(Bloomberg) — SoFi Technologies Inc. said it’s adding new private-markets funds that will allow retail clients to invest in closely held companies including SpaceX, OpenAI and Epic Games.
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Investors will gain exposure to companies across artificial intelligence, machine learning, space technology, consumer products, health care, e-commerce and financial technology, SoFi said in a statement Tuesday. SoFi is working with asset-management firms Cashmere, Fundrise and Liberty Street Advisors on the funds, which can be invested in through the SoFi app.
The financial-technology company already has private-market funds, though they come with high barriers to entry. SoFi’s Cosmos Fund requires clients to invest at least $25,000 and meet additional equity thresholds to access SpaceX and Anthropic shares. For the new funds, the minimum contribution will be just $10 on SoFi’s investment platform.
“SoFi is expanding alternative investment opportunities for a new generation of investors,” Chief Executive Officer Anthony Noto said in the statement.
The fintech has yet to disclose details on the composition of the new portfolios.
The move comes as retail clients clamor to invest in private companies. Private-market funds are one avenue to acquire shares in a pre-IPO company. Robinhood Markets Inc. recently announced that it was offering access to equity “tokens” as way for clients to invest in closely held firms. OpenAI advised customers to “be careful” with such investments, which the AI company said it hadn’t authorized.
SoFi’s first-quarter net income of $71 million exceeded analysts’ expectations of $39.8 million. Adjusted net revenue rose 33% to $771 million, also beating estimates. SoFi has expanded past its origins in student-loan refinancing, diving into the fintech space with robo-advisory and crypto-investing products.
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