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Why Private Markets?

Accessing unique late-stage Venture Capital opportunities in the burgeoning private innovation economy with untraditional liquidity and low-to-negative correlation to public equities.

The information on this page is for professional investors only and should not be considered as investment advice.

While some of today’s largest technology companies like Amazon, Microsoft and Nvidia continue making advances, some of the most significant innovation and disruption is often produced by companies in the private market. After all, what we see in the publicly listed space is really the tip of the iceberg.

GAM has teamed up with the established US private markets group - Liberty Street Advisors to offer non-US investors access to the private innovation economy.

Why Private Markets?

The public market is shrinking as companies stay private for longer. The private market is now predominant. (Please refer to the charts below)

Private markets poised for continued growth - 86% of institutional investors invest in alternatives, allocating on average 23% of their portfolios (with private equity the largest subclass, followed closely by real estate).*

Number of domestic companies listed on U.S. Exchanges:

LSA Chart 1 
Source: World Bank as of 31 Dec 2022
*Source: Liberty Street Advisors, Fidelity as of September 6, 2023.

Key benefits of investing in private markets:

Significant growth in private companies:


Source: Pitchbook as of 6 Jan 2025.

Opportunities in Private Markets

Video

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Opportunities in Private Markets: An interview with Kevin Moss - February 2025
February 2025

GAM Investments Steven Williams discusses opportunities in private markets with Kevin Moss of Liberty Street Advisors.

Opportunities in Private Markets: An interview with Kevin Moss - February 2025

Why Late-Stage Venture Capital?

Late-stage Venture Capital sits between early-stage Venture Capital (VC) and traditional Private Equity (PE) buyouts and focuses on backing already successful companies with proven products, strong operating models, established market share, strong management teams and a near-term exit path. 

Investors in this asset class aim to participate in the potential capital appreciation of these dynamic innovation companies whilst under private ownership which can yield outperformance. Historically, roughly two-thirds of VC-backed companies exit through Mergers & Acquisitions (M&A) versus public listings, meaning that public investors often miss out on a large segment of the addressable opportunity set.   
 

LSA 
Source: Liberty Street Advisors, Pitchbook, Y-Charts, Nasdaq, SEC Edgar. Total 773 U.S. Venture-Capital-Back Private Companies that executed an IPO from 1 Jan 2010 through 31 Dec 2024. Last private financing prices adjusted for subsequent stock splits to allow for appropriate comparisons. Only includes formerly VC-backed, U.S. companies listing on the NYSE or NASDAQ. Analysis tracks the change in price for an individual share at last private financing, and therefore does not factor in potential tax implications or management and performance fees that may be associated with investments in private markets. Past Performance is no guarantee of future results.

Why semi-liquid private equity (PE)?

Experienced Investment Team

Highly experienced team with rigorous investment process and focused criteria

Deep relationships throughout the Venture Capital /growth ecosystem drive significant deal flow and information access

Invest through both secondary transactions and participation in new financing rounds

Kevin Moss, Managing Director, Christian Munafo, Chief Investment Officer and Jonas Grankvist, Director are responsible for investment management, risk oversight and operational control of the strategy. All portfolio investment decisions require their unanimous approval.
 
The investment management team works closely with a group of analysts. Transparency is encouraged at all levels, and the team is bound together by a highly collaborative, tight-knit culture, with interaction and knowledge sharing across team members.

We focus on what is called later stage venture capital and growth oriented investing... beyond start-up phase of development and the associated technology risk. These companies have often validated the value proposition for their product or service, they have an established market presence.

Christian Munafo, CIO, Liberty Street Advisors, Inc
Kevin Moss
Managing Director und Portfoliomanager, Liberty Street Advisors, Inc.
Christian Munafo
Chief Investment Officer, Liberty Street Advisors, Inc.
Jonas Grankvist
Managing Director, Liberty Street Advisors, Inc.

Access to leading private companies

GAM LSA Private Shares current holdings include the world's most innovative private companies.

Learn more about each company

Investment-Meinungen
Private Equity: Von der Nische zur Notwendigkeit
31. Juli 2025 | Kevin Moss

Kevin Moss, Managing Director und Portfoliomanager bei Liberty Street Advisors (LSA), Inc., sieht Private Equity und insbesondere Late-Stage-Venture-Capital als vielversprechende Chance für Investoren, die langfristiges Wachstum anstreben – insbesondere in einem Markt, in dem Unternehmen länger privat bleiben und schnell wachsen, bevor sie an die Börse gehen.

Active Thinking
Active Thinking: PE-Investitionen in Zeiten von Zollkonflikten
07. Mai 2025 | Christian Munafo

Christian Munafo, Chief Investment Officer bei Liberty Street Advisors, untersucht, wie private Unternehmen auf die Marktvolatilität reagieren und warum dies für Investoren interessant sein könnte.

Investment-Meinungen
Chancenreiche Private Markets
20. März 2025 | Kevin Moss

Steven Williams, Head of UK Distribution bei GAM Investments, diskutiert mit Kevin Moss, Managing Director bei Liberty Street Advisors, über Chancen auf den Privatmärkten. Sie decken ein breites Themenspektrum ab, darunter Kevins Karriere, seine erfolgreichsten und weniger erfolgreichen Investitionen, die Vermeidung „binärer“ Sektoren und die Art und Weise, wie er und sein Team Zugang zu Deals erhalten.

Our Thinking

Investment-Meinungen
Private Equity: Von der Nische zur Notwendigkeit
31. Juli 2025 | Kevin Moss

Kevin Moss, Managing Director und Portfoliomanager bei Liberty Street Advisors (LSA), Inc., sieht Private Equity und insbesondere Late-Stage-Venture-Capital als vielversprechende Chance für Investoren, die langfristiges Wachstum anstreben – insbesondere in einem Markt, in dem Unternehmen länger privat bleiben und schnell wachsen, bevor sie an die Börse gehen.

Investment-Meinungen
Dollar-Abwertungen – wie geht es weiter für GBP-Investoren?
29. Juli 2025 | Julian Howard

Die globalen Aktienrenditen für GBP-Investoren liegen hinter denen ihrer internationalen Pendants zurück. Schuld daran ist eine seltene Phase der USD-Schwäche und nicht die Stärke des GBP. Wie lange wird diese Phase anhalten, und wie sollten GBP-Investoren ihre Portfolios strukturieren?

Active Thinking
Active Thinking - Trumps Politik: Des einen Leid, des anderen Freud
11. Juli 2025 | Tom Mansley

Der Versuch der Trump-Regierung, die globale Handelsordnung zu erschüttern, löste eine extreme Volatilität an den globalen Märkten aus. Während komprimierte Kreditspreads nur begrenztes Potenzial für attraktive Renditen zu bieten scheinen, erläutert Tom Mansley seine Ansicht, dass ein „Sweet Spot“ bei reifen hypothekenbesicherten Vermögenswerten in den USA eine überzeugende Anlagechance für Anleger darstellt.

Alternatives
LSA Private Shares LUX

Alternatives
LSA Private Shares AU

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