[DigitalToday reporter Jinju Hong] Kevin Moss (Kevin Moss), who runs a private equity fund that offers early investment opportunities in unlisted technology companies, is drawing attention by highlighting Elon Musk's space company SpaceX (SpaceX) as a core investment.

On Feb. 1 (local time), Bloomberg, cited by Cryptopolitan, said the fund, with about $1.1 billion in assets under management, had invested about $151 million in SpaceX as of December, or 13.68 percent of its total capital. It is the fund's largest holding, at a higher level than the aerospace-related allocation at Ark Invest led by Cathie Wood.

Moss' strategy focuses on allowing ordinary investors to secure stakes in major technology companies before they list. As the possibility of a SpaceX listing was discussed, inflows to the fund surged 201 percent over a year compared with usual levels. As a private company, there is uncertainty in valuation and long-term liquidity constraints, but demand appears to have rushed in to secure access to promising companies before an IPO.

In an interview with Bloomberg, Moss said he first invested $10 million in SpaceX in 2019 and the value of that investment has since increased about 15-fold. He said he conducted substantial due diligence, including visiting SpaceX headquarters in California to tour production facilities and meet management before making the investment decision.

In the market, the possibility is being raised that SpaceX could pursue a listing this year, and there are also forecasts that its valuation could reach as much as $1.5 trillion. In that case, it could become the largest initial public offering in history.

Looking at performance, Bloomberg data show the fund's returns over the past 1 year and 3 years lagged the Russell 2000 index, but its cumulative 5-year performance was at a similar level to the index. Moss stressed that, unlike other funds that invest in SpaceX through special purpose vehicles or indirect structures, he secures stakes by being listed directly on the company's official shareholder register. SpaceX, however, is known to strictly screen all new shareholders.

Cryptopolitan said SpaceX has also reviewed the possibility of a merger with Tesla or with the artificial intelligence company xAI included in Moss' portfolio.

The fund uses an interval fund structure, allowing redemptions only during a limited window each quarter. It is designed to avoid forced selling of assets when market volatility increases, and the minimum investment amount is $2,500. Investors, however, do not receive detailed information on SpaceX's precise valuation, how much individual holdings contribute to the fund's returns, or how a future IPO could affect the fund's value.

Moss and a four-person management team review about 80 investment opportunities each week and apply strict criteria of at least $50 million in annual revenue and annual growth of at least 30 percent. He expects about 10 portfolio companies, including Kraken, Discord and Motive Technologies, to pursue listings this year.