Liberty Street Funds

What Liberty Street Funds does

Liberty Street Funds, operating under Liberty Street Advisors, Inc., is a private multi-manager mutual fund platform founded in 2012 and headquartered in New York. The firm curates and distributes a family of 40 Act mutual funds and a closed-end interval fund, each sub-advised by independent boutique managers with specialized expertise. The product lineup spans late-stage private venture-backed companies (The Private Shares Fund), asset-backed securities and structured credit (Bramshill Multi-Strategy Income Fund), municipal and taxable closed-end fund arbitrage (Robinson Tax Advantaged Income Fund and Robinson Opportunistic Income Fund), emerging markets debt (Gramercy Emerging Markets Debt Fund, launched April 2024), and publicly traded REITs (West Loop Realty Fund, sub-advised by Chilton Capital Management). Aggregate AUM is at least approximately $2.16 billion across the two largest funds alone as of early 2026, with The Private Shares Fund reaching roughly $1.16 billion AUM at March 31, 2026.

The firm's core technology is the multi-manager platform architecture itself: Liberty Street Advisors provides fund oversight, distribution, and operational infrastructure, while sub-advisors retain portfolio management autonomy. Distribution is conducted through affiliated wholesaler HRC Fund Associates (FINRA/SIPC member), distributor Foreside Fund Services, LLC, and a network of RIAs, wirehouses, and regional broker-dealers, with direct-to-consumer access through fund websites and a recent channel partnership with SoFi. International access is enabled via a strategic partnership with GAM Investments for non-U.S. clients of The Private Shares Fund.

Revenue is generated primarily through advisory and management fees on AUM, with expense ratios disclosed in fund prospectuses and share-class minimums ranging from $2,500 (Class A and L) to $1,000,000 (Institutional). The Private Shares Fund operates as a continuously offered closed-end interval fund with quarterly repurchase offers of up to 5% of outstanding shares at NAV, providing periodic liquidity for an otherwise illiquid private-market portfolio. Liberty Street Funds is part of the HRC Financial Group of companies alongside HRC Fund Associates and HRC Portfolio Solutions.

Name

Liberty Street Funds

Legal name

Liberty Street Advisors, Inc.

Website

https://libertystreetfunds.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Liberty Street Funds is a private multi-manager mutual fund platform founded in 2012 in New York, distributing 40 Act and interval funds sub-advised by boutique managers across private shares, structured credit, closed-end fund arbitrage, EM debt, and REITs to financial advisors and retail investors.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Fixed Income Mutual Funds (FSAAAEAB)

Keywords

• Multi-manager mutual funds
• Interval fund management
• Private market access
• Asset-backed securities funds
• Emerging markets debt funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Advisory and Management Fees: Liberty Street Advisors earns advisory fees for managing the fund family. The firm operates a multi-manager structure where sub-advisors manage individual funds while Liberty Street provides oversight and distribution support. Fees are disclosed in fund prospectuses and include expense ratios borne by fund shareholders.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Liberty Street Funds is a multi-manager family of mutual funds and interval funds advised by Liberty Street Advisors, Inc. and sub-advised by independent boutique managers. The firm distributes differentiated, actively managed strategies spanning late-stage private companies (The Private Shares Fund), asset-backed securities (Bramshill Multi-Strategy Income Fund), municipal and taxable closed-end fund arbitrage (Robinson funds), emerging markets debt (Gramercy), and publicly traded REITs (West Loop Realty) to financial advisors and individual investors.

Product overview

Liberty Street Funds is a multi-manager family of mutual funds and interval funds advised by Liberty Street Advisors, Inc. and sub-advised by independent boutique managers who possess expertise in their asset class. The product lineup consists of The Private Shares Fund (a closed-end interval fund providing access to private late-stage venture-backed companies), the Bramshill Multi-Strategy Income Fund (investing in asset-backed securities), the Robinson Tax Advantaged Income Fund and Robinson Opportunistic Income Fund (both investing in closed-end funds with focus on municipal and taxable bonds respectively), the Gramercy Emerging Markets Debt Fund (investing in emerging market debt), and the West Loop Realty Fund (investing in publicly traded REITs). These funds are distributed by Foreside Fund Services, LLC.

Differentiator

Problem solved

Functional benefit

Brands

• The Private Shares Fund: A closed-end interval fund that invests in private late-stage venture-backed growth companies, providing retail access to pre-IPO private companies.
• Bramshill Multi-Strategy Income Fund
• Robinson Tax Advantaged Income Fund
• Robinson Opportunistic Income Fund
• Gramercy Emerging Markets Debt Fund

Products and services

• The Private Shares Fund A closed-end interval fund that invests in private late-stage venture-backed growth companies typically only available to institutional and high net worth investors, providing retail access to pre-IPO private companies via quarterly repurchase windows.
• Bramshill Multi-Strategy Income Fund Invests in a diversified portfolio of asset-backed securities, employing a research-intensive strategy using loan-level analysis on underlying collateral to identify undervalued assets for long-term investment and tactical trading. Sub-advised by Bramshill Investments.
• Robinson Tax Advantaged Income Fund Invests in a portfolio of municipal bonds via closed-end funds, seeking to capitalize on inefficiencies in closed-end funds through arbitrage strategies. Sub-advised by Robinson Capital Management.
• Robinson Opportunistic Income Fund Invests in taxable bonds via closed-end funds, seeking to capitalize on inefficiencies in closed-end funds. Sub-advised by Robinson Capital Management.
• Gramercy Emerging Markets Debt Fund Invests in emerging market debt, including hard currency sovereign debt, local currency sovereign debt and hard currency corporate debt. Sub-advised by Gramercy Funds Management.
• West Loop Realty Fund Invests in publicly traded real estate investment trusts (REITs), seeking current income and long-term growth of capital through diversified REIT allocations across sectors, geography, and property types. Sub-advised by Chilton Capital Management.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor and core.

• SoFi (Social Finance)minorChannel Partner/ Reseller/ Distributor · 7 September 2025SoFi expanded access to private markets by offering funds from Cashmere, Fundrise, and Liberty Street Advisors. This partnership provides SoFi users access to alternative investment products.
• GAM InvestmentscoreStrategic or Co-development Partner · 14 February 2022Liberty Street Advisors entered a strategic partnership with GAM Investments in February 2022 to provide non-U.S.-based clients access to privately-owned, late-stage, high growth innovation companies. Christian Munafo, CIO of Liberty Street, discussed the partnership's role in democratizing private markets access.
• Bramshill InvestmentscoreStrategic or Co-development PartnerSub-advisor for the Bramshill Multi-Strategy Income Fund. Bramshill, founded in 1994, specializes in structured credit and manages approximately $1 billion in assets. Portfolio managers Paul van Lingen and Ara Balabanian lead the team's next phase of growth.
• Gramercy Funds ManagementcoreStrategic or Co-development PartnerSub-advisor for the Gramercy Emerging Markets Debt Fund, launched April 2024. Gramercy is a leader in emerging markets credit investing.
• Robinson Capital ManagementcoreStrategic or Co-development PartnerSub-advisor for the Robinson Tax Advantaged Income Fund and Robinson Opportunistic Income Fund. Founded in 2012, Robinson Capital employs fundamental and tactical techniques using closed-end mutual funds for fixed income strategies.
• Chilton Capital ManagementminorStrategic or Co-development PartnerSub-advisor for the West Loop Realty Fund, which invests in publicly traded REITs. The fund focuses on income and diversification through real estate investment trusts.
• Foreside Fund ServicesminorChannel Partner/ Reseller/ DistributorDistributor for Liberty Street Funds. Foreside Fund Services, LLC handles fund distribution and is referenced in fund disclosures.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Cliffwater: Alternative investment advisory and platform firm specializing in private credit, real assets, and hedge fund access for institutional and high-net-worth clients. Comparable in curating differentiated alternative strategies and operating a multi-manager access model for advisor distribution.
• SharesPost: Predecessor platform to Liberty Street's Private Shares Fund via SP Investments Management, which Liberty Street replaced as adviser in December 2020. SharesPost built the original late-stage private company trading and fund-of-funds franchise that the Private Shares Fund now extends.
• Fundrise: Direct competitor in democratized private-market access for retail investors, and a co-listed partner on the SoFi alts shelf alongside Liberty Street. Comparable in targeting non-accredited investors with interval-fund and eREIT structures for private real estate, venture, and private equity exposure.
• Cashmere: Direct competitor and SoFi shelf-mate offering retail access to late-stage private company investments. Competes head-to-head with Liberty Street's Private Shares Fund in the pre-IPO / secondaries retail-access niche and is similarly positioned as a platform leveraging third-party distribution partnerships.

Emerging players

• Yieldstreet: Alternative investment platform providing retail and accredited investors access to private credit, real estate, and structured products. Overlaps with Liberty Street's Private Shares Fund and Bramshill structured credit strategies in offering illiquid alternatives through fund structures.
• Advent Capital Management: Independent fixed-income and alternatives manager offering closed-end funds and 40-Act products, including convertible securities and structured strategies. Direct competitor to Bramshill and Robinson funds in alternative income 40-Act mutual fund wrappers.

Broad incumbents

• CAIS: Alternative investment platform for independent advisors and wealth managers, offering structured access to hedge funds, private equity, and private credit. Competes with Liberty Street for RIA shelf space, though CAIS operates as a feeder/technology platform rather than a fund-of-funds issuer.
• iCapital Network: Scaled alternative-investment platform serving RIAs, family offices, and wealth managers with access to private equity, private credit, and hedge funds. Comparable to Liberty Street in bringing differentiated alternatives to advisors, but at significantly larger AUM and broader product coverage.
• Vestmark: Wealth management technology platform powering multi-manager and UMA-style offerings, including for advisors that aggregate boutique managers. Comparable in enabling a curated boutique-manager shelf, though as an enabling technology provider rather than a fund issuer.
• WisdomTree: Public asset manager with a differentiated, boutique-style product line spanning ETFs and model portfolios, distributed heavily through RIAs and wirehouses. Comparable go-to-market to Liberty Street — advisor-led distribution of differentiated strategies — but at far larger scale and with public ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liberty Street Funds