In April, three new interval funds, and three new tender offer funds filed initial registration statements with the SEC.

Fund	Type	Category	Date
StepStone Private Credit Co-Investment Fund	Tender	Credit	04/25/2025
Sardis Credit Opportunities Fund	Interval	Credit	04/16/2025
Franklin BSP Lending Fund	Interval	Credit	04/07/2025
Morgan Stanley Private Markets and Alternatives Fund	Tender	Private Equity	04/07/2025
Calamos Aksia Hedged Strategies Fund	Interval	Multistrategy	04/02/2025
Adams Street Private Equity Navigator Fund LLC	Tender	Private Equity	04/01/2025

Private Credit and Private Equity continue to be the most popular strategies.

New Interval Fund Registrations

Franklin BSP Lending Fund is Franklin Templeton’s latest foray into the alternative investments market. The new Franklin Templeton Interval Fund will seek private debt investment opportunities in middle market companies with $25 million -$100 million EBITDA. The fund will have five share classes: S, D, M, I, R6. Class S, D and M shares will pay a Distribution and Servicing Fee, while the Class I and Class R6 won’t. However, the draft prospectus does not specify the amount of Distribution and Servicing Fees. Similarly, the management fee is also TBD. Class S, D, and M will have a $2,500 minimum investment. In contrast, the minimum investment for Class I and R6 will be $1,000,000. Franklin Templeton also sponsors the Franklin BSP Private Credit Fund, which has $132 million in net assets.

Calamos Aksia Hedged Strategies Fund will invest in a portfolio of alternative funds pursuing a variety of strategies including relative value, multi-strategy, tactical trading, event driven and long/short equity. Calamos new interval fund will have 4 share classes: A, C, I and M. Class A will have a sales load. In contrast, investors in Class C, I and M shares will not pay a sales load. The minimum initial investment for A and C and M shares will be $25,000, and the minimum initial investment for Class shares will be $1,000,000.

Calamos will be the Adviser for this fund, while Aksia will be the sub-adviser. This is a similar arrangement to the Calamos Aksia Alternative Credit & Income Fund, an interval fund with $371 million in net assets. Also note, the Calamos Aksia Private Equity and Alternatives Fund filed a registration statement in December 2024, and is still pending with the SEC.

Sardis Credit Opportunities Fund on April 14. Its objective is to seek total return through current income and capital appreciation. It will seek to achieve this objective by investing primarily in a wide array of loans and securitized debt instruments. The new Sardis interval fund is offering one share class, which will not have a sales load. Furthermore, it will not have a distribution or servicing fee. The minimal initial investment will be $1 million.

New Tender Offer Fund Registrations

Morgan Stanley Private Markets and Alternatives Fund is a privately offered interval fund that will offer exposure to private equity, private credit and real assets. Morgan Stanley’s new tender offer fund has two share classes: A and I. Both share classes will have a minimum investment of $25,000, and neither will charge a sales load. iCapital Markets LLC is the distributor.

Adams Street Private Equity Navigator Fund LLC will invest in a broad portfolio of global private market investments. Adams Street’s new tender offer fund will offer four share classes: S, D, I, and M. Class S, D, and M shares will charge distribution fees, while Class I won’t. The minimum initial investment will be 1.00%. The fund will charge a 1.00% management fee.

Stepstone Private Credit Co-Investment Fund will use a multi-lender approach to source private credit investments including direct loans, investments in bank loans, notes and other pass through obligations, and privately offered structured products such as CLOs. Stepstone’s new tender offer fund will have one share class, and it will not charge any sales load. The management fee will be 0.60% of net assets.

Other Alternative Fund Registrations

Three new private NT BDCs filed form N-54A with the SEC:

• Audax Private Credit Fund LLC
• Blackstone Private Real estate Credit and Income Fund
• Lord Abbett Private Credit Fund S

ISQ Open Infrastructure Co LLC is a new opco that will invest in infrastructure assets in North America, Europe, and selected growth economies in Asia, and Latin America. I Squared Capital Advisors will manage this fund.

Sealy Industrial Partners IV LP is a private real estate partnership that owns industrial properties through a REIT subsidiary. It launched a private offering back in 2022, and has already raised over $336 million in proceeds. It became subject to the registration requirements of Section 12(g) of the Exchange Act because it has more than 2,000 unitholders of record, and total assets in excess of $10 million.

Industry Links

Retail Alternative By the Numbers Alternative.Investments

Alts: Hedge Funds, Private Equity, and More Schwab

XA Investments Launches Interval Fund Index(INTVL) XA Investments

Here’s the interval and tender offer funds wirehouses added in Q1 CityWire

How Cliffwater Interval Funds Led a Private Wealth Fundraising Bonanza Morningstar

Increasing retail client exposure to private capital investing Deloitte

Additional Tools and Resources

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