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary.

There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so and may also result in an increase in the Fund’s expense ratio. Portfolio holdings of private companies that become publicly traded likely will be subject to more volatile market fluctuations than when private, and the Fund may not be able to sell shares at favorable prices. Such companies frequently impose lock-ups that would prohibit the Fund from selling shares for a period of time after an initial public offering (IPO). Market prices of public securities held by the Fund may decline substantially before the Investment Adviser is able to sell the securities.

The Fund may invest in private securities utilizing special purpose vehicles (“SPV”s), private investments in public equity (“PIPE”) transactions where the issuer is a special purpose acquisition company (“SPAC”), and profit sharing agreements. The Fund will bear its pro rata portion of expenses on investments in SPVs or similar investment structures and will have no direct claim against underlying portfolio companies. PIPE transactions involve price risk, market risk, expense risk, and the Fund may not be able to sell the securities due to lock-ups or restrictions. Profit sharing agreements may expose the Fund to certain risks, including that the agreements could reduce the gain the Fund otherwise would have achieved on its investment, may be difficult to value and may result in contractual disputes. Certain conflicts of interest involving the Fund and its affiliates could impact the Fund’s investment returns and limit the flexibility of its investment policies. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.

The Fund is distributed by FORESIDE FUND SERVICES, LLC.

FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that subject to risks, uncertainties and other factors that may cause actual results to differ materially. Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary" or other similar words are forward-looking statements.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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CONTACT: Jen Corletta

Water & Wall

[email protected]

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE

SOURCE: Liberty Street Advisors, Inc.

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PUB: 10/10/2025 04:35 PM/DISC: 10/10/2025 04:34 PM

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