Ives Ultra AI Fund Seeks NYSE Listing for Private AI Exposure
The proposed closed-end fund would invest at least 80% of its assets in artificial intelligence and AI infrastructure companies, with shares priced at $100 before listing approval.
Ives Ultra AI Opportunities Inc. is seeking a New York Stock Exchange listing for a closed-end fund designed to give public-market investors access to private late-stage artificial intelligence companies.
The fund plans to invest at least 80% of its net assets, plus borrowings for investment purposes, in companies focused on artificial intelligence or AI infrastructure. Its portfolio would center on U.S. private companies in late-stage development, with limited investments in non-U.S. companies and opportunistic investments in qualifying U.S. public companies.
The proposed offering price is $100 per share, although the preliminary filing leaves the number of shares blank. The fund has applied to list under the ticker IVAI, subject to exchange approval.
The investment strategy may include common and preferred stock, warrants, convertible securities, private funds and special-purpose vehicles. The fund may also use synthetic equity arrangements to gain exposure without directly holding shares in private companies.
The proposed vehicle is a newly established, non-diversified closed-end fund without an operating history. Its adviser is Ives Ultra Capital Management LLC.
Dan Ives serves on the adviser’s board of managers but is not a member of its Investment Committee and is not expected to participate in investment decisions. YA II PN Ltd., an affiliate of Yorkville Ives & Co., acquired a 49.9% ownership interest in the adviser on Sept. 2.
The fund must make a tender offer during the first 12 months after its initial public offering for shares held by unaffiliated investors. The redemption value may be below the original offering price.
Private-company valuations may be uncertain, information about holdings may be limited and transfer restrictions may make investments difficult to sell. The fund also warns that its investment objective and program may not succeed.
The preliminary filing does not identify portfolio companies, signed investments or completed transactions. The NYSE listing and the fund’s launch remain pending.
