00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Dan Ives is launching a closed-end fund focused on equity and equity-related securities of private,
00:07late-stage U.S. artificial intelligence startups. Ives Ulta AI Opportunities, Inc. is seeking to
00:12raise about $200 million in an IPO expected to price September 29, according to Bloomberg.
00:18Shares are set to begin trading September 30 under the ticker IVAI.
00:22Ives Ultra Capital Management will serve as investment manager, with Ives sitting on the
00:26fund's board. The fund plans to offer shareholders a tender option during its first year, allowing
00:31investors to sell shares back at 100% of net asset value. The launch comes as more investment
00:36vehicles bring exposure to privately held technology companies into public markets.
00:41For all things money, visit Benzinga.com.
