Akkadian Ventures is seeking to broaden access to private markets through a planned New York direct listing of Powerlaw Capital Group’s fund, Powerlaw Corp., according to sources cited by Bloomberg. 

The closed-end vehicle holds stakes in high-profile private companies including SpaceX and Anthropic, alongside OpenAI and Anduril.

The platform manages more than $1.2bn in assets and has deployed $355m across 18 private technology companies via secondary transactions. As of late last year, the fund marked its net asset value at about $475m.

Unlike a traditional IPO, the direct listing will allow existing shareholders to sell stock without raising new capital. The vehicle intends to charge a 2.5% management fee.

John Spinale, managing partner of Jazz Venture Partners, said: “With the pool of capital in private markets, the best companies are not choosing to go public.” He added: “This robs the public the ability to access the high-growth firms.”

However, risks remain. Closed-end funds often trade at discounts to net asset value. Additionally, underlying portfolio companies are not subject to public disclosure requirements.

Nevertheless, the listing signals continued innovation in private markets distribution. Moreover, it reflects sustained pressure from alternative asset managers to tap retail capital pools.

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