As companies remain private longer, investors increasingly need new ways to access growth that once occurred in the public markets. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Kevin Moss, managing director at Liberty Street Funds and portfolio manager of the Private Shares Fund (PRIVX), about how active managers research, value and manage portfolios of late-stage private companies. They discuss the role of governance and management quality in investment decisions, how disciplined valuation frameworks help separate compelling investments from compelling stories, and why diversification, position sizing and liquidity planning are critical in private markets. They also explore the evolution of secondary markets, the growing push to expand retail access to private investments and the trends shaping the next generation of private-company investing. Recorded July 8.
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