Cathie Wood’s ARK files for new interval fund
February 5, 2022 - Cathie Wood’s ARK Investment Management firm has filed for a new fund that would include private companies and limit when investors can exit. According to Bloomberg reports, the ARK Venture Fund would require a minimum investment of $1,000, making it easier for individual investors to participate. Like other ARK funds, the Venture Fund would focus on disruptive and innovative technology companies. Unlike other funds, it will hold illiquid securities with no readily available secondary market. The Venture Fund is a closed-end interval fund, meaning investors can only sell a limited number of shares at specified intervals, usually quarterly. Those restrictions are common with interval funds as illiquid securities are harder for fund managers to sell. ARK also plans to offer buybacks of 5% of shares on a quarterly basis.