Interval Funds Monthly- December 2024

December 2024 topped off a record year for interval fund registrations, with 6 new funds filing registration statements in the final days.

iDirect Private Credit Fund, L.P filed a draft registration statement on December 4. It will invest in private middle market credit instruments alongside certain independent managers including Audax, Bain, and Charlesbank. iCapital Markets will act as the distributor for this interval fund, which hwill have two share classes. Class A shares will have a 3.5% sales load, while the Class I shares will not have any sales load. The minimum investment will be $2,500 for Class A and $1 million for Class I.

AMG Pantheon Infrastructure Fund , LLC filed a draft registration statement on December 6. It will make equity investments in the infrastructure sector, including digital infrastructure, power, utilities, transportation, logistics, renewables, energy, and other infrastructure and real assets. AMG’s new interval fund will have three share classes, two of which will have no sales load, and one of which will have a 3.5% sales load. The minimum investment level is not specified in the draft prospectus. AMG Funds also sponsors the AMG Pantheon Master Fund, a tender offer fund with over $3 billion in net assets.

Calamos Aksia Private Equity & Alternatives Fund filed a draft registration statement on December 9. This fund will seek capital appreciation by investing in private equity funds employing a variety of staetegies including buyer, growth equity, and venture capital. It will make both primary and secondary investments, and will also invest in continuation vehicles. The new Calamos Aksia interval fund will have four share classes, at least one of which will have a sales load. Minimum inisial investment will be $25,000 for Class A, C, and M, and $1 million for Class I.

Virtus Global Credit Opportunities Fund filed a draft registration statement on December 27. This fund’s strategy is to provide greater flexibility to adjust allocations across asset types, capital structures and fixed/floating rate strategies compared to single asset strategies. The draft registration statement indicates that Virtus’ new interval fund is offering one share class, although the minimum investment will be specified in a future draft.

NB Asset-Based Credit Fund filed a draft registration statement on December 30. This fund seeks to invest in actively managed portfolio of short duration asset based cred investments which derive cash flows from underlying physical and financial assets including consumer and small business loans, corporate asset based credit,royalties, physical assets, and liquid securitized debt. Neuburger Berman, which sponsors this new interval fund, is already active in the registered alternative funds space with 6 active tender offer funds.

First Eagle Tactical Municipal Opportunities Fund filed a draft registration statement on December 31. It seeeks to provide high current income exempt from Federal income tax by investing in municipal bonds. The draft registration statement has one share class, with a $1 million minimum investment per account.

Other Alternative Fund Registrations

Hamilton Lane Venture Capital & Growth Fund is a new publicly offered tender offer fund that filed a draft registration statement on December 18. Hamilton Lane also sponsors the Hamilton Lane Private Assets Fund, which has over $1.7 billion in net assets.

CCS IX Portfolio Holdings, LLC, a private NT BDC filed a draft registration statement along with form N-54A on December 31.

Three new operating companies that will function as evergreen private equity funds made initial filings in December:

Alternative Fund Registrations Surge in 2024 Alternative.Investments

The Benefits of Evergreen Interval Funds Morningstar

2025 Outlook for Private Equity Apollo

Guide to Alternatives JP Morgan

The Multi-Period Conundrum of Private Market Performance Metrics CAIA Association

The Complex Case of Integrating Private Markets in Retirement Plans Investments & Wealth Monitor

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