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Interval Fund Launches Accelerate in 2022

July 22, 2022

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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 NameEffective DateInvestment Strategy
Cantor Fitzgerald Sustainable Infrastructure Fund6/30/2022Real Estate
First Trust Real Assets Fund6/29/2022PE/Venture Capital
Bluerock High Income Institutional Credit Fund6/21/2022Credit
Pimco California Flexible Municipal Income Fund6/21/2022Credit
Opportunistic Credit Interval Fund6/17/2022Credit
Sweater Cashmere Fund4/11/2022PE/Venture Capital
Fundrise Income Real Estate Fund, LLC2/3/2022Real Estate
Lind Capital Partners Municipal Credit Income Fund2/2/2022Credit

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.

FundShare ClassTickerMaximum Total Sales LoadDistribution FeeShareholder servicing
Lind Capital Partners Municipal Credit Income FundShares of Beneficial InterestLCMPXNoneNoneNone
Opportunistic Credit Interval FundISOFIXNoneNoneNone
PIMCO California Flexible Municipal Income FundInstitutionalCAFLXNoneNoneNone
PIMCO California Flexible Municipal Income FundA-1CAFMXNone0.50%Included in Distribution Fee
PIMCO California Flexible Municipal Income FundA-2CAFNX3.00%0.50%Included in Distribution Fee
PIMCO California Flexible Municipal Income FundA-3CAFOXNone0.75%Included in Distribution Fee
PIMCO California Flexible Municipal Income FundA-4CAFPX3.00%0.75%Included in Distribution Fee
Cantor Fitzgerald Sustainable Infrastructure FundACAFIX5.75%None0.25%
Bluerock High Income Institutional Credit FundAIIMAX5.75%None0.25%
Bluerock High Income Institutional Credit FundCIIMCXNone0.75%0.25%
Bluerock High Income Institutional Credit FundFIIMFXNoneNoneNone
Bluerock High Income Institutional Credit FundIIIMFXNoneNoneNone
First Trust Real Assets FundAFTRDX5.75%1.00%Included in Distribution Fee
First Trust Real Assets FundIFTREXNone1.00%Included in Distribution Fee
Fundrise Income Real Estate Fund, LLCCommon SharesN/ANoneNoneNone
Sweater Cashmere FundSharesSWTRXNoneNoneNone

New Interval Fund Management Fees

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

FundCategoryAdvisorSub-AdvisorAnnual Management FeeIncentive Fee
Lind Capital Partners Municipal Credit Income FundCreditLind Capital PartnersNone1.00% of net assetsNone
Opportunistic Credit Interval FundCreditMount Logan Management, LLCNone1.25% of gross assets15% of net investment income over 6.0% hurdle with catchup
PIMCO California Flexible Municipal Income FundCreditPacific Investment Management Company LLCNone0.75% of managed assetsNone
Cantor Fitzgerald Sustainable Infrastructure FundReal EstateCantor Fitzgerald Investment Advisors, L.P.Capital Innovations, LLC1.50% of net assetsNone
Bluerock High Income Institutional Credit FundCreditBluerock Credit Fund Advisor, LLCWhiteStar Asset Management LLC1.75% of net assets20% of pre incentive fee net investment income over an 8.0% hurdle with catch up
First Trust Real Assets FundPE/Venture CapitalFirst Trust Capital Management L.P.Angel Oak Capital Advisors, LLC1.35% of net assetsNone
Fundrise Income Real Estate Fund, LLCReal EstateFundrise Advisors, LLCNone0.85% of net assetsNone
Sweater Cashmere FundPE/Venture CapitalSweater Industries LLCNone2.50% of net assetsNone

The Interval Fund Tracker Premium Offering contains more detailed information covering all active interval funds. Click here to learn more.

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