Interval Funds Monthly- September 2025

In September 2025, two new interval funds filed initial draft registration statements. Additionally, the SEC declared effective the prospectuses for six new interval funds.

Alger Next Gen Growth Fund

Alger Next Gen Growth Fund will invest in domestic and foreign equity of fast growing and innovative companies. It will invest 20%-80% of total assets in private companies, and the rest in public companies The draft prospectus does not yet specify the management fee.

Fred Alger Management LLC is adviser to the Fund. Alger has over $20 billion in AUM across various growth oriented mutual funds, ETFs, and institutional portfolios. This is their first interval fund.

Alger’s new interval fund is offering two share classes : Class A and Class Z. Class A shares have a minimum investment of $1,000, and will have a sales load. In contrast, the minimum investment for Class Z shares will be $500,000, and investors can purchase Class Z shares at NAV.

ProShares Private Equity Access Fund

ProShares Private Equity Access Fund will invest in an actively managed portfolio of private equity of assets, including buyer, growth capital, special situations, venture capital, private infrastructure, real estate, real assets. It will make both primary and secondary investments and will diversify across vintage years. The draft prospectus does not yet specify the management fee.

ProShares Advisors, LLC will serve as the fund’s adviser. As of June 2025, ProShares had over $80 billion in AUM. ProShares is primarily know for its EtFs, and this is their first interval fund, and first foray into alternative investments.

ProShares new interval fund is offering three share classes, Investor Class, Service Class and Institutional Class. None of the share classes will have a sales load. However, the Service Class will have a distribution fee and/or a shareholder servicing fee.

Newly Effective Interval Funds

The SEC declared effective 6 new interval funds in September:

  • Sardis Credit Opportunities Fund declared effective
  • Jetstream Venture Fund
  • Pursuit Asset-Based Income Fund
  • Lincoln Bain Capital Total Credit Fund
  • Franklin BSP Lending Fund
  • Privacore VPC Asset Backed Credit Fund

Other Alternative Funds

Robostrategy, Inc. is a privately offered interval fund that filed a draft registration statement on September 9. It will invest in equity and equity linked securities of private and public companies operating in robotics and embodied AI. The minimum investment in Robostrategy is $50,000.

Nuveen Farmland REIT is a privately offered NT REIT that will invest in farmland throughout the United States. In particular, Nuveen has targeted investments in farmland in California’s central valley, including crops such as tree nuts, citrus, olives , avacados, table grapes, raisins, cherries, and apples. Nuveen’s new farmland REIT will offer four different share classes, with minimum investments ranging from $100,000 to $1 million.

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