Interval Funds Monthly- March 2024

March 29, 2024

This month five new interval fund filed registrations statements:

Fund Name	Strategy	Registration Date
The Pop Venture Fund	PE/VC	3/29/2024
Axxes Opportunistic Credit Fund	Credit	03/15/2024
Cascade Private Capital Fund	PE/VC	03/14/2024
Accordant Real Estate Growth Fund	Real Estate	03/07/2024
John Hancock Multi Asset Credit Fund	Credit	03/06/2024

Other notable fund registrations include a new tender offer fund from First Trust, and a new BDC from Apollo.

The Pop Venture Fund

The Pop Venture Fund filed a draft registration statement on March 29, 2024. It will invest equity securities of private, operating, early-stage, mid-stage and late-stage growth companies seeking capital. The fund will use proprietary software known as the Locker to conduct due diligence and valuation analysis on private companies.

Pop Venture has a unique approach to fund distribution. In order to open an account with the Fund and purchase Shares, investors must visit popventure.com on any device or download the Pop Venture mobile application, which is available through the Apple App Store and Google Play Store. The fund is offering one share class, and the minimum investment is $25. The management fee is 2.0% of net assets.

Pop Venture Advisers LLC is the fund’s Adviser. An affiliate of the Adviser owns the Locker and Crowdcheck, Inc.

Axxes Opportunistic Credit Fund

Axxes Opportunistic Credit fund filed a new registration statement on March 15, 2024. This new interval fund will invest in (i) fixed or floating rate bonds or loans, (ii) distressed credit instruments, (iii)convertible securities, (iv) structured credit instruments, and (v) hard asset credit related instruments.

Axxes Advisors LLC is the fund’s adviser, and Greywolf Capital Management is the sub-adviser. Axxes Opportunistic Credit Fund is offering three share classes: Class A, C, and I. Class A will have a sales load of up to 5.75%. In contrast, Class C and I shares will not have any upfront sale load. Class C shares will also have a 0.25% servicing fee, and a 0.75% distribution fee. The minimum initial investment is $25,000 for Class A and Class C shares, and $1,000 for Class I shares. The management fee is 1.50%. Additionally, the fund will charge an incentive fee, although the details of the incentive fee are not specified in the draft prospectus.

There is another unique aspect of the distribution plan for this fund: shareholders that redeem their shares in the Axxess Opportunistic Credit fund will be able to use the proceeds to acquire shares in other funds that Axxess advises.

Cascade Private Capital Fund

The fund known as Cascade Private Capital Fund has gone through many changes over the past few years. It was originally known as the Mass Mutual Access Private Equity Fund, and it went through several name changes. Most recently it was known as the Barings Private Equity Opportunities & Commitments Fund. It originally launched as a tender offer fund. On February 26, 2024 it changed its name to Cascade Private Capital Fund, and on March 14 it filed a new registration statement as an interval fund.

Cascade Private Capital fund invests in private equity, private debt, and other private market investments. It will charge a management fee of 1.40%. The fund is currently offering Class I shares. Cliffwater LLC serves as the fund’s investment adviser.

As of the most recent SEC filings, the Cascade Private Capital Fund had $156 million in net assets. Note that Cliffwater also advises the Cliffwater Corporate Lending Fund, which has $15.6 billion in net assets and the Cliffwater Enhanced Lending Fund, which has $2.5 billion in net assets. Cascade Private Capital will probably ramp up the pace of fundraising after converting to an interval fund.

Accordant Real Estate Growth Fund

Accordant Real Estate Growth Fund filed a registration statement for a new interval fund on March 7. This fund will invest in private real estate debt and equity investments that provide the opportunity for attractive income yields and strong risk-adjusted total returns. The return is expected to come primarily from appreciation rather than as opposed to income. It will invest in real estate assets while while seeking lower volatility compared to equity strategies.

Accordant Real Estate Growth Fund is offering three share classes: Class A, I and Y. Class A Shares will have a sales load, although the draft prospectus does not yet specify the amount. The fund is offering Class I and Class Y shares at NAV with no up front sales charge. The minimum initial investment will be $2,500 for Class A shares, $500,000 for Class I shares, and $5 million for Class Y shares. The fund will charge a management fee of 1.25% of net assets per annum.

Accordant Investments LLC serves as the fund’s adviser. IDR Investment Management, LLC is the fund’s sub-adviser. Both the adviser and the subadviser are subsidiaries of Emphasis Capital. Accordant is also the adviser for the Accordant ODCEX Interval Fund.

John Hancock Multi Asset Credit Fund

John Hancock Multi Asset Credit Fund filed a draft registration statement on March 5. This new interval fund will invest in credit related investments including loans, fixed income securities, distressed debt, asset backed securities, convertible securities, emerging market debt, and private credit.

John Hancock’s new interval fund is offering three share classes: Class I, S, and D. Class S will have a sales load of up to 3.50%. Class D will have a sales load of 1.50%. In contrast, Class I will not have any sales load. The minimum initial investment will be $1 million for Class I shares, $100,000 for Class S shares, and $10,000 for Class D shares. The management fee is not specified in the draft registration statement.

John Hancock Investment Management LLC is the fund’s adviser, and CQS (US), LLC is the subadviser. John Hancock also sponsors three tender offer funds: the John Hancock Asset-Based Lending Fund, John Hancock GA mortgage Trust, and John Hancock GA Senior Loan Trust.