RiverNorth Capital Management, a Florida-based asset manager with approximately $4.9 billion in assets, is launching two closed-end funds linked to the Prime Unicorn 30 Index. This index tracks the 30 largest privately held, venture-backed companies in the United States, including SpaceX, Anthropic, Stripe, Databricks, and other unicorns.
Participation in RiverNorth's IPO is available through AMCapital.app with a minimum investment of $10,000. Applications close in approximately seven days.
Two Funds – Two Strategies
The RiverNorth Long Prime Unicorn Fund 2027 replicates the performance of the Prime Unicorn 30 Index. Essentially, it's a bet on the growth of the largest private technology companies. In the first nine months of 2025, the index gained nearly 54%, and its total market capitalization exceeded $1 trillion.
The RiverNorth Short Prime Unicorn Fund 2027 works in the opposite direction: it aims to achieve a return equal to minus 100% of the Long Fund's return. It's a hedging tool or for those who believe private company valuations are overvalued.
Both funds are structured as closed-end funds (CEFs) with a planned listing and a life of approximately 24 months, after which they are expected to be liquidated. The Board of Directors may adjust this lifespan.
What's in the Portfolio
The Prime Unicorn 30 Index includes the most valuable private companies in the United States. Among them:
— SpaceX – the world's largest unicorn, valued at over $1.25 trillion after merging with xAI; Anthropic – developer of Claude, valued at ~$380 billion after its Series G round; OpenAI – creator of ChatGPT, valued at ~$840 billion; Databricks – an analytics and AI platform, valued at ~$134 billion; Stripe – payments infrastructure, valued at ~$159 billion
Most of these companies are considered prime IPO candidates in 2026–2027.
Why this is noteworthy
Until now, access to such companies at the private stage was the preserve of venture capital funds and large institutional investors. Retail investors could only watch as valuations soared. RiverNorth offers systemic exposure to an entire index of 30 companies, rather than a single bet on a single name through an SPV or secondary market.
The exchange-listed CEF format ensures liquidity: once trading begins, shares can be bought and sold on the exchange without waiting for the fund to liquidate.
Things to consider
Private markets are not publicly traded. Valuations can fluctuate wildly: just look at Bolt Financial, which lost almost 88% of its value in two years after its peak. Closed-end funds on the exchange often trade at a significant discount or premium to their NAV. And the 24-month horizon means that a fund's performance is directly dependent on whether companies manage to IPO within that period.
This is a tool for those who understand the risks of the private market and are prepared to tolerate increased volatility in exchange for access to assets that were, until recently, completely off-limits.
How to participate
You can apply on AMCapital.app. The minimum participation amount is $10,000. Applications are open until March 25, 2026.