How does private equity work in a public mutual fund?

External question — Personal Finance Stack Exchange Author: bitmaker Original post: https://money.stackexchange.com/questions/126627 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. For example, I'm invested in FGCKX, which contains SpaceX, Reddit, and Juul equity, and some other companies not publically-traded. How is the day-to-day price determined for these? For a follow-up question, how did these stocks get into the mutual fund? I can understand that the fund manager might think they're good investments, but how were they able to be purchased?