Three new interval funds filed initial draft registration statements in June 2025:

Fund Name	Strategy	Registration Date
Man Diversified Income Fund	Credit	06/20/2025
Pre-IPO & Growth Fund	PE/VC	06/06/2025
TCG Strategic Income Fund	Credit	06/04/2025

Man Diversified Income Fund

Man Diversified Income Fund filed its initial registration statement on June 20. It plans to employ a multi-asset credit strategy, allocating across different segments of the private, structured, and public credit markets. The draft prospectus indicates that the Man Group’s new interval fund will offer two load free share classes, although additional details are TBD. Foreside will distribute the fund.

Man Group is sponsoring this new interval fund, and various subsidiaries will provide subadvisory services as well. According to its website Man Group has over $172 billion in AUM, approximately 73% of which comes from institutional investors. Man Group’s new interval fund is an example firms that that started as traditional hedge fund managers branching out into new asset classes and strategies, as well as distribution channels.

Pre-IPO & Growth Fund

Pre-IPO and Growth Fund will invest in late stage private companies, as well as publicly traded growth companies. The preliminary prospectus indicates it plans to sell three load free share classes: Founders Shares, Retail Class and Class C. A predecessor private fund known as the ABS Global PRE-IPO LP will reorganize into the Founders Shares. In contrast, the fund will sell Retail and Class C to new investors. The management fee is not yet specified in the draft prospectus.

ABS Investment Management is serving as this new venture capital interval fund’s adviser. According to the preliminary prospectus, ABS has $8 billion in total AUM.

TCG Strategic Income Fund

TCG Strategic Income Fund will opportunistically allocate across a wide range of diversified credit strategies with a primary focus on private credit and liquid credit. The private credit portfolio will focus on directly originated debt backed by financial or physical assets.

TCG Strategic Income Fund will offer five share classes: I, A-1, A-2, C-1, and C-2. Class A-1 and A-2 Share classes will have a sales load. In contrast, Class I, C-1 and C-2 shares will be load free. Some share classes will pay a distribution and servicing fee, although the amount is not yet specified in the draft prospectus. Similarly, the management fee is still TBD.

TCG Strategic Income Adviser, which is an affiliate of Tannenbaum Capital Group, will manage the fund. 

New Private NT REIT Registrations

Two new private NT REITs filed registration statements in June. Both of them are evergreen funds.

Blue Owl Digital Infrastructure Trust is a private evergreen NT REIT that will acquire digital infrastructure assets such as data centers, fiber, and cell towers, and lease them to investment grade customers.

CNL Strategic Residential Credit is a private evergreen NT REIT that will acquire, finance, and manage a diversified portfolio of U.S. performing and re-performing whole mortgage loans, MSRs, and RMBS.

New Private NT BDC Registrations

Two new private NT BDCs filed registration statements in June.

 Fortress Private Lending Fund will invest in middle market companies through direct origination and acquisition of first lien loans, and to a leser extent second lien loans.  This new BDC from Fortress is an evergreen vehicle.

Nuveen Churchill BDC V will invest in private debt and equity of middle market companies owned by leading private equity firms. In contrast with the Fortress Private Lending Fund, Nuveen’s new BDC is a finite life fund that expects to complete a liquidity event within six years of its initial closing.

Industry Links

Beyond the Horizon: Why Everyday Investors are Now Accessing Private Markets Directly Interval Fund Tracker

Alternative Investments Survival Guide Part I Thirdline

A Closer Look at Semiliquid Funds: Credit might be king, but costs are queen. Morningstar

Proposed Changes to Interest Rate Tax Treatment for RICs Proskhauer

Interval Fund and Tender Offer Fund Opportunities Seward & Kissel LLP

SEC Staff Opens Door to Expanded Retail Access to Private Funds Dechert LLP

Private markets: Driving success in volatile environments State Street

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