Interval Funds Monthly: January 2025

Five new interval funds filed draft registration statements in January 2025:

Fund NameRegistration DateCategory
GoldenTree Opportunistic Credit Fund1/31/2025Credit
Fundrise Real Estate Interval Fund II, LLC1/30/2025Real Estate
CION Grosvenor Infrastructure Master Fund, LLC1/23/2025Infrastructure
The Champion Fund1/17/2025PE/VC
RJ Private Credit Income Fund1/6/2025Credit

For a list of all interval funds with pending registration statements, see New Interval Fund Registrations and Launches

New Interval Fund Registrations

GoldenTree Opportunistic Credit Fund filed a draft registration statement on January 31. This new interval fund will invest opportunistically across credit markets, focusing primarily on credit instruments and credit-related investments, including corporate credit, structured credit, and distressed investments. GoldenTree has over $54 billion in AUM across various credit strategies and fund structures.

Fundrise Real Estate Interval Fund II, LLC filed a draft registration statement on January 30. It will invest in a diversified portfolio of private real estate and publicly traded real estate-related investments. This fund has one share class with no sales load, and the minimum initial investment is $1,000. The management fee is 0.85% of net assets. With over $3 billion in AUM across a variety of real estate and venture capital offerings, Fundrise is a familiar name in the retail alternative investments space. Although this is Fundrise’s third interval fund, registered funds are a relatively small portion of their overall AUM. As with Fundrise’s other real estate interval fund, Fundrise Real Estate Interval Fund II is a hybrid interval fund and REIT structure.

CION Grosvenor Infrastructure Master Fund, LLC filed a draft registration statement on Janaury 23. However, this feeder fund for this Master fund filed its registration statement back in November 2023. This fund launched with a $240 million portfolio invested across 43 infrastructure assets.

The Champion Fund filed a registration statement on January 17. This new interval fund will primarily invest in equity securities of mid- and late-stage venture-backed companies and middle-market private equity-backed companies. It will offer one share class with no sales load and a minimum initial investment of $500. The annual management fee will be 2.90%. Although most interval funds conduct quarterly repurchases, Champion Fund will conduct semi-annual repurchases. This is probably more appropriate for a venture capital strategy.

RJ Private Credit Income Fund filed a draft registration statement on January 6. It will invest private credit assets including direct lending and investing in BDCs and other investment funds. Between 30 and 70 per cent of the fund’s allocations will be made into investment funds. Raymond James will serve as the investment manager for this new interval fund. Mercer will also serve as a consultant to assist with due diligence on investment funds it adds to its portfolio. The new Raymond James interval fund will offer three share classes, with minimum investment levels ranging from $10,000 to $1 million. Although Raymond James is well established in the financial services industry, this is their first interval fund offering.

NT BDC and NT REIT Registrations

Apollo registered two new private NT BDCs: Apollo Origination II (L) Capital Trust and Apollo Origination II (UL) Capital Trust. Apollo is creating both of these funds through the reorganization of private credit funds that it manages. Both funds operate a similar strategy, however one uses leverage, and the other doesn’t.

Lord Abbett Private Credit Fund A, LP filed a registration statement and indicated intends to operate as a BDC, however it has not yet filed form N-54A.

Meanwhile in the NT REIT market, two new funds filed registration statements. BlackRock Monticello Debt Real Estate Investment Trust will be a private NT REIT focused on senior mortgage loans, subordinated debt and other similar investments. StratCap Digital Infrastructure REIT, Inc. will be public NT REIT that intends to acquire and/or establish, operate, manage and lease digital infrastructure assets, with a primary focus on (1) data centers, (2) cell towers, (3) wireless easements and lease assignments, and (4) fiber networks.

And Now For Something Completley Different

Savvly Fund #3 is an unlisted closed end fund that seeks to provide long-term investment results that, before expenses, correspond generally to the price performance of the S&P 500 Index. According to the draft registration statement, the terms of the shares provide for full liquidity based on age, and investors must pay a penalty for early withdrawal. ‎ The payout dates are at age 80, 85, 90 and 95. The fund doesn’t allow new investors over the age of 75. It also provides an enhance and return for older investors by paying them the early withdrawal fee the fund collects from investors that exit early. Savvly Fund #3 is offering two share classes. Class A shares have no sales load. In contrast there is up to a 6.75% sales charge for Class B shares.

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