Interval Funds Monthly August 2024

September 3, 2024

Five new interval funds filed registration statements in August, all of them focused on credit.

Fund	Category	Registration Date
Nuveen Enhanced CLO Income Fund	Credit	8/30/2024
Blackstone Private Multi-Asset Credit Fund	Credit	8/21/2024
Eagle Point Defensive Income Trust	Credit	8/12/2024
Rockefeller Municipal Opportunities Fund	Credit	8/8/2024
Sound Point Alternative Income Fund	Credit	8/6/2024

New Interval Fund Registrations

Nuveen Enhanced CLO Income Fund will invest in different tranches of collateralized loan obligations (CLOs). It will offer three share classes: I, A1, and A2. The Management fee will be disclosed in a future draft of the prospectus.

Blackstone Multi- Asset Credit Fund will employ a flexible mandate to pursue a wide range of private credit strategies. Blackstone’s new interval fund will offer three share classes: S, D, and I, all of which they will offer with no sales load. Blackstone had another interval fund, the Blackstone Floating Rate Enhanced Income Fund, but it deregistered it on August 13. The new multi-asset fund appears to represent a subtle shift in strategy.

Eagle Point Defensive Income Trust will buy debt and preferred equity securities issued by funds and other investment vehicles such as BDCs. It will offer three share classes: A, C, and I.

Rockefeller Municipal Opportunities Fund will invest in debt securities hat are exempt from federal income tax. According to the prospectus, at least 60% of to total assets will be in municipal securities that have medium investment grade ratings or lower. It is offering one share class, with no sales load.

Sound Point Alternative Income Fund will allocate across different credit strategies including liquid credit, private credit, and structured credit. Sound Point’s new interval fund will offer three share classes: I, Y, and A. The Management fee will be 1.30% of managed assets.

Tender Offer Funds and NT BDC Registrations

Infrastructure is continuing to grow in popularity in the retail alts channel. ISQ registered ISQ Infrastructure Income Fund, a new tender offer vehicle.

5C Lending Partners Corp. registered a new private finite life non-traded BDC. New private BDC offerings in the pipeline include Lord Abbett Private Credit Fund 1, LP and Stone Point Credit Income Fund. We will them to our database once the file form N-54 with the SEC, indicating their intention to be treated as a BDC.

AB Private Lending Fund, a public perpetual life NT BDC, officially launched on August 7, when the SEC declared their prospectus effective.

Opcos and Other Alternative Funds

Several major alts sponsors and private equity managers have launched evergreen conglomerate funds to invest in private businesses. Alternative.Investments Pro has now added coverage of a select group of these funds. Email jacob@intervalfundtracker.com to learn more.

In August 2024, two new Opcos made initial filings with the SEC: Blackstone Infrastructure Strategies LP and EQT Private Equity co LLC

Blackstone Infrastructure Strategies LP filed a Form 10 registration statement on August 2. According to the filing, Blackstone’s new infrastructure fund will make direct investments into private operating assets, and secondary market purchases of funds managed by Blacsstone or third party managers, and may also make capital commitments to new funds managed by Blackstone or third party managers. Blackstone’s new infrastructure fund will charge a management fee of 1.25% of NAV, along with a performance fee of 12.5% of total return over a 5% hurdle. The fund will have threeclasses of LP units: S, D, and I.

EQT Private Equity Co LLC filed a Form 10 registration statement on August 30. This fund will acquire and control portfolio companies through joint ventures. They may invest in North America, Europe, and Asia, and in sectors such as healthcare, technology and business services. EQT’s new private equity fund will charge a management fee of 1.25% of NAV, along with a performance fee of 15.0% over a 5% hurdle. will have 3 share classes: I, S, and T .