Interval Funds Monthly- October 2025

In October 2025, three new interval funds and four new tender offer funds filed registration statements. Additionally, several private NT BDCs, NT REITs, and Opcos filed registration statements in October.

New Interval Fund Registrations

CIBC Private Lending Strategies

CIBC Private Lending Strategies filed a draft registration statement on October 7, 2025. This new interval fund targets high current income by lending to corporate and individual borrowers through short-term, senior positions. The adviser charges a 1.00% annual management fee based on average daily net assets. Class I shares require a $50,000 minimum investment. The draft prospectus also has a placeholder for another share class, but details are not included. CIBC Private Wealth Advisors, Inc. is the Adviser. It manages over $57 billion in assets and operates within the Canadian Imperial Bank of Commerce network.

RBC BlueBay Enhanced Income Fund

RBC BlueBay Enhanced Income Fund filed a draft registration statement in late October 2025. The fund seeks total return, primarily through income, by investing in equity and debt tranches of U.S. and European CLOs backed by floating-rate senior secured loans. It may also allocate capital to CMBS, RMBS, ABS, and leveraged loans. The prospectus does not list a management fee or minimum investment in its summary. RBC Global Asset Management is the Adviser, while RBC Global Asset Management (UK) Limited serves as the sub-adviser. RBC oversees more than US $534 billion globally as of June 30, 2025.

Regan Capital Alternative Income Fund

Regan Capital Alternative Income Fund filed a new draft registration statement on October 24, 2025. This fund’s strategy pursues high risk-adjusted current income and capital appreciation by investing at least 80% of assets in debt obligations—mainly non-agency RMBS with weighted average lives between 0 and 10 years—and up to 30% in private alternative credit such as real-estate-backed loans, receivables, or litigation-finance assets.

Regan’s new interval fund has two shares classes: Investor Class and Institutional Class. The adviser charges a 1.50% annual management fee for both share classes. Investor Class shares have a $2,500 minimum. In contrast, Institutional Class shares have a $50,000 minimum.

Minimum investments start at $2,500 for the Investor Class and $50,000 for the Institutional Class. Regan Capital, LLC, which serves as the Fund’s adviser, is based in Dallas, manages approximately US $2.1 billion as of March 31, 2025.

New Tender Offer Registrations

Four new tender offer funds filed draft registration statements in October:

Adams Street Venture & Growth Fund intends to invest primarily in growth-stage private companies by leveraging the deep venture and growth-equity platform of Adams Street Partners across primary, secondary and co-investment opportunities.

CAIS Sports, Media & Entertainment Fund seeks to provide exposure to the sports, media and entertainment ecosystem by investing in businesses and assets across those industries, as offered through the alternative-investment platform of CAIS Group.

FT Vest Total Return Income Fund: Series B4 targets a combination of high current income and limited capital appreciation via an options-enhanced equity basket with hedging overlay, managed by First Trust Capital Management.

Destiny Alternative Fund is structured to pursue diversified alternative strategies (such as private credit, litigation finance or other non-traditional assets) under the umbrella of its adviser, offering accredited investors access to less liquid investment opportunities.

Additionally, Emery Partners Income Fund, which was previously known as SKK Access Fund, filed a draft registration statement for the new strategy.

NT BDC Registrations

Monroe Capital Enhanced Corporate Lending Fund filed a draft registration statement for a new public NT BDC.

Several private NT BDCs filed draft registration statements:

Other Alternative Fund Registrations

Rithm Perpetual Life Residential Trust is a private NT REIT that plans to invest primarily in North American asset-based finance opportunities, initially focusing on residential transitional loans and branching into non-qualified mortgage loans, non-performing and reperforming loans, manufactured-housing loans, synthetic/credit-risk transfers and CLO securities.

Ares Sports, Media & Entertainment Opportunities LP aims to invest across the sports, media and entertainment ecosystem—leveraging debt and equity instruments in teams, leagues, content and adjacent platforms—targeting the under-penetrated circa US$2.5 trillion opportunity set.

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