Seven new interval funds filed registration statements in May 2025. WVB All Markets Fund captured headlines because of the players involved. Credit strategies continued to be the most popular.

Fund	Category	Date
Diameter Dynamic Credit Fund	Credit	5/21/2025
Hamilton Lane Credit Income Fund	Credit	5/19/2025
AAM/Wilshire Infrastructure Fund	Infrastructure	5/13/2025
Origin Real Estate Credit Interval Fund	Credit	5/9/2025
WVB All Markets Fund	Multistrategy	5/7/2025
StepStone Private Equity Fund	PE/VC	5/5/2025
Privacore VPC Asset Backed Credit Fund	Credit	5/2/2025

Credit Interval Fund Registrations

Diameter Dynamic Credit Interval Fund will invest in a wide range of public and private credit products. It will is that it will dynamically adjust its portfolio exposure between performing credit, structured credit, and private credit, based on the market environment. This new interval funds is offering three share classes, none of which charges a sales load.

Diameter Capital Partners will serve as the fund’s adviser. Diameter’s new interval fund will start with seed capital from a predecessor fund that they manage.

Hamilton Lane Credit Income Fund will employ a flexible, dynamic multi manager approach to broadly source credit investments. This fund will make direct credit investments in the primary and secondary market, and may also make primary and secondary investments in other funds.

Hamilton Lane’s new credit interval fund will offer three share classes: Class R, Class I and Class Y. Class R shares will have a 3.50% sales load. In contrast, Class I and Class Y shares will not have any sales load. The management fee will be 1.0% of net assets.

Origin Real Estate Credit Interval Fund will invest in CMBS, commercial real estate CLOs, single asset, single borrower loans, and REIT preferred equity. It may also invest in certain direct lending opportunities.

Origin’s new interval fund is offering three share classes: Class A, Class E, Class I , and Class O. Class A shares will have a 5.75% sales load. In contrast the other share classes will have no sales load.

Privacore VPC Asset Backed Credit Fund across a broad range of asset backed credit opportunities that are backed by direct and indirect credit and credit-related investments secured by a financial physical or intellectual asset. Privacore’s interval fund may invest in secured and unsecured consumer credit receivables, consumer leases, residential and commercial real estate, equipment leases, aviation assets, shipping assets, transportation and storage assets, and financial assets, such as factoring receivables, litigation claims, financial claims, trade claims, and other receivables.

Privacore’s new interval fund will offer three new share classes: S, D, and I.

Wellington, Vanguard and Blackstone Register an Interval Fund: WVB All Markets Fund

WVB All Markets Fund is a multi-asset interval fund that aims to bring private markets exposure to a broad audience. The WVB stands for Wellington, Vanguard and Blackstone, who are launching the fund as part of a three way partnership.

Fund will seek investment exposure within the Fund’s portfolio to: (i) public equities investments in the range of 40% to 60% of the Fund’s net assets, (ii) public fixed income investments in the range of 15% to 30% of the Fund’s net assets, and (iii) private markets investments in the range of 25% to 40% of the Fund’s net assets

Wellington is the adviser and will make the investment decisions. Vanguard and Blackstone will provide access to their proprietary funds. WVB All Markets Fund will offer three share classe : I, A and M. The minimum initial invemtnet is $2,500.

The new partnership between Wellington, Vanguard and Blackstone transform the distribution landscape for interval funds.

AAM Wilshire Infrastructure Fund

AAM Wilshire Infrastructure Fund will invest in infrastructure through primary and secondary investments in private funds, as well as direct copinvestments in infrastructure assets. Advisors Asset Management, Inc. is the fund’s advisor, while Wilshire and Sun Life Capital Management (U.S.) LLC are the subadvisors. Wilshire will design, construct, and manage the portino of the Fund that is allocated to Private Infrastructure Investments. Notably, this fund lists Capital Appreciation as its primary objective, an current income as its secondary objective.

AAM Wilshire’s new interval fund will offer three share classes: S, D, and I. Class S shares will charge a sales load. In contrast, Class D and ClassI shares will be load free. The minimum investment for Class S and F shares will be $5,000, while the minimum investment for Class Ishares is $1 million.

StepStone Private Equity Fund

StepStone Private Equity Fund will make investments in private companies through bespoke, privately negotiated transactions, including investments in buyout, and growth equity. This will include investments in private investment funds,and operating companies.

Steptstone’s new private equity interval fund is offering three share classes, S, D and I. Only Class S shares will have a a sales load. The minimum initial investment for S and D shares will be $5,000. In contrast, the minimu initial investment for I shares will be $1 million.

Other Alternative Fund Registrations

First Trust Capital Management launched two new tender offer funds: FT Vest Hedged Equity Income Fund: Series B2 and FT Vest Total Return Income Fund: Series B2.

New private NT BDC registrations in May included Antares Strategic Credit Fund II and Remora Capital Corp.

Carlyle registered a new private equity conflomerate: Carlyle Private Equity Partners Fund, L.P.

Industry Links

Why the pursuit of differentiated alternatives is more important than ever Pursuit Funds

Adoption Who’s Using Alts and How Much? Alternative Investments Market Intelligence

Private Equity’s wealth-focused makeover is all about scale Pitchbook

How Emily Portney is Future Proofing BNY’s Asset Servicing Business Traders Magazine

Additional Tools and Resources

For comprehensive competive intelligence on the unlisted CEF industry, sign up for a Premium Plus Membership.  

To access the industry’s most complete dataset covering NT BDCS, NT REITs and Opcos, sign up for Alternative.Investments Pro.   Its an essential resource for anyone involved  in product development, investment research, or due diligence within the retail alts space.  

  We also have a lot of data available for free:

• Complete list of all active interval funds 
• Complete list of all active tender offer funds
• Non-traded REITs
• Non-traded BDCs
• Conglomerates, Opcos, and other alternative funds.

Interested in advertising on or Alternative.Investments or Interval Fund Tracker? email [email protected] to learn about partnership opportunities.

Holding alternative investment funds that you need to exit quickly? We also have liquidity solutions for unlisted securities