The return reunites the fund with a manager who helped build its strategy at inception, while importing a fresh set of allocation conflicts tied to his separate private funds-of-funds business.

August 5, 2026

Sven Weber has returned to the portfolio management team of The Private Shares Fund, effective immediately, restoring a founding figure to a vehicle he helped launch more than a decade ago and then left in 2018.

Weber joins Kevin Moss, Sven Jonas Grankvist and Jennifer Pruitt on a four-person team disclosed in an August 4 prospectus supplement from adviser Liberty Street Advisors. Weber served as a senior portfolio manager and member of the board of trustees from the fund’s inception in March 2014 until October 2018, and as president until April 2019, working under the fund’s former adviser, SP Investments Management. Liberty Street credits him, alongside Moss and Grankvist, with a key role in developing and implementing the strategy now in place.

A shared-personnel return, not a straight rehire

The mechanism of the return is the more consequential detail for allocators. Weber’s services reach Liberty Street and its clients through a personnel-sharing agreement with Knightsbridge Advisers, where he serves as managing principal and portfolio manager. Knightsbridge, an SEC-registered adviser, primarily manages private funds-of-funds.

That structure prompted new conflict-of-interest language. Because Weber manages both the fund and Knightsbridge client accounts, the two firms have adopted allocation policies covering opportunities sourced by their respective personnel. The adviser states plainly, however, that the fund may receive a smaller allocation of investment opportunities to the extent those opportunities are sourced by Knightsbridge, including by Weber himself. The board of trustees reviews allocation between the fund and other accounts quarterly.

The scale of Weber’s outside book gives that caveat weight. As of March 31, he was associated with nine pooled investment vehicles holding roughly $2.36 billion, all carrying performance-based fees, plus 14 other accounts holding approximately $1.26 billion, likewise all performance-fee. Moss, Grankvist and Pruitt each show two pooled vehicles totaling about $263.7 million, one of which carries a performance fee. None of the four manages another registered investment company.

Compensation follows a similar split. The portfolio managers receive no compensation from the fund itself; their fixed salaries and bonuses depend in part on the adviser’s defined net revenues attributable to the fund. Weber additionally receives a guaranteed base payment and profit participation from Knightsbridge, plus carried interest tied to the performance of the Knightsbridge funds.

Ownership and other revisions

The supplement also refreshes portfolio manager ownership of fund shares as of June 30. Moss and Grankvist each hold between $10,001 and $50,000. Weber and Pruitt report none.

Two further changes accompany the personnel news:

• Revised risk language now warns that expenses would run higher than expected if fund assets were to decrease significantly and the expense limitation agreement is not renewed, and that implementing the strategy may prove difficult unless the fund maintains a meaningful asset base.
• The adviser’s description now identifies Timothy Reick as chief investment officer of Liberty Street Advisors, alongside Weber, Moss and Grankvist as managing directors and Pruitt as vice president.

Liberty Street reiterated its dependence on the four named managers for day-to-day portfolio management, noting that a departure would require replacement with other qualified personnel and could adversely affect the portfolio. The adviser said it has hired additional investment professionals and intends to keep doing so as the portfolio grows.

The rest of the bench

Tenure elsewhere on the team is unchanged. Moss has served as a portfolio manager since October 2018 and as president since April 2019, and is described as one of the creators of the SharesPost 100 Fund, the vehicle’s predecessor name. Grankvist has been a portfolio manager since June 2018 and has led or co-led hundreds of primary and secondary direct transactions involving more than 45 growth-stage private companies. Pruitt, who joined the team in October 2025, came from Houlihan Lokey’s financial advisory group and has spent seven years on the investment and valuation of venture-backed companies.