Dan Ives is preparing Ives Ultra AI Opportunities Inc., a closed-end fund targeting equity and equity-related securities in private, late-stage U.S. artificial-intelligence companies. The fund aims to raise approximately $200 million through an initial public offering expected to price on Sept. 29, 2026, with trading scheduled to begin Sept. 30 under the ticker IVAI. Ives Ultra Capital Management will manage the fund, and Cohen & Co. is working on the offering, according to people familiar with the deal cited by Bloomberg. Shareholders will have a first-year option to tender shares at 100% of net asset value, a structure intended to help limit discounts to the value of the fund’s holdings. The fund’s private assets will be less transparent to value than publicly traded stocks, while its closed-end structure allows illiquid investments alongside exchange trading. Ives left Wedbush Securities on July 1, 2026, and formed Yorkville Ives & Co., which combines research, banking, trading and investment. The new vehicle shifts his AI investing focus from the publicly traded companies tracked by the Dan IVES Wedbush AI Revolution ETF, launched in 2025, to private late-stage companies.