Interval Funds Monthly- September 2024

As of the most recent public filings, total net assets in the unlisted closed fund market have topped $158 billion, including $87.3 billion in interval funds, and $70.7 billion in tender offer funds. In September one new interval fund, and three new tender offer funds filed initial registration statements with the SEC. Additionally, several new NT BDCs, along with an NT REIT and an infrastructure conglomerate also made initial filings.

Interval and Tender Offer Funds

TCW Private Asset Income Fund is a new interval fund that filed its initial registration statement on September 16. This fund will focus on private credit investments, including loans, securitized receivables, bonds, asset backed securities, and other credit related investments. This is TCW’s first interval fund, although they are already active in the private credit space with four NT BDCs.

FT Vest Rising Dividend Achievers Total Return Fund is a privately offered tender offer fund that plans to invest primarily in exchange traded equity securities contained in the NASDAQ US Rising Dividend AchieversTM Index. It will also mitigate the risk of principal loss throught market hedges. It is targeting net income of 15.0% per year.

Coller Private Credit Secondaries registered is a newly registered tender offer fund that will gain exposure to credit markets through investments in private funds, direct investments, and co-investments. This fund is conducting a public offering of three share classes: I, S, and D.

83 Investment Group Income Fund is a private credit tender offer fund that filed its registration statement. The Fund’s adviser, Morton Wealth is the parent company of M83 Investment Group, the fund’s adviser. . new tender offer fund will conduct a public offering of Class I shares, with a minimum $50,000 investment.

NT BDCs

Three private NT BDCs filed Form 10-12G with the SEC to register share with the SEC in September

New Mountain Private Credit Fund is a new private perpetual-life NT BDC. This fund’s manager, New Mountain is already a major player in the alts space, it sponsors three other NT BDCs, along with a publicly traded BDC.

A Morgan Stanley subsidiary is launching a new private NT BDC, SL Investment Fund II LLC.

Goldman Sachs also registered a new private NT BDC: West Bay BDC LLC.

Third Point Private Capital Partners filed an updated 10-12G indicating plans to operate as a private NT BDC. However, they have not yet filed Form N-54A.

Other Alternative Fund Registrations

EQT Infrastructure Co is a private holding company that filed a new registration statement in September, It will own and control portfolio companies operating in the infrastructure space through joint ventures. EQT partners, the manager of the fund, Inc, has over $200 billion in AUM and also sponsors a non-traded REIT. Notably, Apollo and Blackstone also recently launched publicly registered funds that invest in private equity and infrastructure assets.

Fortress Credit Realty Income Trust filed a registration statement for a new private REIT on September 6. This REIT will invest in senior secured, floating rate CRE loans diversified by geography and asset class. Fortress also sponsored another private REIT: the Fortress Net Lease REIT.

Unlocking Evergreen Opportunities in Private Equity Ultimus/Interval Fund Tracker

Investors First: The Convergence of Public and Private Markets Morningstar

LODAS Markets Becomes First to Execute Fully Electronic Secondary Market Trades of Delaware Statutory Trusts LODAS Markets

Global Wealth Report 2024 UBS

Sales of alternative investments climbing in 2024 InvestmentNews

StepStones $4.8 billion fund bets on a lasting liquidity crunch PitchBook

Additional Tools and Resources

Interested in advertising on Interval Fund Tracker or Alternative.Investments? email jacob -at- intervalfundtracker.com to learn about partnership opportunities.

For comprehensive competive intelligence on the unlisted CEF industry, sign up for a Premium Plus Membership.

For comprehensive competitive intelligence on the alternative investments industry, sign up for Alternative.Investments Pro. Your competitors are probably already subscribers. Don’t let your firm fall behind.

We also have a lot of data available for free:


Holding alternative investment funds that you need to exit quickly? We also have liquidity solutions for unlisted securities

Related Posts