Firsthand Technology Value Fund, Inc. (SVVC): History, Ownership, Mission, How It Works & Makes Money

How does a publicly traded venture capital fund navigate the volatile world of private technology and cleantech investments, especially when its Net Asset Value (NAV) per share has seen a sharp drop in 2025? Firsthand Technology Value Fund, Inc. (SVVC) is a unique, non-diversified closed-end fund that aims for long-term capital growth by putting at least 80% of its assets into these high-risk, high-reward sectors, but the third quarter of 2025 showed a significant challenge. The Fund's NAV per share fell to just $0.04 as of September 30, 2025, a steep decline from $0.11 per share just three months prior, alongside a net investment loss of $430,629 for the quarter. This performance begs the question: how does a small, niche player with total net assets of only $296,547 as of Q3 2025 continue to operate and seek exit opportunities in a tough market? Let's dig into the history, ownership, and precise business model that keeps this Silicon Valley fund in the game, despite the headwinds.

Firsthand Technology Value Fund, Inc. (SVVC) History

The story of Firsthand Technology Value Fund, Inc. (SVVC) is a two-part narrative, starting as a high-flying mutual fund in the dot-com era before transforming into a publicly traded venture capital fund (Business Development Company, or BDC) in 2011. This shift was a strategic pivot to access illiquid private technology investments, a move that initially paid off but ultimately led to a dramatic decline in net asset value (NAV) by 2025.

Given Company's Founding Timeline

Year established

The original investment adviser, Firsthand Capital Management, was established in 1994, managing the predecessor open-end mutual fund. The current publicly traded entity, Firsthand Technology Value Fund, Inc. (SVVC), commenced operations on April 18, 2011, following a reorganization.

Original location

The firm is managed from the heart of Silicon Valley, currently based in San Jose, California.

Founding team members

Firsthand Capital Management was founded in 1994 by technology industry veterans Kevin Landis and Ken Kam. Kevin Landis remains the lead of the investment adviser.

Initial capital/funding

While the initial capital of the 1994 mutual fund is not public, its success led to assets under management swelling to over $4 billion during the late 1990s tech boom. By mid-2010, before the 2011 conversion to the SVVC structure, the assets had dwindled to under $150 million.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defined by structural transformations and the inherent volatility of illiquid venture capital. You need to understand these shifts because they explain the fund's current state.

• The 2011 BDC Conversion: This was a defintely critical switch. Facing a post-dot-com world where the open-end mutual fund structure was struggling, the management team converted to a Business Development Company (BDC) on April 18, 2011. This structure allows the fund to invest in illiquid private companies, essentially bringing venture capital exposure to public market investors. The goal was to seek capital gains from disruptive technology and cleantech companies, an aggressive, risk-seeking strategy.
• The Facebook/Twitter Exits: The 2014 exits from Facebook and Twitter were the BDC model's proof-of-concept. Realizing over $60 million in combined gains and returning over $50 million to shareholders in a single year showed the potential for massive, immediate value creation. This brief period of success pushed the NAV to its peak of over $30 per share in 2015.
• The 2020-2025 Decline: The most recent transformative phase is the dramatic collapse of value. By December 31, 2022, net assets were approximately $30.6 million, which then plummeted to $1.3 million a year later, a staggering 95.8% decline. As of the third quarter of 2025, net assets were only $296,547, with a portfolio valued at just $256,934. This collapse, driven by illiquid assets and operational losses, has led to repeated shareholder demands for liquidation since 2020.

To fully grasp the current operational context, you should review the fund's formal objectives: Mission Statement, Vision, & Core Values of Firsthand Technology Value Fund, Inc. (SVVC).

Firsthand Technology Value Fund, Inc. (SVVC) Ownership Structure

The ownership structure of Firsthand Technology Value Fund, Inc. (SVVC) is highly fragmented, with the vast majority of the company's equity held by retail and other public shareholders, a common but notable feature for a publicly traded closed-end fund. Insider holdings are relatively small, which means management's direct skin in the game is less than 10%, and institutional presence is almost negligible.

Firsthand Technology Value Fund, Inc.'s Current Status

Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund, structured as a non-diversified, closed-end investment company (Business Development Company or BDC). You can find its shares quoted on the OTCQB market under the ticker symbol SVVC. This structure means the fund is not actively raising new capital but is focused on managing its existing portfolio of technology and cleantech investments, which were valued at $256,934 as of September 30, 2025. The fund's focus is on long-term capital growth, primarily through seeking capital gains from its equity and equity-related investments. Breaking Down Firsthand Technology Value Fund, Inc. (SVVC) Financial Health: Key Insights for Investors

Firsthand Technology Value Fund, Inc.'s Ownership Breakdown

As of October 2025, the fund had 6,893,056 shares of common stock outstanding. The ownership breakdown shows a significant public float, meaning most shareholders are individual investors, which can sometimes lead to greater stock price volatility because of lower trading liquidity. Here's the quick math on who owns the shares:

What this estimate hides is the concentration risk; even with a small percentage, a few key individuals or groups could still exert significant influence. The institutional ownership is defintely low, which is a key signal for a stock trading on the OTCQB.

Firsthand Technology Value Fund, Inc.'s Leadership

The company is steered by a small executive team and a board of directors, who are responsible for the investment strategy and the ongoing management of the fund's illiquid assets. The leadership structure is lean, which is typical for a fund of this size and current operational focus.

• Kevin Landis: Serves as both the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). This dual role centralizes both strategic and financial decision-making.
• Nichole Mileski: Holds the position of Chief Compliance Officer (CCO), overseeing regulatory adherence and internal controls.
• Independent Directors: The board includes independent directors Greg Burglin and Kimun Lee, who are tasked with overseeing management and approving the quarterly fair value adjustments for the private portfolio companies.

The board's Valuation Committee, composed of the independent directors, is crucial right now, especially since the fund's net assets decreased to $296,547 as of September 30, 2025, from a prior high. Their decisions on asset valuation directly impact the Net Asset Value (NAV) per share.

Firsthand Technology Value Fund, Inc. (SVVC) Mission and Values

Firsthand Technology Value Fund, Inc.'s core purpose is a straightforward venture capital objective: generating long-term capital growth for its shareholders by targeting high-potential, often illiquid, technology and cleantech companies. Its values are rooted in a deep-seated belief that understanding the tech sector from the inside is the secret to successful investing, guiding their focus on private-market equity.

Firsthand Technology Value Fund, Inc.'s Core Purpose

As a publicly traded venture capital fund (a non-diversified, closed-end investment company), the Fund's mission translates directly into its investment mandate. This is not a broad-market index fund; it's a specialist. You can defintely see the focus in the portfolio allocation, and understanding this is vital before you dive into Breaking Down Firsthand Technology Value Fund, Inc. (SVVC) Financial Health: Key Insights for Investors.

Official mission statement

The formal investment objective of Firsthand Technology Value Fund, Inc. is to seek long-term growth of capital, primarily by aiming for capital gains on its equity and equity-related investments.

• Invest at least 80% of total assets in technology and cleantech companies under normal circumstances.
• Focus on acquiring investments through direct deals in private companies and organized secondary marketplaces for private securities.
• The Net Asset Value (NAV) per share was reported at just $0.04 as of September 30, 2025, reflecting the high-risk, high-reward nature of its illiquid venture portfolio.

Vision statement

The Fund's vision is to be the premier vehicle for public investors to access high-growth, illiquid private technology and cleantech companies, aiming to capitalize on future exit opportunities. They are trying to find the next big thing before it hits the public market.

• The strategy involves leveraging deep industry knowledge to manage a portfolio that, as of Q3 2025, had total assets of $811,382.
• The vision requires continuous prudent management, especially when the Fund reports a net investment loss, which was $430,629 for the third quarter of 2025.

Firsthand Technology Value Fund, Inc. slogan/tagline

While not a catchy marketing slogan, the company's self-description is its most accurate tagline, clearly defining its niche and value proposition.

• A publicly traded venture capital fund investing in private technology and cleantech companies.

That's the whole business model in one sentence.

Firsthand Technology Value Fund, Inc. (SVVC) How It Works

Firsthand Technology Value Fund, Inc. (SVVC) operates as a publicly traded venture capital fund, legally structured as a non-diversified, closed-end investment company that elected to be treated as a business development company (BDC). Its primary function is to invest in illiquid, high-growth, private technology and cleantech companies, aiming for long-term capital appreciation through successful exit events like an Initial Public Offering (IPO) or acquisition.

The Fund's value is highly concentrated and volatile, as reflected in its Net Asset Value (NAV) per share, which stood at only $0.04 as of September 30, 2025, with total net assets of just $296,547.

Firsthand Technology Value Fund, Inc.'s Product/Service Portfolio

The Fund's core product is providing investors public-market access to a concentrated portfolio of private, late-stage venture capital equity, which is typically hard to access. The Fund is mandated to invest at least 80% of its total assets in technology and cleantech companies.

Firsthand Technology Value Fund, Inc.'s Operational Framework

The operational process is straightforward but high-risk, focusing on capital deployment into private companies and managing the valuation of those illiquid assets until an exit. The Fund reported a net investment loss of $430,629 for the third quarter of 2025, showing the current operational struggle to cover expenses with investment income.

• Capital Deployment: Invest in equity and debt with equity features in technology, cleantech, life science, and other disruptive technology companies.
• Valuation Process (The Quick Math): The illiquid private holdings are valued quarterly by a Valuation Committee, composed of two independent directors, using an independent valuation firm and following ASC 820 guidelines (Fair Value Measurement). This is crucial because the portfolio value of $256,934 as of September 30, 2025, is primarily based on these estimates.
• Exit Strategy: The main value driver is the realization of gains through a liquidity event (IPO or acquisition) for a portfolio company, which then translates into cash for the Fund and potential distributions to shareholders.
• Liquidity Management: As of Q3 2025, the Fund held $59,009 in cash and cash equivalents, which is about $0.01 per share. That's defintely a thin margin for a venture fund.

Firsthand Technology Value Fund, Inc.'s Strategic Advantages

The Fund's strategic advantages are rooted in its structure and historical mandate, though current financial results indicate significant challenges in realizing that value. You should consider this context when looking at the fund's structure. For a deeper dive, read Breaking Down Firsthand Technology Value Fund, Inc. (SVVC) Financial Health: Key Insights for Investors.

• BDC Structure: Operating as a BDC (Business Development Company) allows the Fund to invest in illiquid private companies and pass on gains to shareholders, offering a unique public-market vehicle for venture exposure.
• Sector Focus: A non-diversified, concentrated focus on technology and cleantech provides specialized knowledge, especially in disruptive subsectors like medical devices and software development.
• Active Management: The Fund provides hands-on assistance to portfolio companies, including recruiting management and helping with intellectual property strategies, which theoretically increases the value of the underlying investments.
• Closed-End Flexibility: The closed-end fund structure allows management to hold illiquid assets for the long term without facing forced sales due to investor redemptions, which is a key advantage for venture capital.

Firsthand Technology Value Fund, Inc. (SVVC) How It Makes Money

Firsthand Technology Value Fund, Inc. (SVVC) primarily makes money through capital appreciation, which is the increase in the fair value of its investments in privately held and publicly traded technology and cleantech companies. The fund's actual operating income from interest and dividends is minimal; the core of its business is generating gains when its portfolio companies are successfully sold or go public, though this engine is currently running in reverse.

Firsthand Technology Value Fund, Inc.'s Revenue Breakdown

For a venture capital fund like Firsthand Technology Value Fund, Inc., the true measure of performance-and the source of its potential return-is the change in its portfolio's value, not just the small amount of interest and dividend income. Based on the third quarter of 2025 (Q3 2025) results, the fund's economic activity is dominated by portfolio depreciation.

To be fair, the fund's Q3 2025 total investment income-the actual cash flow from interest and dividends-was only $2,314. The other 89.67% represents the net realized and unrealized losses of $20,083 on its investments for the quarter, which is the primary driver of its declining Net Asset Value (NAV).

Business Economics

The fund operates as a closed-end investment fund, meaning it has a fixed number of shares outstanding and its primary business is capital allocation, not recurring sales. Its economic model is a high-risk, high-reward venture capital strategy focused on illiquid, early-stage technology and cleantech companies.

Here's the quick math on the fund's current capital structure as of September 30, 2025, which shows how thin the cushion is:

• Total Assets: $811,382
• Total Liabilities: $514,835
• Net Assets (NAV): $296,547

The fund's core economic challenge is the illiquidity of its portfolio. Since most holdings are in private companies, the valuation process is subjective and can lead to sharp, sudden drops in Net Asset Value (NAV) when market conditions or company performance warrant an adjustment. The fund's ability to generate cash and distribute returns relies entirely on finding a profitable exit (an acquisition or Initial Public Offering) for its private company holdings.

Firsthand Technology Value Fund, Inc.'s Financial Performance

The financial performance data as of Q3 2025 paints a picture of a fund under severe pressure, with its value eroding significantly in the near-term. The fund is defintely facing a critical moment, as evidenced by the dramatic drop in NAV.

• Net Asset Value (NAV) Per Share: The NAV per share plummeted to just $0.04 as of September 30, 2025, down from $0.11 per share at the end of Q2 2025. This 63.6% quarter-over-quarter decline is a clear signal of portfolio stress.
• Net Investment Loss: For Q3 2025, the fund reported a net investment loss of $430,629 after accounting for fees and operating expenses. This shows the fund's operating costs are vastly outpacing its minimal investment income.
• Portfolio Composition: As of the end of Q3 2025, the fund's equity and debt investments were valued at only $197,925, representing about 24.4% of its total assets. A significant portion of its assets ($554,448, or 68.3%) are classified as 'Other Assets,' which often includes non-investment-related items like receivables or deferred tax assets.

What this estimate hides is the long-term capital destruction; shareholders have repeatedly demanded liquidation since 2020 due to a reported 95.8% NAV collapse over a longer period. For a deeper dive into the fund's current health, you should read Breaking Down Firsthand Technology Value Fund, Inc. (SVVC) Financial Health: Key Insights for Investors.

Firsthand Technology Value Fund, Inc. (SVVC) Market Position & Future Outlook

Firsthand Technology Value Fund, Inc. (SVVC) is currently positioned as a distressed micro-cap business development company (BDC), with its future trajectory largely dependent on the successful, orderly liquidation of its remaining illiquid private equity holdings. As of September 30, 2025, the Fund's Net Asset Value (NAV) had plummeted to just $0.04 per share, reflecting the cumulative losses and persistent operational expenses. The immediate outlook is not about growth but about maximizing recovery for shareholders from a portfolio valued at only $256,934 in public and private securities.

Competitive Landscape

In the broader asset management and Business Development Company (BDC) space, Firsthand Technology Value Fund's market share is negligible, placing it at the extreme periphery of the industry. The total assets of the BDC market reached approximately $450 billion in 2025, making the Fund's $811,382 in total assets a tiny fraction of the overall landscape. Its unique competitive advantage is now its deeply discounted stock price relative to its remaining (albeit small) book value, which attracts highly specialized, risk-tolerant investors looking for a potential liquidation premium.

Opportunities & Challenges

You need to be a realist about the Fund's situation. The primary opportunity is a clean exit, not a long-term turnaround. The key strategic initiative is simply to manage the remaining portfolio prudently to seek potential exit opportunities.

Industry Position

The Fund operates as a publicly traded venture capital fund (a Business Development Company, or BDC) that focuses on technology and cleantech. It's a non-diversified, closed-end investment company.

• Micro-Cap Status: With total net assets of $296,547 as of Q3 2025, it sits at the very bottom of the 'small BDC' category, which is generally defined as having an NAV under $500 million.
• Illiquidity Discount: The stock trades at a significant discount to its already low NAV, a common issue for funds with highly illiquid private holdings.
• Governance Pressure: Shareholder activism has been a constant, with repeated demands for the fund's liquidation since 2020, citing the massive decline in NAV. This governance challenge is a major factor influencing its stock price and operational focus.

The core issue is that operational costs continue to erode the small asset base, making a swift, value-maximizing exit paramount. To understand the original intent behind the fund's strategy, you can review its Mission Statement, Vision, & Core Values of Firsthand Technology Value Fund, Inc. (SVVC).

What this estimate hides is the true value of the remaining private companies, which is the only real upside left for shareholders. The valuation committee, using an independent valuation firm, adjusted the fair values of the private companies in Q3 2025, but the market remains skeptical.

Next Step: Review the Q3 2025 10-Q filing for a detailed breakdown of the remaining portfolio companies to assess the likelihood of a near-term exit for the largest holdings.