Wells Fargo’s investment account for Warren Buffet’s Chase investment portfolio was a $1 million addition to the company’s portfolio, according to the investment firm.
The investment account is part of a $40 million commitment from the bank for its Pre-IPo investment platform.
The account is expected to close in mid-September.
The pre- IPO fund will have a total investment of $50 million.
It’s part of the $50 billion pre-investment fund that the bank plans to launch in 2020, Wells Fargo CEO Dan Magaziner said in a memo to employees last month.
The fund is meant to provide a “sustainable platform” for financial professionals, according the memo.
The company has about 6,000 employees, Magaziners office said in the memo, and its employees are being hired in high-demand roles at high-tech companies and other financial institutions.
Wells Fargo said in March it had invested in at least 12 funds and has $60 billion in total assets under management.
Its Pre- IPO Fund is the latest investment to go public.
Wells says the Pre- IPO Fund will allow its investment customers to access “the same tools and resources that are used by investment professionals in creating high-quality products and services.”
Wells said it will provide additional information to the public about the Pre IPO fund when it opens in mid September.