In March 2025 three new interval funds and four new tender offer funds filed registration statements. March was a rare month in which tender offer fund registrations outpaced interval fund registrations.

Fund	Type	Category	Registration Date
CAIS Sports, Media and Entertainment Fund	Tender	PE/VC	March 28
Lincoln Bain Capital Total Credit Fund	Interval	Credit	March 19
Lincoln Royalties Income Fund	Tender	PE/VC	March 19
TPG Private Market Funds	Tender	PE/VC	March 18
FT Vest Annual Hedged Equity & Income Fund: Series B1	Tender	Equity	March 17
Blue Owl Alternative Credit Fund	Interval	Credit	March 7
Megacorn Fund	Interval	PE/VC	March 3

Lincoln Financial announced plans to launch two new evergreen funds in collaboration with Bain and Partners Group. Several other asset managers registered new evergreen funds with unique structural features and niche investment strategies.

New Interval Fund Registrations

Lincoln Bain Capital Credit Fund will invest in a globally varied portfolio of liquid and illiquid credit investments. These may include directly originated loans, secured and unsecured floating and fixed rate syndicated loans, corporate bonds, CLOs, etc. Lincoln Financial Investments Corporation will the fund’s adviser, and a Bain Capital subsidiary will be the sub-adviser. The new Lincoln Bain interval fund will have three share classes. Class A will have a sales load. In contrast, Class D and I will be available at NAV.

Blue Owl Alternative Credit Fund will employ a flexible mandate and dynamically allocate a wide range of alternative credit assets and strategies, including asset-base finance investments. A subsidiary of Blue Owl Capital Inc. (OWL) will serve as the fund’s adviser. Like the Lincoln Bain Interval Fund, Blue Owl’s new interval fund will offer three share classes. However, none of the share classes for Blue Owl Alternative Credit Fund will have sales loads. Class S and Class U shares will have Distribution and Servicing Fees, while Class I shares won’t. The minimum investment for Class Class S and Class U shares will be $25,000, while the minimum investment for Class I shares will be $1 million.

Megacorn Fund will invest in private company shares as represented by the Forge Accuidity Private Market Index. Accuidity Capital Management will serve as the Megacorn Fund’s Adviser. The Forge Accuidity Private Market Index (the “Index”) is an index of 60 private, late-stage (i.e. “blue chip”) companies selected and maintained by the Index Provider, Forge Global, Inc., according to several criteria, including privately held, late-stage venture backed U.S. companies with a post money valuation of at least $500 million. This new venture capital interval fund will have two share classes. Neither share class will have a sales load, although they may differ in terms of minimum investment.

New Tender Offer Fund Registrations

CAIS Sports, Media and Entertainment Fund is publicly registered tender offer fund. It was formed from the reorganization of CAIS Sports, Media and Entertainment Fund, LP, a private fund. CAIS’s new tender offer fund will invest in n private or publicly traded investments in the sports, media and/or entertainment (“SME”) sectors. The “sports” sector includes, but is not limited to, investments related to professional and collegiate sports franchises and leagues, sports merchandise and equipment, sports-related digital content, sports betting and gaming, sporting tournaments and major events, stadium and venue operations, sports and health technology, sports data and analytics platforms, eSports organizations, name/image/likeness (NIL)-related businesses, and facilities or real estate tied to sports and entertainment. The “media” sector includes, but is not limited to, investments related to platforms, networks, and technologies that enable the creation, distribution, and monetization of content.

Lincoln Royalties Income Fund will invest in a globally varied portfolio of direct investments in royalties, royalties primary funds and royalties secondary funds, and other income-oriented investments such as broadly syndicated loans, listed royalties and credit instruments (whether senior or junior) backed by royalties. The setup for Lincoln’s tender offer fund is similar to its interval fund. Lincoln will serve as the adviser. Partners Group, will serve as the sub-adviser.

The TPG Private Market Funds will allocate its assets to TPG sponsored private equity funds. This will include both primary and secondary fund investments. iCapital Fund Advisors LLC will be the Fund’s Adviser. The use of a tender offer fund vehicle to provide access to a portfolio of products from a specific institutional manager is similar to the approach that Central Park Group has taken for many of its funds.

FT Vest Annual Hedged Equity and Income Fund: Series B1 pursue a hedged equity investment strategy. It will invest primarily in equities contianed in the S&P 500, mitigating some of the risk by hedging against the index, and also using options to produce income with a target of 9.0% per year. First Trust has several tender offer funds pursuing variations of this strategy.

Other Alternative Fund Registrations

LAGO Evergreen Credit is a new private non-traded BDC. It will serve as a direct lender to U.S. based lower middle market companies with $10-$250 million in annual revenue.

Industry Links

Interval Fund Repurchase Requests: An Empirical Snapshot Interval Fund Tracker

Interval Fund Wars- Episode 1 Privates in Public

SEC Issues No-Action Letter Clarifying Rule 506(c) Accredited Investor Verification Ropes & Gray

Blackrock’s Larry Fink Vows to Unlock Private Markets Bloomberg

Under Donald Trump, the SEC should open up private markets to retail investors Financial Times

Critics argue that expanding private market access to retail investors would expose them to excessive risk. Without a doubt, investor protection and suitability should be paramount considerations. Given that, regulated funds are the natural bridge to allow retail investors greater access to private markets. Regulated funds must follow strict legal requirements that include robust oversight from an independent board, limitations on leverage and transactions with affiliates, and other protections, including shareholder disclosure requirements.

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