At a glance
- Shareholders will vote to eliminate quarterly repurchase offers, reorganize the fund as a Delaware LLC and deregister under the Investment Company Act of 1940.
- For advisors with clients in the fund, approval would end scheduled quarterly repurchase offers and move liquidity to tender offers the adviser chooses to run.
- The fund began operations Oct. 3, 2024, and returned negative 3.07% in the fiscal year ended March 31, 2026, with its NAV per share falling to $9.79 from $10.10.
Connetic Venture Capital Access Fund, a $43.6 million interval fund investing in early-stage private companies, stopped accepting new investors and plans to convert into two private funds, the fund said Nov. 4.
Shareholders will vote to eliminate quarterly repurchase offers, reorganize the fund as a Delaware LLC and deregister under the Investment Company Act of 1940. Trustees approved the proposals Oct. 30 on recommendation of adviser Connetic RIA LLC. Ineligible holders would be redeemed before the fund converts to two private funds relying on Sections 3(c)(1) and 3(c)(7). A proxy statement is expected in late November ahead of a meeting on or about Dec. 18. The fund did not say which shareholders would qualify for each successor vehicle.
For advisors with clients in the fund, approval would end scheduled quarterly repurchase offers and move liquidity to tender offers the adviser chooses to run. Existing shareholders may keep buying shares and the dividend reinvestment plan continues. The fund said there is no guarantee shareholders approve the proposals.
The fund began operations Oct. 3, 2024, and returned negative 3.07% in the fiscal year ended March 31, 2026, with its NAV per share falling to $9.79 from $10.10.
Reported by the Liquidity desk from AltsWire. Published . Corrections