A new fund that allows investments in private tech companies like SpaceX and OpenAI has seen its market capitalization soar by as much as 818% in two weeks.

• The Destiny Tech100 fund has risen 818% since its IPO two weeks ago.

• The closed-end fund provides investors with exposure to companies that are not yet public.

• The fund's major holdings include SpaceX, Epic Games and OpenAI.

Shares of a new closed-end fund offering investors access to private equity firms have soared in the past two weeks.

The Destiny Tech100 fund has risen 8,181 TP3T since listing on the New York Stock Exchange on March 26, bringing its market capitalization to $825 million. On Friday, the fund climbed 1,261 TP3T to $75.79. The fund originally opened at $8.25 in late March.

The fund, which trades under the symbol "DXYZ," seeks to invest in private high-growth technology companies that most investors do not have access to unless they are accredited.

To date, the closed-end fund has stakes in 23 companies, but its ultimate goal is to hold stakes in 100 companies.

Destiny says its funds offer investors the opportunity to receive spectacular returns before a company goes public. Traditionally, these returns have been limited to venture capitalists, and public market investors have had limited access to them.

"For many companies in the pre-IPO period, there is a real opportunity for a 10-50x return," says Destiny on its Web site.

To date, the fund's largest position is in Elon Musk's SpaceX, with a stake of 34.6%. According to Destiny's 2023 annual report, as of December 31, the fund's stake in SpaceX was valued at approximately $18.4 million.

The company's other shares include Epic Games 4%, OpenAI 3.8%, and Chime 1.9%.

While the closed-end fund provides everyday investors with access to private companies that would otherwise be difficult to invest in, it also comes at a high cost, with the Destiny Tech100 fund charging an annual Goup of 2.5%.

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