Interval Funds Monthly: October 2024
Five new interval funds filed registration statements in October.
| Fund Name | Strategy | Offering Type | Registration Date |
| Capital Group KKR Core Plus+ | Credit | Public | 10/29/2024 |
| Capital Group KKR Multi-Sector+ | Credit | Public | 10/29/2024 |
| Strive American Energy Income Fund | Other | Public | 10/25/2024 |
| Jetstream Venture Fund | PE/VC | Public | 10/22/2024 |
| John Hancock Asset Backed Securities Fund | Credit | Public | 10/03/2024 |
Capital Group and KKR registered a pair of fixed income interval funds: Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector(Plus). Both funds have similar strategies and will allocate approximately 60% of assets to public debt assets, and 40% to private debt assets. Additionally, both funds have a $1,000 minimum investment and are offering four share classes: A, F-2, F-3 and R-6. However, the two funds differ slightly in terms of investment objective. Core Plus fund seeks to provide a high level of current income and maximum total return consistent with preservation of capital, while the objective Multi-Sector(Plus) is to provide a high level of current income. IFT Was quoted in an Ignites article on the new Capital Group and KKR Funds.
Strive American Energy Income Fund filed a draft registration statement on October 25. It will invest in energy related assets including working interest, mineral interest, royalty interests, Overriding Royalty Interests, and mineral property rights throughout the U.S. It Has acquired all the assets of Del Rio Royalty Company II LLC, a private fund in exchange for shares. Strive Asset Management and LEH II(the adviser ot the predecessor fund) will serve as co-advisers to the Strive American Energy Income Fund.
Strive’s new interval fund is offering Class I Shares with a minimum $2,500 investment.
Strive Asset Management has over $1.7 billion in AUM across 13 different ETFs. This is their first interval fund. Former presidential candidate Vivek Ramswamy is the cofounder of Strive.
Jetstream Venture Fund filed a draft registration on October 22. It will invest in private growth companies. In order to manage liquidity, it will hold a portion of its assets in fixed income securities, or publicly trade equities. Sweater Industries, LLC is the fund’s adviser. As with Sweater’s other interval fund, investors can purchase shares through a mobile app.
John Hancock Asset Backed Securities Fund filed a draft registration statement on October 3. It will invest globally in asset-backed securities. John Hancock’s new interval fund is offering three share classes: I, A and U. Class A shares will have a 2.50% sales load, while Class and U will not have any sales load. The draft prospectus does not yet specify the minimum investment. John Hancock is the fund’s adviser is the CQS (US), LLC is the sub-adviser.
Tender Offer Funds
Five tender offer funds filed registration statements in October:
| Fund Name | Category | Offering Type | Registration Date |
| FT Vest Total Return Income Fund: Series A4 | Equity | Private | 10/17/2024 |
| FT Vest Hedged Equity Income Fund: Series A4 | Equity | Private | 10/17/2024 |
| Hamilton Lane Private Secondary Fund | Private Equity | Public | 10/16/2024 |
| HL Scope RIC LLC | Credit | Private | 10/11/2024 |
| Ardian Access LLC | Private Equity | Public | 10/01/2024 |
For more details on tender offer funds, visit Tenderofferfunds.com
NT BDCS and other Alternative Fund Registrations
Four new private non-traded BDCS filed Form N-54A with the SEC during October:
- AGL Private Credit Income Fund
- Lord Abbett Private Credit Fund
- Stone Point Credit Income Fund
- White Oak Secured Asset Lending Fund
New Mountain Net Lease Trust filed for a new private REIT.
Ares is also preparing to launch a new infrastructure fund: Ares Core Infrastructure Fund. This fund is structured as an operating company. It will target assets and businesses in renewable energy, energy efficiency, solar and wind, energy storage, electrification, data centers with sustainable resource use initiatives, or other climate infrastructure-related businesses; projects relating to financing the construction and/or operation of these and similar businesses; and companies that are providing critical services needed to construct, maintain or repair climate infrastructure
Industry Links
Unlocking Evergreen Opportunities in Private Equity Ultimus/Interval Fund Tracker
Alternative Allocations: The evolution of alts—From institutions to Main Street Franklin Templeton
The Democratization of Private Credit, and What that Means for Your Clients Financial Advisor IQ
This or That? BDCs vs. Interval Funds Dechert LLP
Democratizing Private Credit: Interval/Tender Funds SS&C
XA Investments Non-Listed Closed End Funds Third Quarter 2024 Market Update XA Investments
Jobs
Registered Representative- Alternative Investments Third Seven Capital
VP- Private Markets Realta Capital
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