IVAI: Private AI, Publicly Listed.

Ives Ultra AI Opportunities Inc. (NYSE: IVAI) is a listed closed-end fund structured to invest in a targeted portfolio of minority interests in leading late-stage private AI companies.

It is designed to give public market investors a liquid, exchange-listed way into private AI, without the frictions and restrictions of traditional private markets.

Under normal circumstances, IVAI intends to invest at least 80% of its net assets in AI and AI infrastructure companies, primarily in the equity and equity-related securities of late-stage private AI companies in the United States and, to a lesser extent, outside it. It may also invest opportunistically in select publicly traded companies that meet its criteria.

To build positions, the Adviser uses several channels: secondary trading platforms, direct purchases from existing shareholders, and primary funding rounds. IVAI may also invest through special purpose vehicles and private funds.

IVAI will invest the net proceeds of its offering only after it completes a tender offer that meets the requirements of its Tender Offer Policy, which it must do within 12 months of its IPO. Until then, the proceeds are held in a trust account invested in money market funds.

How IVAI Works →

IVAI will invest primarily in late-stage private AI companies rather than early-stage startups.

Late-stage private companies still carry significant risks, including limited operating histories, complex capital structures and limited publicly available information.

Like a SPAC, IVAI raises its capital first, holds it in trust, and gives every public shareholder the chance to take it back. Within 12 months of the IPO, IVAI announces its proposed portfolio and runs a mandatory tender offer for its public shares at Redemption Value, before any capital is invested.

Unlike a SPAC, which merges with a single company, IVAI is an investment company: it takes minority positions across a portfolio of private AI companies.

How IVAI Works →

Anyone who can buy a stock listed on the New York Stock Exchange. IVAI can be bought through most brokerage accounts, like any listed stock, with no accredited-investor requirement.

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IVAI pays the Adviser a management fee of 2.00% a year of its average gross assets, payable quarterly. The fee accrues from the start but isn’t payable unless and until the tender offer is completed.

Including its other costs, the prospectus estimates IVAI’s total annual expenses at 3.10% of net assets: the 2.00% management fee, 0.15% in acquired fund fees and expenses, and 0.95% in other expenses such as administration, custody, legal and audit. Actual expenses may be higher or lower.

The prospectus sets out the Fund’s full fees and expenses.

Yes. IVAI’s five-member Board of Directors has a majority of independent directors: Renée Motley, Andrew Fleiss and Dan Lee, CFA. Ed Leathers, CFA and Jeff Leathers also serve on the Board.

Ives Ultra Capital Management LLC is the Fund’s investment adviser. Its board of managers is made up of Dan Ives, Jeff Leathers and Ed Leathers, CFA. Ed Leathers is the Fund’s President and Chief Executive Officer, and the sole member of the Adviser’s Investment Committee, which selects the Fund’s investments.

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Most ETFs must be able to meet redemptions every day, so they hold mainly publicly traded securities and can keep only a small portion of their assets in illiquid investments like private company stock.

As a closed-end fund, IVAI doesn’t redeem shares daily and has no limit on illiquid investments, so it can invest in private AI companies. Private holdings are also harder to value and to sell, which is one of the risks of investing in IVAI.

Please see the prospectus for more details.

The prospectus, filed with the SEC and available free on EDGAR, is the complete source. Read it, including its “Risk Factors” section, before investing.

Read the Prospectus ↗ How IVAI Works → News & Resources →