Four interval funds filed new registration statements in June 2024. The big news for the month  was the entrance of two “traditional” investment firms into the interval fund market: Russell and Wellington.   Additionally, four new tender offer funds and two NT BDCs entered the alternative investments fund pipeline.

Russell Investments New Economy Infrastructure Fund

Russell Investments New Economy Infrastructure Fund filed a draft registration statement on June 21, 2024. The investment objective of this new interval fund is to provide long term capital growth and current income. Its strategy involves investing in a range of public and private infrastructure companies or individual infrastructure assets, and private funds.

Russell’s new interval fund has two share classes: Class F and Class I. Neither share class will have a sales load. The minimum initial investment will be $25 million for Class F shares, and $1 million for Class I shares. The Management fee will be 1.25% of net assets. However, the Advisor has agreed to an expense limitation agreement to cap fund level expenses at 1.75% through February 2026.

According to its website, Russell has $302.7 billion in total AUM and over $ 1 trillion in assets under advisement. The Russell Investments New Economy Infrastructure fund is a continuation of the recent trend of infrastructure investments in the interval fund sector.

Sphinx Opportunity Fund II

Sphinx Opportunity Fund II filed a draft registration statement for a new interval fund offering on June 21. Its investment objective is to generate consistent income returns while preserving capital through investments in a portfolio of private funds making a diversified investments in private equity, fixed income, and publicly traded and privately held equity and debt securities, including secured and asset backed loans to commercial and private clients,in addition to receivables and income producing assets as well as global real estate.

Sphinx’s second interval fund offering will have one share class, which will not charge a sales load. The management fee will be 1.75% of net assets.

Sphinx also registered the first Sphinx Opportunity Fund in April.

Wellington Global Multi-Strategy Fund

Wellington Global Multi-Strategy Fund filed a draft registration statement on June 14. This new interval fund’s objective is to generate consistent and positive returns across market cycles. It will trade opportunistically and take positions across a broad range of strategies, including long/short equity, global macro, credit and market neutral strategies.

Wellington’s new interval fund has three share classes: Class A, Class I, and Class M. Class A shares will have a sales load of up to 5%, while Class I and Class M will have no sales charge. The draft prospectus did not specify the minimum initial investment for each share class. Similarly, the management fee is still TBD.

Wellington is a global firm offering funds in a wide range of strategies and asset classes. It has total AUM of approximately $1.18 trillion as of the end of 2023.

Startinvest Venture Fund

Startinvest Venture Fund filed a draft registration statement on June 6. Its investment objective is to seek long term growth of capital. It will invest in private early stage companies, with a thematic focus on innovative technologies that it believes will alter global paradigms.

StartInvest’s new interval fund is offering one share class, and it will have a minimum sales load of $10. As with many other venture focused interval funds, StartInvest Venture Fund will offer shares for sale directly on its website. It is offering a referral program in which investors can get free shares for referring a friend. The draft prospectus has not yet specified the management fee.

Tender Offer Funds

Four new tender offer funds filed registration statements in June. HarbourVest Private Investments Fund will invest in a broad portfolio of direct PE co-investments and continuation solutions. Macquarie Energy Transition Infrastructure Fund and Hamilton Lane Private Infrastructure Fund both have unique infrastructure strategies. FT Vest Total Return Income Fund: Series A2 is pursuing a hedged equity investment strategy.

Non-traded BDCs

Two new NT BDCs entered the market in June. Franklin Templeton and its subsidiary, Benefit Street PArtners filed for a new private BDC: the Franklin BSP Real Estate Debt BDC. Alliance Bernstein registered a $1 billion public offering for AB Private Lending Fund.

Interval Fund and Alternative Investments Industry Links

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Other Resource

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