Interval Funds Monthly- April 2024

May 1, 2024

Five new interval funds filed registration statements in April 2024.

Fund	Category	Management Fee
Steadfast Structured Growth Fund	Credit	1.20% of net assets
Privacore PCAAM Alternative Income Fund	Credit	TBD
OneAscent Private Markets Access Fund	PE/VC	1.50% of net assets
Principal Private Credit Fund I	Credit	1.25% of net assets
Sphinx Opportunity Fund	Real Estte	1.75% of net assets

Steadfast Structured Growth Fund

Steadfast Structured Growth Fund filed a draft registration statement on April 30. Its strategy is to invest in a portfolio of senior structured notes from Globally Systemically Important Banks.

Steadfast’s new interval fund indicates that it will offer one share class: Class I, and the minimum initial investment will be $1 million. Class I Shares will not pay any sales load, servicing fee or distribution fee. The management fee will be 1.20% of net assets.

Veripax Wealth Management is the fund’s investment adviser. According to Veripax’s Form ADV, it had ~$290 million in AUM as of the end of 2023.

Privacore PCAAM Alternative Income Fund

Privacore PCAAM Alternative Income Fund filed a draft registration statement on April 25. This fund’s objectives are high current income and modest capital appreciation. It will pursue its objectives by lending directly to performing businesses, or by lending indirectly through investments in funds.

Unlike most interval funds, Privacore PCAAM Alternative Income Fund is conducting its offering exclusively through a private placement. The fund is offering three share classes: Class S, Class D, and Class I. The draft registration statement still leaves a lot of key data points, such as the management fee, TBD,

Privacore Capital Advisors, LLC will be the fund’s advisor, while Partners Capital Investment Group will serve as the subadviser. On the same day, Privacore also registered the Privacore PCAAM Alternative Growth Fund, a tender offer fund.

OneAscent Private Markets Access Fund

OneAscent Private Markets Access Fund filed a draft registration statement on April 23. This fund will invest in a wide range of private market assets through the dynamic use of its proprietary evaluation process.

The fund is offering one share class, with a $5,000 minimum investment. It will not charge any sales load. However, it will charge a shareholder servicing fee of 0.25%. The management fee will be 1.50% of net assets.

OneAscent Capital LLC will be the fund’s adviser, and Bonaventure Capital, LLC will be the fund’s subadviser. OneAscent also manages the One Ascent Capital Impact Fund I, LP.

Principal Private Credit Fund I

Principal Private Credit Fund I filed a draft registration statement on April 16. This fund will invest across a wide range of credit strategies.

Principal’s new interval fund is offering three share classes: Class A, Institutional Class, and Class Y. Class A shares have a minimum investment of $25,000, while Institutional Class and Class Y shares have a minimum investment of $100,000 Class A shares will charge a sales load of up to 5.75%. However, Institutional Class and Class Y Shares will not charge any sales load. Similarly, Class A shares will have a 0.25% distrrribution fee, while the other share classes will not have any distribution fee. The fund charges a management fee of 1.25% of NAV for all share classes.

Principal Global Investors, LLC, and indirect subsidiary of Principal Financial Group, serve as the manager and advisor for the fund. Principal also manages the Principal Real Asset Fund, an interval fund with approximately $150 million in net assets.

Sphinx Opportunity Fund

Sphinx Opportunity Fund filed a draft registration statement on April 5, 2024. It will invest in real estate through a mix of private and public vehicles. Initially, it will invest a large portion of its asset in privately held investment vehicles, including Shield Global Investments LP, Shield RE LP, and Shield Americas, Inc.

Sphinx is offering one share class, and it doesn’t have a sales load. It is pursuing an exemptive order from the SEC in order to offer multiple share classes.

Sphinx Investments LLC will serve as the fund’s investment adviser. Sphinx Investments has $3 billion in assets under advisement, according to its website.