Artificial intelligence bull Dan Ives is starting a closed-end fund to bet on private companies, joining a rush of firms offering stakes in hot startups to public market investors.

Ives Ultra AI Opportunities Inc. will invest mostly in equity and equity-related securities of private late-stage AI companies in the US, a filing with the US Securities and Exchange Commission showed. The fund is seeking to raise $200 million in an initial public offering, and is expected to price on Sept. 29, according to terms of the deal seen by Bloomberg News.

The fund will give investors the chance to tender their shares at 100% of the value of its assets in the first year following the IPO — an attempt to reduce the risk that the shares trade at a sizable discount to net assets. This year has brought a wave of listings of permanent capital vehicles investing in private companies, including two funds from Robinhood Markets Inc., as well as Powerlaw Corp. and Fundrise Innovation Fund.

Cohen & Co. is working on the Ives Ultra offering. The shares are expected to begin trading on the New York Stock Exchange on Sept. 30 under the symbol IVAI.