Cathie Wood’s ARK Investment Management has launched a new fund that will target harder-to-trade assets while limiting how quickly investors can cash out.
The firm on Tuesday announced that its long-awaited ARK Venture Fund is now available to all US investors via an investing app called Titan. The fund will invest in private and public companies focused on tech-powered innovation, as well as other venture capital funds.
The Venture Fund has been in the cards since February, when an initial filing revealed plans for a closed-ended “interval” product that would take Wood’s flagship strategy into these less-liquid assets. Interval funds are structured to give investors less control over how and when they can pull out their money.
In a press statement, ARK founder Wood said the firm was focused on disruptive innovation “not only in our research and investment strategies, but also our products and services.”
“We are thrilled to offer this innovative product initially through Titan, a company that shares our mission in democratizing investing, allowing all investors to capitalize on exponential growth opportunities,” she said.
The actively managed fund charges a management fee of 2.75%, with a total expense ratio estimated at 4.22%, according to the statement. A minimum investment of $500 means any individual US investor can potentially invest “without encountering qualification or accreditation thresholds,” it said.
This article was provided by Bloomberg News.