KraneShares Launches U.S. Focused Private Company Fund Tracking New S&P Dow Jones Indices

NEW YORK, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Krane Capital Management, LLC (“KraneShares”), a global asset management firm recognized for its innovative investment solutions, today announced the launch of the Krane S&P U.S. Private Stock Top 10 Vintage 2025 Series.

This new offering is designed to provide accredited investors with targeted exposure to the top U.S. private technology companies as selected and tracked by the S&P U.S. Private Stock Top 10 Vintage 2025 Series Index.

S&P Global, the parent company of S&P Dow Jones Indices (S&P DJI), projects that private markets will reach more than $18 trillion by 2027, driven by strong growth in private credit/debt, real assets, and secondary markets.¹

Many leading U.S. technology companies are choosing to stay private for longer, building up high valuations through private funding rounds and secondary markets. The fund aims to acquire shares in targeted private companies through direct purchases or secondary transactions. The portfolio will consist of the ten private companies included in the index, like SpaceX, OpenAI, xAI, Stripe, Databricks, Anthropic, and others.

As of September 10, 2025, the Index’s constituents collectively represent nearly $1.4 trillion in market capitalization², spanning industries such as artificial intelligence, humanoid robotics, aerospace, and defense.

The Krane S&P U.S. Private Stock Top 10 Vintage 2025 Series fund has been successfully onboarded and is now available for investment through Schwab (SSID: 116218137) and Fidelity (CUSIP: 48299C193).

“We believe this fund has the potential to transform the landscape of private markets where innovation and growth increasingly take place outside of public equities,” said Jonathan Krane, CEO of KraneShares. “By leveraging S&P Dow Jones Indices’ Index, we are able to offer investors the ability to invest in innovative and potentially high-growth private companies that could shape the future of technology.”

“At S&P Dow Jones Indices, we’re energized by the accelerating demand for private markets data and benchmarks as these markets evolve,” said Cameron Drinkwater, Chief Product Officer at S&P Dow Jones Indices. “As we expand S&P DJI’s capabilities through the launch of the S&P U.S. Private Stock Top 10 Index, an innovative representation of the largest and most accessible private companies in the U.S., we remain committed to providing high quality private markets benchmarks that enhance transparency and access to this important and growing segment of the market.”

PM Insights, an independent data provider for private growth and pre-IPO companies provides valuation data for the fund. Nicholas Fusco, CEO of PM Insights said, “We are elated to see KraneShares taking a leadership position around the evolution of private company focused funds with Krane S&P U.S. Private Stock Top 10 Vintage 2025 Series. There's an increased demand for transparency on the trading of this asset class, and I am confident that the team will be adding a lot of value to this end.”

For more information on the Krane S&P U.S. Private Stock Top 10 Vintage 2025 Series, please visit https://kraneshares.com/private-funds/krane-sp-us-private-stock-top-10-series/.

Fund Structure and Terms

About KraneShares

Krane Capital Management, LLC is a subsidiary of Krane Funds Advisors, LLC (KraneShares), a specialist investment manager focused on China, Climate, and Alternative Assets. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners' deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. KraneShares was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

Citations:

1. Data from "Private Markets – A Growing, Alternative Asset Class," S&P Global. Retrieved 6/30/2025.
2. Data from S&P Dow Jones Indices LLC as of 9/10/2025. The total market capitalization provided by S&P Dow Jones Indices was obtained from the S&P U.S. Private Stock Top 10 Index.

Risk Disclosures:

The Fund has not yet received any investments or started its operations, and it lacks any historical record or performance. This information is only a brief summary and is not exhaustive. The terms mentioned here may undergo significant changes without prior notice. It's essential to note that certain crucial details about the stated terms are omitted, and other key Fund terms are not addressed in this summary. To gain a comprehensive understanding, potential investors should refer to the Fund’s private placement memorandum, limited partnership agreement and subscription agreement (collectively, “the Fund Documents”), which will take precedence in case of any conflicts with the general terms provided here.

An investor should base any investment decisions solely on the information contained in the Fund Documents. Furthermore, there is no assurance that the Fund will achieve its fundraising goals, which could impact its ability to carry out its objectives.

An investment in the Fund is speculative, involves a high degree of risk, and is suitable only for persons who are willing and able to assume the risk of losing their entire investment.

The fund may often engage in the use of leverage and other speculative investment practices, such as short sales, options, derivatives, futures and illiquid investments that may increase the risk of investment loss. − Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost.

The fund’s high fees and expenses may offset the fund’s total return. − There may be restrictions on transferring interests in the fund. There is no secondary market for the investor’s interest in the fund and none is expected to develop.

The fund is not required to provide investors with periodic pricing or valuation, and often charges high fees.

Private funds are not subject to the same regulatory requirements as registered funds. − Investing in private funds may also involve complex tax structures and delays in distributing important tax information. Speak to your Financial Adviser before investing.

The fund does not represent a complete investment program. Investors in fund of funds will incur asset-based fees and expenses at the fund level and indirect fees, expenses and asset-based compensation of investment funds in which these funds invest.

The Fund has not yet received any investments or started its operations, and it lacks any historical record or performance. This information is only a brief summary and is not exhaustive. The terms mentioned here may undergo significant changes without prior notice. It's essential to note that certain crucial details about the stated terms are omitted, and other key Fund terms are not addressed in this summary. To gain a comprehensive understanding, potential investors should refer to the Fund’s private placement memorandum, limited partnership agreement and subscription agreement (collectively, “the Fund Documents”), which will take precedence in case of any conflicts with the general terms provided here.

An investor should base any investment decisions solely on the information contained in the Fund Documents. Furthermore, there is no assurance that the Fund will achieve its fundraising goals, which could impact its ability to carry out its objectives.

The materials contained herein (the “Materials”) relating to Krane Capital Management, LLC (together with its affiliates, “Krane”) and an investment in KC VC 1, LP (the “Fund”) are provided by Krane solely to the recipient (the “Recipient”). In consideration of Krane’s providing the Recipient with the Materials, the Recipient hereby acknowledges and agrees to the following terms and conditions. The Materials are considered to be confidential and/or proprietary by Krane, should be treated in a confidential manner and may not be transmitted, reproduced or used in whole or in part for any other purpose, nor may they be disclosed without the prior written consent of Krane. By accepting the Materials, the Recipient agrees not to distribute or provide the Materials or any information contained herein to any other person. The Materials are intended for authorized recipients only and must be held strictly confidential.

The information contained herein should not be the basis for determining the value of any security, loan or other financial instrument (collectively, “Securities”) or in making any decision to buy, sell or hold any Security.

The Materials are not intended by Krane or any of its affiliated funds as an offer to sell, or the solicitation of an offer to purchase, any Security. The information set forth in the Materials is provided for informational and discussion purposes only and is not intended to be, and shall not be regarded or construed as, a recommendation for a transaction or investment, financial or other advice of any kind. It does not constitute or imply any commitment whatsoever, including without limitation an offer to purchase, sell or hold any Security or to enter into or arrange any type of transaction. Any offering will be made only where permitted by law and by means of the Fund Documents that will contain detailed information about any investment to be offered; no sales will be made, and no commitments to enter into investments will be accepted, and no money is being solicited or will be accepted, until the Fund Documents are made available to prospective investors. Any indication of interest from prospective investors in response to the information provided in the Materials involves no obligation or commitment of any kind. Any investment decisions should be based solely on the data in the Fund Documents and after consultation with an investor’s independent advisors.

The S&P US Private Stock Top 10 Vintage 2025 Series 1 Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Krane Capital Management, LLC. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Krane Capital Management, LLC. KC VC 2, LP is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P US Private Stock Top 10 Vintage 2025 Series 1 Index.

The S&P U.S. Private Stock Top 10 Index and S&P US Private Stock Top 10 Vintage 2025 Series 1 Index (the “Index”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by Krane Capital Management, LLC. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Krane Capital Management, LLC. Investment products based on the Index are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

The target list of companies herein was compiled based on an S&P Dow Jones Indices’ proprietary index of private technology companies named “S&P US Private Stock Top 10 Vintage 2025 Series 1”. KraneShares licenses this Index list from S&P Dow Jones Indices.

If the Recipient is, or is a fiduciary to, an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a fund or other entity whose assets are deemed to include “plan assets” of such plans, such Recipient agrees that Krane is not providing any investment advice (within the meaning of ERISA) to the plan, the Materials are not based on the particular investment needs of any plan, and the Materials will not serve as a primary basis for any of Recipient’s investment decisions.

Neither Krane nor any of its owners makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in the Materials, and nothing contained herein shall be relied upon as a promise or representation as to the past or future performance. The Materials have been prepared from third-party and original sources and data is believed to be reliable as of the date stated herein. Krane and its affiliates, directors, officers, and employees expressly disclaim any obligation to update any information contained herein. Krane does not have or undertake any obligation to update or keep current the information contained in the Materials.

The information provided in the Materials contains “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, returns and proposed or expected portfolio composition and involves significant elements of subjective judgment and analysis. The forward-looking information contained in the Materials is based upon certain assumptions about future events or conditions. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. In addition, not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results will vary and the variations may be material. You should understand such assumptions and evaluate whether they are appropriate for their purposes.

An investment in the Fund would not be appropriate for all investors and involves important legal, operational and tax consequences and investment risks (including, in some cases, volatility, currency and credit risk, illiquidity, and/or loss of principal), each of which should be independently assessed by investors with their professional advisors prior to transacting. These Materials do not take into account individual investor circumstances, objectives, or needs. No determination has been made regarding the suitability of any securities, financial instruments, or strategies for particular investors or prospects.

The interests in the Fund have not been approved or recommended by any United States federal or state securities commission or regulatory authority. The foregoing authorities have not confirmed the accuracy or determined the adequacy of the Materials. Any representation to the contrary is a criminal offense.

Krane has not independently verified the third-party information contained in the Materials, nor does Krane make any representation or warranty, either express or implied, as to the accuracy, completeness, or reliability of the third-party information contained in this presentation. The information contained in the Materials should not be regarded by the Recipient as a substitute for the exercise of its own judgment. The Recipient is expected to rely only on its own due diligence if it wishes to proceed further. The valuations, forecasts, estimates, opinions, and projections contained in the Materials involve elements of subjective judgment and analysis.

Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Krane, its directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of the information in the Materials or any of the information contained therein. The Recipient should not construe the contents of the Materials as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel, tax, and financial advisors as to legal and related matters concerning any transaction described herein. The Materials do not purport to be all-inclusive or to contain all of the information that the Recipient may require. No investment in the Fund or any other financial decision or action should be based solely on the information contained in the Materials.

THE MATERIALS DO NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE FUND. BEFORE INVESTING IN THE FUND, POTENTIAL INVESTORS SHOULD FULLY UNDERSTAND THE FUND’S TERMS AND ANY APPLICABLE RISKS, SOME, BUT NOT ALL, OF WHICH ARE DESCRIBED IN MORE DETAIL IN THE FUND DOCUMENTS.

Foreside Fund Services, LLC provides marketing review services. Foreside Fund Services, LLC is not affiliated with Krane Capital Management, LLC.

Contact:
KraneShares Investor Relations
info@kraneshares.com

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