Unlimited Funds, Inc. filed an initial registration statement with the Securities and Exchange Commission for Unlimited Unicorn Opportunities Fund I, a closed-end fund offering public access to venture investments.

The fund intends to convert existing private holdings from Vested Fund III into a publicly traded vehicle. Shares are expected to trade under the symbol UNIC on the New York Stock Exchange once the Form N-2 registration is declared effective.

Portfolio Composition

The fund’s portfolio includes more than 100 companies across various funding stages and sectors. Approximately 90 of these holdings are unicorns, including OpenAI, Colossal Biosciences, HackerOne, PSI Quantum, and Qumulo. The selection process relies on proprietary technology designed to identify businesses with a higher probability of achieving unicorn status.

Bob Elliott, CEO and CIO of Unlimited, manages the fund. He previously served as Head of Venture at CircleUp, a systematic venture investment company focused on early-stage consumer brands.

Fee Structure and Performance

Unlike many venture offerings that carry high expense ratios, the Fund will not charge a management fee. The expense ratio will reflect only expenses directly attributable to the Fund.

The underlying selection process has shown strong historical performance in the 2022 vintage fund, which already produced 16 positions marked at 5x or higher.

What the Numbers Show

The absence of a management fee represents a structural divergence from traditional venture capital funds, which typically charge significant management fees alongside performance-based carry. This cost structure aims to reduce fee drag for investors accessing illiquid assets through a public market wrapper.