Interval Funds Monthly- May 2024

June 3, 2024

Two interval funds and three tender offer funds filed draft registration statements in May.

Fund	Structure	Category	Offering Type	Date
Booster Income Opportunities Fund	Interval	Credit	Public	5/30/2024
TCW Spirit Direct Lending LLC	Tender	Credit	Private	5/30/2024
Variant Alternative Lending Fund	Tender	Credit	Public	5/10/2024
Diamond Hill Securitized Credit Fund	Interval	Credit	Public	5/7/2024
First Trust Enhanced Private Credit Fund	Tender	Credit	Private	5/6/2024

Also notable, the Cascadia Private Income Fund, formerly known as Barings Private Equity Opportunities and Commitments Fund completed its conversion to an interval fund. Cliffwater, which already has the largest private credit interval fund, is the manager for this fund.

Interval Fund Registrations

Booster Income Opportunities Fund

Booster Income Opportunities Fund filed its draft registration statement on May 30, 2024. This new interval fund will seek high current income and risk adjusted returns by investing in structured notes.

Minimum initial investment is $1,0000. Booster Income Opportunities fund does not have any sales load. The management fee will be 1.25% of total assets. Additionally, Booster’s new interval fund has an incentive fee equal to 15.0% of pre incentive fee net investment income over a 7.0% per annum hurdle, with a catch-up provision and high water mark.

Booster Asset Management serves as the fund’s adviser, and Brookstone Asset Management serves as the fund’s sub-adviser.

Diamond Hill Securitized Credit Fund

Diamond Hill Securitized Credit Fund filed its draft registration statement on May 7, 2024. This new interval fund seeks to maximize total return by investing in securitized bond investments, including mortgage backed securities (MBS), asset backed securities (ABS), and other strucutred products.

Diamond Hill’s new interval fund is offering three share classes: Class A, Class I an Class R. The minimum initial investment is not yet specified in the draft prospectus. None of the share classes will have a sales load. However, Class A shares will have a distribution/service fee, in an amount that is to be determined later in an updated draft of the prospectus. Class R shares are for institutional investors such as endowments, foundations, pension funds, and other institutional investors.

Tender Offer Fund Registrations

Three tender offer funds, all of them credit focused, filed draft registration statements in May.

TCW Spirit Direct Lending’ will be issuing share exclusively through private placement transactions. Its investment objective is to preserve capital and generate attractive risk-adjusted returns primarily through direct investments in senior securred loans to middle market companies.

Variant Alternative Lending Fund filed a draft registration statement on May 10, 2024. It has a primary objective of providing a high level of current income, and a secondary objective of capital appreciation. Variant’s new tender offer fund will pursue its objectives by investing in senior secured alternative income generating lending investments.

First Trust Enhanced Private Credit Fund filed a draft private placement memorandum on May 6, 2024. It will pursue a total return objective by investing across the full spectrum of structured and private credit.