Lares Capital
Hedge fund manager, small-cap, long/short equity

Is Keating Capital A Sound Investment?


SeekingAlpha has published several articles on Keating Investment Inc., a small closed end fund with a business development corporation charter, investing in late stage pre-IPO companies. I have spoken with KIPO management on several occasions and watched its equity price closely. Normally, I am not a big fan of investing in closed-end-funds. Too many of these archaic investment structures (governed by Investment Company Act of 1940), which precede ETFs, REITs, MLPs, and other publicly traded portfolio alternatives, exist simply to enrich its managers while providing little value of active management to the investors.

I have established five simple criteria, which are, in my opinion, necessary (but not sufficient) conditions for closed end fund investment. If a closed-end fund passes...

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