Dan Ives, a prominent technology investor and partner at Yorkville Ives & Co., has filed to launch the Ives Ultra AI Opportunities closed-end fund, which aims to provide public investors with access to private companies at the forefront of the artificial intelligence (AI) boom [1]. The fund will offer 20 million shares at $10 each, targeting gross proceeds of $200 million, and will be listed on the New York Stock Exchange under the ticker 'IVAI' [1]. The fund will charge total annual expenses of 3.1% on gross assets [1].
The fund's investment strategy focuses on private, late-stage companies that are significant players in AI and its supporting infrastructure. According to regulatory filings, approximately 80% of the fund's net assets will be allocated to AI-centric companies, with a primary focus on U.S.-based private firms and, to a lesser extent, non-U.S. companies and publicly traded U.S. companies [1]. Up to 15% of the portfolio may be invested in private funds to further increase exposure to AI companies [1].
Ives emphasized that retail investors have historically lacked access to high-growth private companies driving the AI sector, describing these firms as 'the golden goose' for future AI spending [1]. He positioned the fund as the first of its kind to invest in private AI technology companies, addressing a gap highlighted by a July survey commissioned by DealMaker, which found that about two-thirds of Americans feel excluded from investing in the highest-growth private companies [1].
The fund's debut comes amid ongoing debates within the AI industry regarding the pace of innovation and safety concerns. Despite these challenges, Ives remains optimistic about the sector's long-term prospects, urging investors not to be deterred by negative narratives [1]. He also referenced recent confidential IPO filings by leading AI developers OpenAI and Anthropic, though OpenAI CEO Sam Altman has ruled out a 2026 IPO for ChatGPT due to ongoing discussions about safety guardrails [1].
CONCLUSION
Dan Ives' new closed-end fund seeks to democratize access to private AI companies for public investors, targeting $200 million in proceeds and focusing heavily on late-stage AI firms. The fund's launch reflects strong investor demand for exposure to the AI sector, despite ongoing industry debates about innovation and safety. Market impact is expected to be medium, as the fund opens a new avenue for retail participation in the AI growth story.