Sep. 2 at 7:15 PM
$PWRL the NAV was last reported at
$14.69 but with
$SPCX recovery since the end of July the NAV is closer to
$15.9. This marks a 39% NAV discount. The cheapest CEFs I could find with a comparable discount are
$BPRE at 44% and
$HFRO at 38%. But those are idiosyncratic real-estate funds which carry a lot of risk, not late stage well established private tech companies like OpenAI, Databricks, Kalshi, Shield AI, and of course not SpaceX. Better apples to apples comparison to PWRL is
$VCX which trades at a premium with a similar portfolio.
This really is remarkable. PowerLaw just had a share lockup end last month so perhaps that explains the big 20% drop this past month. Late November has the final share lockup. Also PWRL cannot issue any shares below NAV, and since we are almost 40% below NAV there will not be any dilution in the foreseeable future.
The lack of any recent posts on this message board is also interesting
