At the 2025 Value Investing Seminar, Naomi Tang explained how investors can have access to the best of both worlds; liquidity and private markets. An investment Analyst at United World College Endowment Management, Tang's presentation focused on two publicly traded stocks with large private market exposure, making them good opportunities for long-term investors, particularly pension funds, endowments, and larger foundations.
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Naomi Tang is an alumna of Pearson College UWC in Canada, where she pursued a History of Art major at New York University. During her studies, she gained experience working at the Guggenheim Museum, cultivating a strong interest in culture and art. Tang believes this cultural appreciation helped her investment process and propel her to where she is today.
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2025 Value Investing Seminar - Naomi Tang
The Powerful Blend: Private Market Access Through Public Vehicles
Investment trusts are closed-ended funds that are publicly listed and trade like a stock. They possess a pool of permanent capital, which allows them to trade at either a discount or a premium. A significant advantage of these trusts is their inherent liquidity, as they are listed on stock exchanges, such as the London Stock Exchange (LSE) and the Hong Kong Stock Exchange (HKEX). This listing provides investors with the flexibility to trade during market open hours.
Beyond liquidity, investment trusts offer relative transparency, with regular reporting and detailed disclosures on their holdings and strategy available in their annual reports, including holding sizes for their top positions. Fees for these vehicles can often be lower compared to traditional private funds.
The trust structure enables investors to gain exposure to less liquid assets, such as private equity or venture capital, without needing to worry about redemptions during economic downturns. Tang believes private equity investment trusts democratize private market access, allowing retail investors to invest who would otherwise be excluded due to high minimum investment requirements and SEC regulations. These trusts also are highly attractive for long-term capital allocators.
Investment Trusts: Diverse Access Strategies
Investment trusts employ four primary methods to access the private market:
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