Trillions How to Invest in Future Unicorn IPOs
Jan 29, 2026
Cathie Wood, ARK founder and active ETF pioneer; Brett Winton, ARK tech researcher and modeler; Charlie Roberts, ARK private equity strategist. They discuss ARK's interval venture fund, how they value and price illiquid private stakes, their research-driven selection and cap-table approach, and the structural limits around getting private-company exposure into public funds.
AI Snips
Chapters
Transcript
Episode notes
Interval Fund Solves ETF Illiquidity Limit
- ARK chose an interval fund because ETFs limit illiquid holdings to 15% and can't deliver true venture exposure.
- The interval fund allows about 80% private and 20% public allocations with quarterly limited redemptions.
Same Research Team For Public And Private
- ARK's public and private research teams are unified so analysts cover companies across both stages.
- That continuity builds relationships and access to later-stage private rounds the fund can join directly.
SPVs Are Opaque And Face Pushback
- SPVs proliferate but are often opaque and can carry multiple fee layers and doubtful underlying ownership.
- Many private companies are pushing back or banning SPVs on their cap tables to retain clarity.