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The Destiny Tech100 fund is up as much as 818% since its debut two weeks ago.
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A closed-end fund provides investors with access to companies that have not yet gone public.
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Some of the fund's top holdings include SpaceX, Epic Games, and OpenAI.
The volume of a new closed-end fund that gives investors access to private companies has surged over the past two weeks.
The Destiny Tech100 fund has seen its price rise as much as 818% since it listed on the New York Stock Exchange on March 26, giving it a market capitalization of $825 million. The fund was up 126% at its intraday highs Friday, hitting $75.79. It originally opened for trading at $8.25 in late March.
The fund, which trades under the stock symbol “DXYZ,” seeks to invest in high-growth, private technology companies that most investors do not have access to, unless they are accredited.
The closed-end fund so far has stakes in 23 companies, although it eventually targets 100 companies owned by the fund.
Destiny said her fund gives investors access to companies that can print amazing returns before they go public. Traditionally, these gains have been limited to venture capital investors, while public market investors have had limited access to those gains.
“For many pre-IPO companies, there is a real opportunity for a 10x to 50x return,” Destiny says on her website.
By far, the largest position in the fund is Elon Musk's SpaceX, with a 34.6% stake. The fund's stake in SpaceX is worth about $18.4 million as of December 31, according to Destiny's 2023 annual report.
Other stakes in the company include Epic Games with 4%, OpenAI with 3.8%, and Chime with 1.9%.
While the closed-end fund provides investors with daily access to private companies that would otherwise be difficult to invest in, it comes at a hefty price, as the Destiny Tech100 fund charges an annual management fee of 2.5%.
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