AnthropicExcluded · derivatives
Corgi MANGOS (MN)
Private-company exposure is implemented through cash-settled swaps. This does not satisfy the private-share criterion.
Disclosure or discovery referenceTHE WIDER SEARCH
What made the cut.
What still needs evidence.
A transparent record of exclusions, dated corrections and open questions. Being named in a funding round is not enough.
18 detailed profiles: 13 meet the screen at a cited date, 3 are below threshold, and 2 require more evidence. Additional candidate groups appear below.
Below threshold or unresolved
| Fund | OpenAI exposure | Anthropic exposure | Valuation date | Allocation basis | Screening status |
|---|---|---|---|---|---|
| Not established | 4.05% | 30 Jun 2026 | Net assets | Needs evidence | |
| Not established | 1.44% | 06 Oct 2026 | Issuer portfolio weight | Below 5% | |
 STCK.TOStack Capital Group | 4.74% | Not established | 30 Jun 2026 | Book value (non-IFRS) | Below 5% |
| Not established | 3.90% | 22 Sep 2026 | Total assets | Below 5% | |
 USVCAngelList Venture Capital Access Fund | Not established | Not established | 08 Jul 2026 | Not established | Needs evidence |
Corrections from the earlier research
- Powerlaw’s OpenAI position is dated 30 June, even though newer fund NAV appears elsewhere on its website.
- ARK Venture’s 30 September direct OpenAI weight is 5.41%. Its separate 0.27% vehicle is not silently added as exact look-through exposure.
- Alger CNEQ’s 6 October disclosure puts Anthropic at 1.44%; older June percentages are no longer treated as current.
- Fundrise’s June filing provides issuer-level ranges. Older exact percentages are not substituted.
- BlackRock’s later website weights are kept separate from verifiable June NAV calculations. BSTZ remains unresolved under the strict screen.
- Stack Capital’s OpenAI allocation is approximately 4.74% of its stated book value, below 5%.
Prior research reviewed · See each profile for replacement evidence.
Additional candidates and exclusions
Excluded · derivatives
Yorkville MANGOS Plus (FRUT), MNGZ and MNGB
FRUT uses private-company index-linked swaps; leveraged or inverse wrappers do not establish private-share ownership.
Disclosure or discovery referenceNot qualified · weight not established
ARK Innovation (ARKK), Next Generation Internet (ARKW), Fintech (ARKF)
Private OpenAI investment was disclosed, but a current individual-company weight of at least 5% was not verified in this review.
Disclosure or discovery referenceNot qualified · further checks needed
KraneShares AGIX; Alger ALAI and ATFV; BlackRock BAI; T. Rowe Price TTEQ
Identified by the prior research and holdings screens. No current primary-source allocation of at least 5% has been established here for either company.
Disclosure or discovery referenceNot qualified · weight not established
BlackRock Private Equity ELTIF; BlackRock Private Investments Fund
A private-market mandate or named investment does not prove that either company meets 5% of fund NAV/assets.
Disclosure or discovery referenceNot qualified · look-through missing
ARK Venture Australian feeder
Do not copy the US master-fund allocation into a feeder without its same-date cash, liabilities and master-fund ownership weight.
Disclosure or discovery referenceBroader discovery screen
Fidelity, Capital Group, T. Rowe Price, JPMorgan, Franklin, Nuveen and New York Life funds
Public holdings screens identify many small positions. Manager-level participation is not a fund allocation; no additional qualifying fund was verified in this review.
Disclosure or discovery referenceNot qualified · vehicle/NAV unavailable
Thrive, Sequoia, Lightspeed, ICONIQ, GIC and other institutional managers
Financing announcements name managers but often omit the exact vehicle, fund NAV and position fair value. No inferred percentages.
Disclosure or discovery referenceNot qualified · offering evidence needed
FNEX deal vehicles; Accuidity Megacorn; secondary-market SPVs
A single-company mandate is not proof of 100% invested NAV. Verify funded assets, cash, liabilities, issuer consent and dated statements for the exact vehicle.
Disclosure or discovery referenceNot counted twice
Underlying vehicles: ARK Type One, Goanna, Magnitude and Studio Type One
Recorded as ownership layers of the parent funds. Separate investable vehicle-level NAV/assets weights and access terms were not verified.
Disclosure or discovery referenceExcluded · ownership unproven
Harbor OAIW / ANTW; Tuttle Trifecta; proposed IPO and KPI funds
Ecosystem exposure, a proposed prospectus or a future IPO mandate does not establish a current holding of private company shares.
Disclosure or discovery referenceExcluded · operating companies
Microsoft, Amazon, Alphabet and SoftBank
These are corporate investors, not funds. Owning their public shares is not counted as direct or fund-SPV ownership of the target private shares.
Disclosure or discovery referenceDiscovery references are leads, not proof of the 5% test. Broad manager groups are not a claim that every fund was exhaustively audited. Unpublished private portfolios remain a coverage limit.