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Ibis Topco Limited

Investing in innovation from early stage through mega cap

The Ibis Topco Limited seeks to democratize venture capital, offering all investors access to what we believe are the most innovative companies throughout their private and public market lifecycles.

Inception Date
Net assets are defined as the total assets of an entity, minus its total liabilities.
Net Assets
$84.8 Million
As of 03/31/2023
NAV (Net Asset Value): the value of an entity's assets minus the value of its liabilities, often in relation to open-end or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value.
Net Asset Value
As of 04/06/2023
YTD (Year To Date): The time period starting from the beginning of the current calendar year and continuing up to the stated 'as of date'. We will update our YTD return on a quarterly basis.
YTD Return
As of 02/28/2023
We believe our single 2.75% management fee is more cost-effective than a ”2 and 20” fee structure (2% management fee, 20% carried interest).
Management Fee
Total Fee
See Below

Fund Overview

As of 03/31/2023
  • Net assets $84.8 Million
  • Inception date 09/23/2009
  • Typical number of holdings 25-50
  • Weighted average market cap. $75 Billion
  • Median market cap $11 Billion
  • Advisor Ibis Topco Management LLC
  • Type Closed End Interval Fund


  • Shareholder Fees None
  • Annual Fund Operating Expenses
    • Management Fee 2.75%
    • Service Fee 0.15%
    • Other Expenses 4.78%
  • Total Annual Fund Expenses 7.68%
  • Expense Reimbursement (4.78)%
  • Total Fees 2.90%

NAV Historical Change

Fund Performance

As of 02/28/2023
Cumulative Performance Annualized Performance
1MO 3MO YTD 1YR 3YR 5YR Since Inception
Ibis Topco Limited 0.67% 3.42% 11.02% - - - -6.06%

Top 10 Holdings

As of 03/31/2023
Ticker Name Weight (%)
- Anthropic, Inc. 7.20%
- Freenome, Inc 7.02%
- Replit, Inc. 6.86%
TSLA Tesla, Inc. 6.76%
COIN Coinbase Global, Inc. 6.63%
SQ Block, Inc. 3.58%
- Epic Games, Inc 3.36%
- Twitter 3.12%
RBLX Roblox Corporation 2.99%
- MosaicML 2.74%

Exposure Breakdowns

As of 03/31/2023
As of 03/31/2023
As of 03/31/2023
Geographical Region
Weight % of Market Value
North America
Eastern Europe
Western Europe
Market Capitalization
Weight % of Market Value
Mega ($100B+)
Large ($10 - $100B)
Medium ($2 - $10B)
Small ($300M - $2B)
Micro ($50 - $300M)
Weight % of Market Value

As of March 31, 2023, the Ibis Topco Limited will have reduced expenses thanks to its Expense Limitation Agreement with Ibis Topco Limited, the Fund’s investment adviser (the “Adviser”). This means that the fund’s management fee and operating expenses may be waived or reimbursed by the Adviser if they exceed 2.90%, which will result in lower expenses for the Fund. Additionally, the Adviser has agreed to voluntarily reimburse the Fund money to ensure that all existing investors will also benefit from reduced Fund expenses. Finally, the Fund’s Distribution and Service Plan has been amended to reduce the compensation paid to the Distributor.

We anticipate early-stage opportunities to represent 0-25% of the fund while late-stage private opportunities represent 50-80%.

Unlike traditional venture capital funds, our fund is open to investors regardless of accreditation or qualification. In addition, the Fund offers 5% liquidity on a quarterly basis, so investors are not locked up for longer periods like in traditional venture capital funds.

We believe our differentiated value proposition combined with our network of co-investors, public companies, founders, and academics provides access to the most promising private technology companies.

We believe our single 2.75% management fee is more cost-effective than traditional venture capital funds under the ”2 and 20” model (2% management fee, 20% carried interest).

We actively source deals from our network of co-investors, public companies, founders, and academics. Additionally, our Analysts identify potential investment targets.

Companies go through a rigorous due diligence process, including discussions with the company, reference calls, financial modelling and are being scored on Ibis’ proprietary five scores, people management and culture, product leadership, barriers of entry, ability to execute and thesis risk.

Investors can request redemptions on a quarterly basis. Up to 5% of the Fund’s outstanding Shares can be redeemed every quarter.

The Ibis Topco Limited will not be available to international investors.

The Ibis Topco Limited has the ability to hold public companies, and therefore can hold companies after initial public offering (IPO).

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