SAX Capital LLC registered the AL Venture Fund LLC (the “Fund”) on 5/03/2021, which it will operate as a closed-end interval fund with a venture capital-focused “fund of funds” structure.
SAX Capital LLC, the fund’s advisor, is a venture capital investment advisor that focuses primarily on secondary investments and cryptocurrency presales. According to the Fund’s most recent prospectus, its aim is to achieve capital appreciation in its holdings, which will be a combination of venture capital fund shares and equities from early-stage companies.
The Fund’s primary strategy is to create a “fund of funds” for exposure to early-stage, venture-backed private companies across different sectors and geographies. The shares the Fund holds will be selected by SAX Capital from the funds that are listed on the platform of AL Advisors, an SEC-reporting-exempt venture capital advisor incorporated in 2017.
The Fund stresses in its prospectus that its offerings should be considered long-term investments, and that the principal strategy underlying its asset pool will be “buy and hold.” A substantial portion of its underlying securities will be considered illiquid, and thus buyers shouldn’t expect to be able to quickly cash out their shares in the Fund. Though it plans to primarily target venture capital investment companies, the Fund may also directly buy stock from private companies in particularly opportunistic circumstances. The Fund anticipates its holdings to be concentrated in the U.S., and it won’t invest more than 25% of its total assets in any particular industry.
With that in mind, the Fund also states that it expects most of its direct and indirect holdings to fall loosely under the umbrella of “technology,” either in their products and services or in a significant portion of their business model. Currently, the Fund is only a single class of share, which it refers to as “units.”
The Fund’s legal team is Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo.
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