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GAM LSA Private Shares (Lux)

GAM LSA Private Shares (Lux) 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.

Access to leading private companies

GAM LSA Private Shares is invested in the following companies. To learn more about each holding please click the company logos below.

Holdings

Arctic Wolf
Arctic Wolf

Cybersecurity

Arctic Wolf
Axiom

Aerospace

Arctic Wolf
Beta Technologies

Aerospace

Arctic Wolf
Betterment

Fintech

Arctic Wolf
Cerebras

Artifical Intelligence

Arctic Wolf
Contrast

Security

Arctic Wolf
Cubefabs

Artificial Intelligence

Arctic Wolf
Databricks

Artificial Intelligence

Arctic Wolf
Dataminr

Big Data

Arctic Wolf
Devoted Health

Healthcare

Arctic Wolf
Discord

Communication

Arctic Wolf
EPIC Games

Interactive Entertainment

Arctic Wolf
EquipmentShare

Construction Technology

Arctic Wolf
Farmers Business Network

AgTech

Arctic Wolf
Flexport

Supply Chain

Arctic Wolf
GrubMarket

FoodTech

Arctic Wolf
Impossible Foods

FoodTech

Arctic Wolf
Kraken

Cryptocurrency

Arctic Wolf
Lookout

Cybersecurity

Arctic Wolf
Motive

Transportation

Arctic Wolf
Nanotronics Imaging

Advanced Manufacturing

Arctic Wolf
Relativity Space

Aerospace

Arctic Wolf
Snyk

Cybersecurity

Arctic Wolf
Tradeshift

FinTech

Arctic Wolf
Upgrade

FinTech

Arctic Wolf
Voyager Space

Aerospace

Arctic Wolf
xAI

Artificial Intelligence

Source: GAM. Portfolio holdings as of 31 August 2025. Allocations and holdings are subject to change. Logos are trademarks of their respective owners and are used for illustrative purposes and should not be construed as an endorsement or sponsorship of GAM.

Our Edge

Deep industry experience

The strategy 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 across a diversified portfolio, thus avoiding negative ‘J-curve’ impacts. In traditional Private Equities, 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 daily application and quarterly redemption program allows for up to 5% of the strategy 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 strategy is managed by Liberty Street Advisors, an established US manager with experience of running a similar strategy since 2014.
 
Kevin Moss, Managing Director, Jonas Grankvist, Director and Jennifer Pruitt, Vice President are responsible for investment management, risk oversight and operational control.  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
Jonas Grankvist
Managing Director, Liberty Street Advisors, Inc.
Jennifer Pruitt
Vice President, 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 strategy 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.

Riesgos Clave

Riesgo de país único
: La inversión en empresas de un único país podría estar sujeta a riesgos políticos, económicos, sociales y fiscales mayores y, por consiguiente, podría experimentar una volatilidad mayor que la de los fondos dotados de una diversificación más amplia. La legislación fiscal local puede cambi retrospectivo y sin previo aviso.

Capital a riesgo
: Los instrumentos financieros conllevan un elemento de riesgo. Por lo tanto, el valor de la inversión y el rendimiento resultante pueden variar y no se puede garantizar el valor inicial de la inversión.

Riesgo de divisa
: El valor de las inversiones en activos denominados en divisas distintas a la divisa base se verá afectado por los cambios en los tipos de cambio relevantes, lo que podría causar una caída de dicho valor.

Riesgo de divisa - Clase de acciones denominadas en divisas distintas a la moneda base
: Las clases de acciones denominadas en divisas distintas a la moneda base pueden estar cubiertas o no frente a la moneda base del Fondo. Los cambios en los tipos de cambio tendrán un impacto en el valor de las acciones en el está determinado en la moneda base. Cuando se utilizan estructuras de cobertura, su objetivo es reducir el riesgo de tipo de cambio, pero no pueden eliminarlo por completo.

Renta variable
: Las inversiones en renta variable (directas o indirectas a través de derivados) pueden estar sujetas a fluctuaciones de valor, y su valor puede ser más volátil que el de otras clases de activos. Las acciones y los valores relacionados con acciones (como warrants y derechos de suscripción) pueden verse afectados por las fluctuaciones diarias del mercado bursátil.

Riesgo de liquidez
: Puede resultar difícil vender algunas inversiones rápidamente, lo que afectaría al valor del Fondo y, en situaciones de mercado extremas, a su capacidad para atender las solicitudes de reembolso.

Lista no exhaustiva
: Esta lista de factores de riesgo no es exhaustiva. Consulte el folleto del fondo correspondiente.

Latest Events

Video

Ver vídeo

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.

Related Insights

Opiniones de inversión
Private equity: de nicho a necesidad
31 de julio de 2025 | Kevin Moss

Kevin Moss, presidente y Portfolio Manager de Liberty Street Advisors (LSA), Inc., considera que el private equity, y en concreto el capital riesgo en fase avanzada, es una oportunidad de gran potencial para los inversores que buscan un crecimiento a largo plazo, especialmente en un mercado en el que las empresas permanecen privadas durante más tiempo y crecen rápidamente antes de salir a bolsa.

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Cláusula de exención de responsabilidad: Los rendimientos pasados no constituyen un indicador de rendimientos futuros o de tendencias actuales o futuras. Las indicaciones pueden estar basadas en cifras denominadas en una moneda distinta de la moneda de su país de residencia y, por lo tanto, el rendimiento puede aumentar o disminuir como consecuencia de las fluctuaciones monetarias. Capital a riesgo: Los instrumentos financieros conllevan un elemento de riesgo. Por lo tanto, el valor de la inversión y el rendimiento resultante pueden variar y no se puede garantizar el valor inicial  de la inversión. Toda referencia a un valor no constituye una recomendación de compra o venta de dicho valor.

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