Evidence before exposure.

What qualifies

A named fund must have a dated, publicly available disclosure supporting at least 5% of its NAV or assets in either company’s private shares. Direct holdings and documented economic ownership through an investment vehicle can qualify. OpenAI and Anthropic weights are tested separately, never added to cross the threshold.

Different share classes of the same portfolio are one fund. Distinct regional portfolios are separate. An underlying SPV is not counted as another qualifying fund without its own verifiable denominator. “Qualifying” describes the cited historical snapshot, not a promise about today’s exposure.

Keep the denominator intact

NAV deducts liabilities; total assets do not. A percentage of deployed investments can be larger than a fund-level percentage that includes cash. We name the denominator on every profile and preserve these differences. We never divide a historical holding value by current AUM.

Where an issuer directly reports NAV or portfolio asset weights, we use those weights. Where dollar positions and NAV are disclosed, we show the calculation. Rounded inputs produce approximate results. Negative net liabilities and leverage can make gross holdings exceed 100%. No fund is ranked here on expected returns.

Ranges, missing data and later updates

A disclosed 10–20% band remains 10–20%; we do not invent a midpoint. “Not established” means the reviewed evidence does not support a percentage, not that the position is zero. A valuation round does not automatically update a fund’s fair value.

Newer evidence takes priority when it provides a comparable denominator. For BlackRock, newer top-holdings tables do not restate that denominator, so the demonstrable June NAV calculations and later issuer weights appear separately. BSTZ stays outside the qualifying count until that ambiguity is resolved.

A portfolio table can have an earlier or later date than a single-company valuation update. Each has its own date and basis. Selected holdings are labelled as selected; we do not invent a balancing residual or portray an incomplete table as a full portfolio.

Evidence hierarchy

1. Regulatory filings and financial statements, including investment schedules.
2. Issuer factsheets, official holdings tables and issuer regulatory announcements. Reproduced announcements are identified as such.
3. Secondary sources used to discover candidates, not to substantiate a qualifying percentage.

Each profile links to evidence, a table or page locator, disclosure date and review date. Issuer links may be rolling documents that change after review. Research data is available as a downloadable JSON snapshot.

What is excluded

Swaps and synthetic exposure do not meet the private-share requirement. Public operating companies, financing-round manager lists, proposed funds, ecosystem ETFs and unverified single-company mandates are not qualifying funds. Book-value holding companies can appear in the research log but are not silently relabelled as registered funds.

Coverage and limits

The review covers publicly identifiable US, UK, European and Canadian vehicles found through issuer materials, regulatory records, holdings screens and the user’s prior research. The shared conversation text was reviewed; a referenced workbook was not available. Earlier claims were rechecked rather than copied forward.

This is a best-effort public-evidence directory, not a claim that every private partnership or SPV has been found. Many funds do not publish company-level NAV weights. The research log makes exclusions and unresolved candidates visible. These are manually reviewed snapshots; no automatic live holdings feed is connected.

Fund and manager logos

Official fund marks are used where available; other profiles use their manager’s logo. Innovation Access uses Alkeon’s mark, the parent of its adviser SilverBay. Each profile identifies the brand. Logos identify the funds and managers and do not imply endorsement.

Use the research appropriately

Allocation is only one part of a fund assessment. Fees, leverage, tender limits, eligibility, tax treatment, concentration and market premiums or discounts also matter. Private marks are estimates and can be stale. This site provides research, not personalized investment advice or an offer to buy securities.