July was another record setting month for the retail alternative investments industry. Five new interval funds filed draft registration statements:

Fund Name	Strategy	Registration Date
Capital Group KKR U.S. Equity (Plus)	Equity	07/29/2025
LOOMIS SAYLES ALTERNATIVE ASSET BASED SOLUTIONS INCOME FUND	Credit	07/25/2025
PennantPark Enhanced Income Fund	Credit	07/24/2025
LibreMax Asset Backed Income Fund	Credit	07/18/2025
IDA Private Access Fund	Multistrategy	07/10/2025

There were also several tender offer funds and NT BDCs that made initial filings with the SEC in July. Additionally, several uniquely structured private funds backed by major players also filed registration statements.

Capital Group KKR U.S. Equity (plus)

Capital Group KKR U.S. Equity (plus) filed a draft registration statement on July 29. This fund is following the recent launch of two other Capital Group- KKR collaborations.

Capital Group KKR U.S. Equity (plus) will invest 60% of its net assets in publicly traded equity securities and approximately 40% of its net assets in private equity securities. The private equity portion of the portfolio will consist of two primary strategies: investments in KKR Private Equity Conglomerate (K-PEC), and co investments alongside K-PEC or other KKR funds. The prospectus indicated this fund will have five share classes, and the minimum investment for most share classes will be $1,000. However, details on fees are still TBD.

Loomis Sayles Credit Income Opportunities Fund

Loomis Sayles Credit Income Opportunities Fund also filed a draft registration statement. This fund filed a registration statement way back in 2018, but never launched. Then it withdrew its registration in 2025, and filed a new registration statement a few months later.

PennantPark Enhanced Income Fund

PennantPark Enhanced Income Fund will invest primarily in the junior debt tranches of CLOs, with a focus on CLO debt tranches initially rated ‘BB’. To a lesser extent it may also invest in CLO debt or equity.
PennantPark Enhanced Income Fund will have three share classes : A, C and I. Class A will have a sales load, although the exact amount is not yet specified in the draft prospectus. In contrast, Class C and Class I will be load free.

PennantPark has $10 billion of AUM as of March 31, 2025, and also manages two BDCs: PennantPark Floating Rate Capital and PennantPark Investment Corporation.

LibreMax Asset Backed Income Fund

LibreMax Asset Backed Income Fund will invest in private asset based finance products and traded structured credit products and other credit related investments that provide exposure to asset backed investments.

This fund will have three share classes: A, I, and L. Class A will have a 3.0% share load. In contrast, Class I and Class L will be load free. The minimum initial investment will be $10,000 for Class A, $100,000 for Class I and $50,000 for Class L. The fund previously raise capital by selling Class I shares in a private offering. However, it is now seeking to raise additional capital in a public offering.

LibreMax Capital LLC is adviser to the fund. Greg Lippman, who is featured as one of the main characters in Michael Lewis’ the Big Short, will be responsible for the day to day management of the portfolio.

IDA Private Access Fund

IDA Private Access Fund will invest in a diversified portfolio across segments of the private markets including private investment funds such as REITs, mutual funds and ETFs, and other closed end funds. Intelligence Driven Advisers, LLC is the investment adviser. The minimum investment for IDA Private Access Fund is $1,000.

Tender Offer Funds

Four new tender offer funds filed draft registrations statements in July:

• Banner Ridge DSCO Private Markets Fund
• EP Private Capital Fund I
• FT Vest Hedged Equity Income Fund: Series B3
• FT Vest Total Return Income Fund: Series B3

NT BDCs

Five new NT BDCs made initial filings with the SEC during July.

Guggenheim Investments Private Credit Fund filed a form N-2 for a public offering.

Stone Point Credit Income Fund – Select filed a registration statement for a private offering.

Three NT BDCS filed N-54a indiciating their choice to be regulated as a BDC:

Antares Strategic Credit Fund II LLC

CAPQ BDC Inc.

Fortress Private Lending Fund

Other Alternative Fund Registrations

More and more funds that don’t fit in the traditional categories are coming to market.

Apollo IG Core Replacement, L.P. looks like it will be a unique fund offering investment grade credit exposure across Apollo’s platform.

Brookfield Private Equity Fund LP is a new Opco/Conglomerate that Brookfield setup to acquire a portfolio of high-quality businesses, investing alongside other public and private investment vehicles that Brookfield manages. It will raise capital through a continuous private offering.

Franklin Tempelton and Benefit Street set up the FBRED-C Feeder REIT Trust as a feeder fund to invest in Franklin BSP Real Estate Debt Trust.

PIMCO Asset-Based Lending Co LLC will originate and acquire loans, mortgages, leases, hard assets, royalties, Insurance assets and other forms of credit provision or contractual cash flow. Its goal is to build a diversified portfolio of Asset-Backed Instruments.

According to the registration statement : the rapid increase in interest rates and the regional bank failures in early 2023 have accelerated banks’ focus on the balance sheet and capital optimization and related risks. Pimco Asset-Based Lending Co LLC will seek to participate in the unwinding of these risk exposures through asset sales and risk transfer opportunities. It will raise capital in a continuous private offering to accredited investors.

Industry Links

First rule about valuing secondaries: never talk about valuing secondaries Privates in Public

The need for an evidence-based understanding of BDCs in private credit Investment Company Institute

The Gilded Age of Private Equity for the Masses Morningstar

Tapping the trillions: Private equity’s 401(k) ambitions Private Equity International

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