Interval Funds Monthly- August 2025
In August, one new interval fund filed a draft registration statement with the SEC,. Meanwhile, the SEC declared effective the prospectuses of six new interval funds that had previiously filed registration statements.
CAZ GP Stakes Fund
CAZ GP Stakes Fund filed a draft registration statement on August 8, 2025. This new private equity interval fund will invest in a portfolio of stakes in asset management firms across multiple strategies, geographies, and asset classes. Typical position sizes will be from 0.5% to 5%.
The fund’s Adviser is CAZ GP Stakes Adviser LLC. Its parent company, CAZ Investments LP, is an asset management firm focused on alternative asset classes. Over the past 20 years, CAZ Investments has launched over 80 private registered funds pursuing themes such as private equity, private credit, disruptive technology, energy, etc. CAZ Investments has approximately $8.7 billion in AUM.
CAZ GP Stakes Fund will offer five share classes. Class A Shares will have a 3.00% sales charge. In contrast Class D, Class E , Class I and Class F shares will be offered load free. The draft prospectus does not yet specify the management fee.
New Interval Fund Launches
In August the SEC declared effective the prospectuses of six new interval funds that had been pending. Now that these funds have officially launched, they will be able to start raising capital and making new investments.
| Fund Name | Strategy | Registration Date | Effective Date |
| Blue Owl Alternative Credit Fund | Credit | 3/7/2025 | 8/28/2025 |
| NB Asset-Based Credit Fund | Credit | 12/20/2024 | 8/19/2025 |
| StepStone Private Equity Strategies Fund | PE/VC | 5/5/2025 | 8/18/2025 |
| Callodine Specialty Income Fund | Credit | 7/16/2024 | 8/14/2025 |
| Prospect Enhanced Yield Fund | Credit | 7/23/2024 | 8/1/2025 |
| Oaktree Asset-Backed Income Fund, Inc. | Credit | 2/3/2025 | 8/1/2025 |
Private NT BDCs
In August three Private Non-traded BDCs filed initial form 10 registration statements with the SEC.
Eagle Point registered the Eagle Point Trinity Senior Secured Lending Company.
Crestline Management LP registered Crestline Lending Solutions LLC.
TCW Group and PNC Financial Service Group, Inc. launched the TCW Steel City Perpetual Levered Fund LP. This fund will change its name to TCW Steel City Senior Lending BDC once it completes its conversion ot a BDC and commences operations.
Other Alternative Fund Registrations
Two other new private funds filed registration statements in August 2025. These fit into the Conglomerate/Opco category.
Macquarie Infrastructure Fund, L.P. will invest in a portfolio of real assets including digital infrastructure, renewable energy, utilities and energy, transportation, waste management, water, logistics, and other infrastructure investments.
Warburg Pincus Access Fund, L.P. will seek to provide medium to long term capital appreciation through private equity investments, including primary commitments and secondary investments in Warburg Pincus managed funds or other PE funds.
Industry Links
Policy Changes to Drive Further Growth and Innovation in Alternative Investments Alternative.Investments
How Investment Process Factors Into the Success of Semiliquid Funds Morningstar
VC Platform Wars SecondaryLink
Wealthy Americans pour record sums into private credit funds Financial Times
NASAA Proposes 10% Cap on Investor BDC and REIT Holdings (Registered Funds Regulatory Update) Simpson Thacher
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