Dan Ives-Backed IVAI Raises $200M In IPO To Target Late-Stage Private AI Companies

• The closed-end fund plans to invest at least 80% of its assets in late-stage private AI infrastructure and applied-AI companies.
• The fund can invest up to 15% of its assets in private funds, giving it another way to gain exposure to private AI companies.
• IVAI could take up to 12 months to build its initial portfolio.

Ives Ultra AI Opportunities (IVAI) priced its IPO on Tuesday, selling 20 million shares at $10 apiece to raise $200 million ahead of its NYSE debut at market open. 

The fund is chaired by Dan Ives, the longtime technology analyst and current partner at Yorkville Ives. Ives is not the portfolio manager. Ed Leathers is responsible for managing the portfolio, while Jeff Leathers runs Ives Ultra Capital Management, the investment adviser.

The fund plans to put at least 80% of assets into late-stage private AI infrastructure and applied-AI companies, with up to 15% allowed in private funds for added exposure, and charges total annual expenses of 3.1% on gross assets.

IVAI Joins A Growing Private-Tech Fund Category

IVAI is not the first publicly traded vehicle designed to give retail investors access to private technology companies.

Destiny Tech100 (DXYZ), which began trading on the NYSE in March 2024, invests in venture-backed private technology companies. The fund has held positions in companies including SpaceX (SPCX), OpenAI and Anthropic.

In a May 2026 SEC filing, DXYZ said its shares were trading at a 151% premium to NAV, at $61.66 compared with a $24.56 NAV. The filing also cautioned that premiums can be unsustainable over time.

Other vehicles, including Fundrise Innovation Fund (VCX) and ARK Venture Fund, have also sought to give investors access to private technology and venture investments.

Unlike Destiny Tech100, which already holds a diversified private portfolio, IVAI has up to 12 months just to identify its first investments.

Whether the fund trades near its $10 offer price or swings toward the premiums seen elsewhere in the category will likely be the first real test of investor appetite once shares begin trading.

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