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GAM LSA Private Shares AU Fund

GAM LSA Private Shares AU Fund is a late-stage venture capital (VC) strategy, managed by established US private markets group, Liberty Street Advisors. The fund provides access to a diversified portfolio of leading privately-owned companies that are in the final non-public funding rounds. With a focus on late stage high-growth innovation companies, the fund aims to back already-successful companies with established market share, strong management boards and proven products. Investors aim to participate in the potential appreciation of these dynamic private companies whilst they are under private ownership.

Our Edge

Deep industry experience

The fund is managed by a seasoned team with multi-decade investing experience and deep relationships with those in key areas of deal flow - entrepreneurs, venture capital experts, private equity firms and professionals in technology industry networks.

Attractive structure

An Evergreen structure enables strong investor alignment with immediate deployment of funds across a diversified portfolio, thus avoiding negative ‘J-curve’ impacts. In a traditional PE fund, capital is invested into a more concentrated portfolio over a 3-4 year investment time period and typically requires allocations to new ‘vintages’.

Liquidity profile

The fund’s daily application and quarterly redemption program allows for up to 5% of the fund to be redeemed each quarter, giving it a more liquid profile than investing directly or through traditional VC funds.

Longstanding, proven process

The team utilises a proprietary, multi-factor ranking process that incorporates criteria such as revenue growth, market potential and investor quality, to establish a portfolio of some of the world’s most innovative and compelling private companies.

Investment Team

The fund is managed by Liberty Street Advisors, an established US manager with experience of running a similar strategy since 2014.
 
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 fund. 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.

“Pre-IPO companies are a really important and dynamic part of the market to which we believe as wide a range of investors as possible should have exposure.”

Kevin Moss
President & Portfolio Manager, Liberty Street Advisors, Inc
Christian Munafo
Chief Investment Officer, Liberty Street Advisors, Inc
Jonas Grankvist
Managing Director, Liberty Street Advisors, Inc.

Philosophy and Process

Investment Philosophy and Approach

The team believes that late-stage, private growth companies can present an attractive balance of risk and return for investors, compared to early-stage venture investments and public equities. The team seeks to exploit this opportunity using a rigorous investment process, focused on intensive due diligence of companies and stringent investments criteria. Their long-term track record in the industry enables them to make both primary and secondary investments into private companies and offer risk-adjusted returns for clients.

Investment Process

The team’s investment process focuses on the stringent due diligence of VC-backed companies, firstly monitoring an extensive universe of private technology and innovation companies across multiple sectors. Their use of proprietary databases and extensive network of relationships across the VC ecosystem enable them to identify high-performing companies, using direct and indirect origination channels to identify investment opportunities.  Their in-depth due diligence focuses on qualitative and quantitative data, confidential public and private information and meetings with management, key investors and domain experts. After unanimous Investment Committee (IC) approval, investments are made to build a diversified portfolio of companies that are actively monitored and expected to generate capital appreciation through exits such as IPOs, M&A activity, secondary sales and direct listings.

Reasons to Invest

Private Market Access

Investors can gain access to a portfolio of unique, privately-owned companies that were historically reserved for institutions and endowments. The fund is a direct access point to the private market for all types of investors.

Sharp increase in 'Unicorns'

Growth equity companies are benefiting from an innovation ‘super cycle’ with disruptive technology-driven growth across all sectors and industries. This growth has led to a proliferation of ‘unicorns’, with over 800 venture capital backed companies currently valued at over USD 1 billion. 

Expanding Market

Companies are staying private for longer, driven primarily by regulatory changes, ease of business model development in the private sphere and a surge of private capital. A significant portion of these companies’ value appreciation occurs prior to entry into the public markets, at mid or large-cap size. Many of the world’s most innovative private companies may never be available for public market investment.

Portfolio Diversifier

Strong long-term performance expectations, with historical downside resilience and low correlation to public equities, make the asset class attractive for portfolio diversification. From an asset allocation perspective, investors are increasingly turning to alternatives to fill the void that traditional assets once provided for return enhancement, risk minimisation or diversification.

Key Risks

Currency Risk - Non Base Currency Share Class
: Non-base currency share classes may or may not be hedged to the base currency of the Fund. Changes in exchange rates will have an impact on the value of shares in the Fund which are not denominated in the base currency. Where hedging structures are in place, they aim to reduce but may not fully eliminate currency risk.

Single Country Risk
: Investment in companies of a single country may be subject to greater political, social, economic and tax risks and may be more volatile than investments in more broadly diversified funds. Local tax law may change retrospectively and without notice.

Equity
: Investments in equities (directly or indirectly via derivatives) may be subject to fluctuations in value, and their values may be more volatile than those of other asset classes. Equities and equity-related securities (such as warrants and rights issues) can be affected by daily stock market movements.

Liquidity Risk
: Some investments can be difficult to sell quickly which may affect the value of the Fund and, in extreme market conditions, its ability to meet redemption requests.

Counterparty or Derivatives Risk
: If a counterparty to a financial derivative contract were to default, the value of the contract, the cost to replace it and any cash or securities held by the counterparty to facilitate it, may be lost. The use of derivatives may create leverage, which can magnify both gains and losses; even small market movements can therefore result in proportionally larger changes in the Fund’s value, including the risk of significant loss of capital.

Capital at Risk
: All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.

Concentration Risk
: Concentration in a limited number of securities and industry sectors may result in more volatility than investing in broadly diversified funds.

List Not Exhaustive
: This list of risk factors is not exhaustive. Please refer to the relevant Fund’s Product Disclosure Statement.

Portfolio Holdings

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Latest Events

Video

Watch

GAM Alternatives launch event - Christian Munafo
April 2025

Providing liquidity to early investors in private, late-stage growth companies—especially those powering AI infrastructure.

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.

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Fund Information

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Disclaimer: Past performance is not an indicator of future performance and current or future trends. The indications could be based on figures denominated in a currency that may be different from the currency of your residence country and therefore the return may increase or decrease as a result of currency fluctuations. Capital at risk: all financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. Any reference to a security is not a recommendation to buy or sell that security.

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