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Although its revenues are kept under wraps, investors have bid as much as $42 per privately held share of Facebook, implying a value of $18.5 billion.
"The stickiness associated with iTunes and Apple's hardware has had a protective effect (as they are only compatible with one another), and Apple has held share in music downloads and gained shared in MP3 in the last few quarters," the research firm said.
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At Lacoste, there were 22 family members who held shares at the time of the sale.
BlackRock's fund, for example, recently held shares of Copa Airlines in Panama.
Last year he offered $18.75 apiece for the publicly held shares.
He also held shares in HSBC through the St James Place investment platform.
By year-end, 17,000 investors held shares in the fund, which had swelled to $500 million.
Magnus Lerch has held shares in Bayer AG in the past.
Which, as Mr Bernerd laments, does not help to motivate managers who hold share options.
The added cash required to hold share is a function of growth rates.
M.B.G. currently holds share options of Bina Technologies and serves on its SAB.
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