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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
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      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
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      <investmentCompanyType>N-2</investmentCompanyType>
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    <generalInfo reportEndingPeriod="2025-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Private Shares Fund</registrantFullName>
      <investmentCompFileNo>811-22759</investmentCompFileNo>
      <registrantCik>0001557265</registrantCik>
      <registrantLei>549300J800LUHSXGST12</registrantLei>
      <registrantstreet1>88 PINE STREET</registrantstreet1>
      <registrantstreet2>31ST FLOOR, SUITE 3101</registrantstreet2>
      <registrantcity>NEW YORK</registrantcity>
      <registrantzipCode>10005</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>6468395548</registrantphoneNumber>
      <websites>
        <website webpage="https://privatesharesfund.com/"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>UMB FUND SERVICES, INC.</officeName>
          <officeAddress1>235 WEST GALENA STREET</officeAddress1>
          <officeCity>MILWAUKEE</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53212</officeRecordsZipCode>
          <officePhone>4142992000</officePhone>
          <booksRecordsDesc>TRANSFER AGENT, FUND ACCOUNTANT, AND ADMINISTRATOR</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>UMB BANK, N.A.</officeName>
          <officeAddress1>928 GRAND BOULEVARD</officeAddress1>
          <officeAddress2>5TH FLOOR</officeAddress2>
          <officeCity>KANSAS CITY</officeCity>
          <officeStateCountry officeState="US-MO" officeCountry="US"/>
          <officeRecordsZipCode>64106</officeRecordsZipCode>
          <officePhone>4142992000</officePhone>
          <booksRecordsDesc>CUSTODIAN</booksRecordsDesc>
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        <locationBooksRecord>
          <officeName>LIBERTY STREET ADVISORS, INC</officeName>
          <officeAddress1>88 PINE STREET</officeAddress1>
          <officeAddress2>31ST FLOOR, SUITE 3101</officeAddress2>
          <officeCity>NEW YORK</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10005</officeRecordsZipCode>
          <officePhone>6468395548</officePhone>
          <booksRecordsDesc>ADVISER</booksRecordsDesc>
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        <locationBooksRecord>
          <officeName>COMPLIANCE4, LLC</officeName>
          <officeAddress1>9 TERISON DRIVE</officeAddress1>
          <officeCity>FALMOUTH</officeCity>
          <officeStateCountry officeState="US-ME" officeCountry="US"/>
          <officeRecordsZipCode>04105</officeRecordsZipCode>
          <officePhone>2077475934</officePhone>
          <booksRecordsDesc>CHIEF COMPLIANCE OFFICER</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>FORESIDE FUND SERVICES, LLC</officeName>
          <officeAddress1>THREE CANAL PLAZA</officeAddress1>
          <officeAddress2>SUITE 100</officeAddress2>
          <officeCity>PORTLAND</officeCity>
          <officeStateCountry officeState="US-ME" officeCountry="US"/>
          <officeRecordsZipCode>04101</officeRecordsZipCode>
          <officePhone>8662516920</officePhone>
          <booksRecordsDesc>DISTRIBUTOR</booksRecordsDesc>
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      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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          <directorName>Robert J. Boulware</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
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            <fileNumberInfo fileNumber="811-22554"/>
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        </director>
        <director>
          <directorName>Mark Radcliffe</directorName>
          <crdNumber>N/A</crdNumber>
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        <director>
          <directorName>Daniel A. Doyle</directorName>
          <crdNumber>N/A</crdNumber>
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        <director>
          <directorName>Timothy Reick</directorName>
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            <fileNumberInfo fileNumber="N/A"/>
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        <director>
          <directorName>Herb W. Morgan</directorName>
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            <fileNumberInfo fileNumber="N/A"/>
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      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Peter R. Guarino</ccoName>
          <crdNumber>001276310</crdNumber>
          <ccoStreet1>9 Terison Drive</ccoStreet1>
          <ccoCity>Falmouth</ccoCity>
          <ccoStateCountry ccoState="US-ME" ccoCountry="US"/>
          <ccoZipCode>04105</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="Compliance4, LLC" ccoEmployerId="82-5137381"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Foreside Fund Services, LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-51293</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000046106</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>254900I9MBNZITP8G247</principalUnderwriterLei>
          <principalUnderwriterRssdId>N/A</principalUnderwriterRssdId>
          <principalUnderWriterStateCountry principalUnderWriterState="US-ME" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>GRANT THORNTON LLP</publicAccountantName>
          <pcaobNumber>00248</pcaobNumber>
          <publicAccountantLei>549300V6SBN782HF4N65</publicAccountantLei>
          <publicAccountantRssdId>3835735</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantState="US-IL" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>Y</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>The Private Shares Fund</mgmtInvFundName>
        <mgmtInvLei>549300J800LUHSXGST12</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Interval Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17e-1 (17 CFR 270.17e-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 23c-1 (17 CFR 270.23c-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Liberty Street Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-67698</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000142949</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>UMB FUND SERVICES, INC.</transferAgentName>
            <transferAgentFileNo>84-05792</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>3028706</transferAgentRssdId>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>INTERCONTINENTAL EXCHANGE, INC.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, NATIONAL ASSOCIATION</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>UMB FUND SERVICES, INC.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-WI" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>UMB FUND SERVICES, INC.</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>3028706</adminRssdId>
            <adminOther>N/A</adminOther>
            <idNumberDesc>N/A</idNumberDesc>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO SECURITIES, LLC</brokerName>
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            <brokerRssdId>3204407</brokerRssdId>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>3204.000000000000</grossCommission>
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          <broker>
            <brokerName>William Blair &amp; Company</brokerName>
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            <brokerRssdId>1599042</brokerRssdId>
            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
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        <aggregateCommission>159688.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1005776272.000000000000</mnthlyAvgNetAssets>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>CLASS I COMMON SHARES OF BENEFICIAL INTEREST</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="PIIVX"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>CLASS A COMMON SHARES OF BENEFICIAL INTEREST</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="PRIVX"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>CLASS L COMMON SHARES OF BENEFICIAL INTEREST</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="PRLVX"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.900000000000</managementFee>
      <netOperatingExpenses>2.560000000000</netOperatingExpenses>
      <marketPricePerShare>50.190000000000</marketPricePerShare>
      <netAssetValuePerShare>47.300000000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Private Shares Fund" signedDate="2026-03-16" signature="/s/ Kevin Moss" title="President"/>
  </formData>
</edgarSubmission>