As companies stay private longer, some of the most important emerging businesses remain out of reach for traditional publicly traded funds. In this episode of Inside Active, host David Cohne, Bloomberg Intelligence mutual fund and active management analyst, and co-host Sharoon Francis, BI associate analyst, speak with Tema ETFs founder and CEO Maurits Pot about how active ETFs can use special purpose vehicles to invest in late-stage private companies. They discuss how Tema sources and evaluates private-company investments, why due diligence on the SPV itself is as important as research on the underlying business and how managers approach valuation when there’s no continuously traded market price. They also explore how private holdings affect liquidity and portfolio construction, what happens as an ETF grows or a company goes public and how access to companies such as Anthropic, SpaceX, Kalshi and Polymarket can help build more complete thematic portfolios. Recorded Oct. 13.
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