Public investors soon get another chance to buy private company stock.
Keating Capital, a Colorado–based firm that gives individual investors the chance to buy pre-IPO shares in private companies, is planning to list its closed-end fund on December 12.
The vehicle is similar in structure to Michael Moe’s GSV Capital
. The strategic difference is that Keating mostly tries to avoid social media and other large Internet issuers, instead preferring to back a more diverse group of smaller companies with expected initial market caps of between $100 million and $1 billion. In other words, no Groupons or Facebook. It also avoids companies that seem more primed for an M&A exit than an IPO.
Keating began investing back in January, and currently has around 4,000 investors. Two of its portfolio companies – NeoPhotonics
– already have gone public. Still-private holdings include BrightSource Energy, Harvest Power, Tremor Video, Kabam, LiveScrive, Suniva and TrueCar. No new units will be offered via the listing.
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