Its been a busy year for interval fund sponsors. So far in the first half of 2022, 8 new interval funds have launched. Four of these funds are pursuing a credit strategy, two are in Private Equity or Venture Capital, and two are in real estate

Here is a list of the new funds:

Fund Name	Effective Date	Investment Strategy
Cantor Fitzgerald Sustainable Infrastructure Fund	6/30/2022	Real Estate
First Trust Real Assets Fund	6/29/2022	PE/Venture Capital
Bluerock High Income Institutional Credit Fund	6/21/2022	Credit
Pimco California Flexible Municipal Income Fund	6/21/2022	Credit
Opportunistic Credit Interval Fund	6/17/2022	Credit
Sweater Cashmere Fund	4/11/2022	PE/Venture Capital
Fundrise Income Real Estate Fund, LLC	2/3/2022	Real Estate
Lind Capital Partners Municipal Credit Income Fund	2/2/2022	Credit

2022Q2 was an especially busy quarter. The following chart shows the number of new interval fund launches in each quarter since 2020.

New Interval Fund Strategies

Credit Funds

Each of the Credit funds has a unique strategy. Pimco California Flexible Municipal Income Fund and Lind Capital Partners Municipal Credit Income Fund both invest in municipal debt. As the name implies, Pimco’s new interval fund will invest in municipal bonds issued by or on behalf od the State of California and its political subdivisions, financing authorities, and agencies. The Lind Capital Partners interval fund will focus on high yield municipal bonds from smaller issuers.

Bluerock High Income Institutional Credit Fund will focus on senior secured loans. Bluerock’s new interval fund may purchase senior secured loans directly in the primary or secondary market. It may also purchase senior, junior or equity tranches of CLOs.

Mount Logan Management, LLC is the adviser to the Opportunistic Credit Interval Fund. This fund seeks to opportunistically allocate capital to investments that it expects will perform well through the full credit cycle.

Private Equity and Venture Capital

The First Trust Real Assets Fund will invest in private funds that invest in real assets including real estate, infrastructure, natural resources, and precious metals.

The Sweater Cashmere Fund will operate in the equity securities of private growth companies and venture capital funds.

Real Estate

The Fundrise Income Real Estate Fund came to market as a result of the merger of six Fundrise sponsored private REITs. Fundrise’s new real estate interval fund will continue to raise capital and pursue its strategy of investing in a broad portfolio of commercial and residential real estate.

The SEC declared the prospectus for Cantor Fitzgerald Sustainable Infrastructure Fund effective on the last day of 2022Q2. Cantor Fitzgerald’s new interval fund will invest in a portfolio of private institutional infrastructure investment funds, as well as public infrastructure securities.

New Interval Fund Share Classes

Many interval funds offer multiple share classes in order to offer the fund to different distribution channels. The following table summarizes the different share classes offered by each of the newly launched interval funds.

Fund	Share Class	Ticker	Maximum Total Sales Load	Distribution Fee	Shareholder servicing
Lind Capital Partners Municipal Credit Income Fund	Shares of Beneficial Interest	LCMPX	None	None	None
Opportunistic Credit Interval Fund	I	SOFIX	None	None	None
PIMCO California Flexible Municipal Income Fund	Institutional	CAFLX	None	None	None
PIMCO California Flexible Municipal Income Fund	A-1	CAFMX	None	0.50%	Included in Distribution Fee
PIMCO California Flexible Municipal Income Fund	A-2	CAFNX	3.00%	0.50%	Included in Distribution Fee
PIMCO California Flexible Municipal Income Fund	A-3	CAFOX	None	0.75%	Included in Distribution Fee
PIMCO California Flexible Municipal Income Fund	A-4	CAFPX	3.00%	0.75%	Included in Distribution Fee
Cantor Fitzgerald Sustainable Infrastructure Fund	A	CAFIX	5.75%	None	0.25%
Bluerock High Income Institutional Credit Fund	A	IIMAX	5.75%	None	0.25%
Bluerock High Income Institutional Credit Fund	C	IIMCX	None	0.75%	0.25%
Bluerock High Income Institutional Credit Fund	F	IIMFX	None	None	None
Bluerock High Income Institutional Credit Fund	I	IIMFX	None	None	None
First Trust Real Assets Fund	A	FTRDX	5.75%	1.00%	Included in Distribution Fee
First Trust Real Assets Fund	I	FTREX	None	1.00%	Included in Distribution Fee
Fundrise Income Real Estate Fund, LLC	Common Shares	N/A	None	None	None
Sweater Cashmere Fund	Shares	SWTRX	None	None	None

New Interval Fund Management Fees

Each strategy also has different management fees. The following table summarizes the different management fees for each new fund.

Fund	Category	Advisor	Sub-Advisor	Annual Management Fee	Incentive Fee
Lind Capital Partners Municipal Credit Income Fund	Credit	Lind Capital Partners	None	1.00% of net assets	None
Opportunistic Credit Interval Fund	Credit	Mount Logan Management, LLC	None	1.25% of gross assets	15% of net investment income over 6.0% hurdle with catchup
PIMCO California Flexible Municipal Income Fund	Credit	Pacific Investment Management Company LLC	None	0.75% of managed assets	None
Cantor Fitzgerald Sustainable Infrastructure Fund	Real Estate	Cantor Fitzgerald Investment Advisors, L.P.	Capital Innovations, LLC	1.50% of net assets	None
Bluerock High Income Institutional Credit Fund	Credit	Bluerock Credit Fund Advisor, LLC	WhiteStar Asset Management LLC	1.75% of net assets	20% of pre incentive fee net investment income over an 8.0% hurdle with catch up
First Trust Real Assets Fund	PE/Venture Capital	First Trust Capital Management L.P.	Angel Oak Capital Advisors, LLC	1.35% of net assets	None
Fundrise Income Real Estate Fund, LLC	Real Estate	Fundrise Advisors, LLC	None	0.85% of net assets	None
Sweater Cashmere Fund	PE/Venture Capital	Sweater Industries LLC	None	2.50% of net assets	None

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