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NewsRIAs

ABS Global pitches interval fund as RIA route into pre-IPO shares

Its Pre-IPO & Growth Fund launched in February 2026; interval funds repurchase 5% to 25% of shares at periodic intervals, per the SEC.

At a glance

  1. An interval fund is a registered closed-end fund that buys back a set portion of its shares—typically 5% to 25%—at periodic intervals, according to the SEC's investor bulletin.
  2. Stephen DiMaio, head of private wealth at the Stamford, Connecticut-based firm, says the structure opens pre-IPO investing to clients who do not clear an accreditation test.
  3. ABS research puts the average US company at more than 11 years old at IPO.

ABS Global Investments launched its Pre-IPO & Growth Fund in February 2026 as an interval fund, InvestmentNews reported on October 9. An interval fund is a registered closed-end fund that buys back a set portion of its shares—typically 5% to 25%—at periodic intervals, according to the SEC's investor bulletin.

Stephen DiMaio, head of private wealth at the Stamford, Connecticut-based firm, says the structure opens pre-IPO investing to clients who do not clear an accreditation test. The old route ran through ten-year lockups and seven-figure minimums.

ABS research puts the average US company at more than 11 years old at IPO. DiMaio says roughly 86% of US companies with more than $100 million in annual revenue are private, and the median company spends about 12 years in private hands before listing.

Selection risk stays with the advisor

The wrapper does not transfer selection risk. Seed and Series A deals fail 65% to 75% of the time and can take a decade or more to reach liquidity, DiMaio said, while Series D and later companies carry failure rates of 5% to 15% and exits that are often one to three years away. InvestmentNews notes that pre-IPO investing without valuation discipline carries risks of its own.

Cerulli Associates estimates financial advisors hold $2.2 trillion in private capital, with interval funds at about $132 billion at year-end 2025—roughly 6% of the total.

For an RIA, the choice is less about whether a client owns pre-IPO shares than about which vehicle holds them. As this publication has argued, the private-markets gateway is now the M&A target. ABS building and marketing its own interval fund is one data point for that claim: the 5%–25% repurchase window, the eligibility rules and the shareholder register sit with whoever runs the vehicle. Family offices that have been adding private equity face the same terms on a longer horizon.

Reported by the RIA desk from InvestmentNews and Cerulli Associates. Published . Corrections

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