随著OpenAI、Anthropic及Databricks等未上市科技公司估值飙升至数千亿美元，散户投资者迫切希望参与私募市场。华尔街推出封闭式基金作为解决方案，将私人公司股份打包后在公开市场交易。Robinhood Ventures Fund I于三月首发，Powerlaw（代码PWRL）则于五月开始交易，并于周三宣布新增持仓——Jeff Bezos旗下成立不到一年的人工智慧公司Prometheus。该公司尚无任何营收，但自2024年十一月创立以来已募资超过180亿美元（约合美元），其中六月的B轮融资达120亿美元，估值高达410亿美元。
Powerlaw基金的最大持仓为已上市的SpaceX，约占基金的27%；OpenAI为第二大持仓，仅占约6.7%；Prometheus占约2.2%。基金同时新增了估值127亿美元的国防新创公司Shield AI的持仓，占比约3.6%。首席投资官Ben Black表示，持仓比例主要依据各公司的风险水准进行配置。由于私人公司股份不连续交易，基金每月更新一次持仓估值。然而，对SpaceX的高度依赖也加剧了基金自身的波动性——自五月上市以来，PWRL已暴跌超过50%，部分原因是SpaceX在IPO后的剧烈波动。
除封闭式基金外，其他投资工具同样面临风险。特殊目的载体（SPV）常收取高昂费用且股权归属存疑；代币化证券允许投资者在加密基础设施上「交易」私人股票，但通常不附带实际股权；二级交易平台则出售员工或现有投资者持有的股份，Anthropic等头部公司近期已警告部分平台未经授权即出售股份。美国联邦法规通常限制收入或净资产低于一定门槛的个人投资私人公司，但Ben Black认为，JPMorgan、Goldman Sachs和BlackRock等顶级机构对Prometheus的背书应能为散户提供信心，他主张不应以保护之名将散户排除在价值创造的核心领域之外。
As valuations of private companies like OpenAI, Anthropic, and Databricks surge into the hundreds of billions of dollars, retail investors are increasingly eager to access private markets. Wall Street has responded with closed-end funds that bundle private company stakes and trade publicly. Robinhood Ventures Fund I launched in March, and Powerlaw (ticker: PWRL) began trading in May, announcing on Wednesday a new position in Prometheus — Jeff Bezos' AI company founded in November to build an "artificial general engineer" for product design and manufacturing. Despite having no revenue, Prometheus has raised over $18 billion, including a $12 billion Series B in June that valued the company at a staggering $41 billion. (Key numbers: 2024, 180, 120, 410)
Powerlaw's largest holding is the now-public SpaceX at approximately 27% of the fund, followed by OpenAI at about 6.7% and Prometheus at roughly 2.2%. The fund is also adding a position in $12.7 billion defense startup Shield AI at about 3.6%. Chief Investment Officer Ben Black explained that allocations are proportioned largely by risk, with the fund updating estimated holding values monthly since private shares do not trade continuously. However, heavy reliance on SpaceX has amplified the fund's own volatility — PWRL has tumbled more than 50% since its May debut, partly driven by SpaceX's volatile post-IPO performance.
Beyond closed-end funds, other investment vehicles carry distinct risks. Special purpose vehicles often impose exorbitant fees and raise questions about share ownership; tokenized securities allow trading on crypto infrastructure but generally carry no actual equity; and secondary trading platforms sell shares from employees or existing investors, with companies like Anthropic warning that some platforms offer unauthorized shares. U.S. federal regulations restrict individuals below certain income or net worth thresholds from investing in private companies, but Black argues that backing from top firms such as JPMorgan, Goldman Sachs, and BlackRock should validate Prometheus for retail investors. He contends it is "fundamentally wrong" to protect retail investors by denying them access to where value is being created.