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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

05:54 min watch

Introduction to Late Stage Private Shares
November 2024

Christian Munafo of Liberty Street Advisors, provides an overview of the opportunities in private markets.

Introduction to Late Stage Private Shares
Video

Watch

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
President & Portfolio Manager, 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 Opinions
Private equity: from niche to necessity
31 July 2025 | Kevin Moss

Kevin Moss, President and Portfolio Manager at Liberty Street Advisors (LSA), Inc., sees private equity, and specifically late-stage venture capital, as a high-potential opportunity for investors seeking long-term growth, especially in a market where companies are staying private longer and scaling rapidly before reaching public markets.

Active Thinking
Active Thinking: PE investing amid tariff waves
07 May 2025 | Christian Munafo

Christian Munafo, Chief Investment Officer at Liberty Street Advisors, explores how private companies are responding to market volatility and why this might attract investor interest.

Investment Opinions
Opportunities in private markets
20 March 2025 | Kevin Moss

Steven Williams, Head of UK Distribution at GAM Investments, discusses opportunities in private markets with Kevin Moss, Managing Director at Liberty Street Advisors. They cover a broad range of topics including Kevin’s career, his most and least successful investments, avoiding ‘binary’ sectors and how he and the team source deals.

Our Thinking

Multi Asset Blog
Have markets become invincible?
12 August 2025 | Julian Howard

Despite everything thrown at them so far in 2025, equities have quickly recovered from setbacks. Beyond the US economic and corporate earnings picture, a new wave of forum-driven and gamified app investors may be fuelling this resilience. But how would these relative newbies react in any real market crisis?

Investment Opinions
Pricing fatigue: First the consumer, now signs of deterioration elsewhere?
11 August 2025 | Tom O'Hara

Europe’s consumer slowdown is deepening as pricing fatigue spreads across sectors once deemed resilient, says GAM Investments’ European Equities team.

Multi Asset Blog
The earnings burden
05 August 2025 | Julian Howard

The S&P 500 scraped through last week with mixed results. Although the broader market was down by -2.4%, driven in large part by more tariff melodrama and disappointing jobs figures (for which the Commissioner of the Bureau of Labor Statistics ironically lost her job), the Technology sector broadly delivered versus expectations during a crucial week of earnings announcements.

Alternatives
LSA Private Shares LUX

Alternatives
LSA Private Shares AU

Your local contacts

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