The best growth stories in the world still have not IPO’d - here's how to access them

One of the things that has always frustrated me about investing is the inability to participate in what are objectively amazing opportunities before they reach public markets, i.e., before they IPO. History is littered with legendary investments that were “obvious” before IPO-ing, but the catch is that most (almost all) people either couldn’t access them, underestimated their scale, or thought the valuation already looked absurd. I’m talking about the Googles, Facebooks (now Meta) and Amazons of the world that looked like winners before a share was ever traded in anger. As Kevin Moss, President and Portfolio Manager at Liberty Street Advisors, puts it; “Historically, the greatest wealth creation has often happened before companies ever reached the public markets.” Right now, my frustration is at a fever pitch because there are a plethora of potentially cracking pre-IPO investment opportunities, some of which you have probably heard of. I’m talking about OpenAI, Anthropic, Stripe, Aussie success story Canva, Kraken, Databricks and - the grandaddy of them all - Elon Musk's SpaceX. Well, for anyone who shares my frustration about the lack of access to these opportunities, I have some good news. GAM Investments partnered with Liberty Street Advisors to bring the GAM LSA Private Shares AU Fund, a late-stage private growth strategy, to Australian advised retail investors. The fund provides access to a diversified portfolio of leading privately-owned companies in their final non-public funding rounds. Looking at the fund’s current holdings, it reads like a who’s who of potentially great businesses: Discord, Databricks, Kraken, and a holding in SpaceX that constitutes 19% of the portfolio. In this interview, as part of Livewire’s 2026 Growth Series, Moss explains why late-stage private markets may now offer a higher-quality opportunity set than public markets, how Liberty Street gains access to companies most investors never see, and why SpaceX remains one of the most compelling growth stories in the world today. Please note, this interview was recorded Monday, 4 May, 2026 TIME CODES 00:07 – Introduction: Why late-stage private markets are back in focus 00:28 – The “healthy reset” in private markets 01:14 – Why access is the key differentiator in private investing 01:54 – The markers of a quality business 02:36 – Why tighter funding conditions favour active managers 03:18 – Why SpaceX is more than just an ambitious story stock 03:58 – The growth engines driving SpaceX’s long-term value 04:55 – How the fund values private assets like SpaceX 05:34 – IPOs, secondaries and the path to liquidity 06:09 – Where private shares fit in a growth portfolio