Interval Funds Monthly – November 2025

In November, two new interval funds, and two new tender offer funds filed draft registration statements. Additionally, Blackstone registered a multi-strategy hedge fund in a 3(c)(7) wrapper.

Aristotle Pacific Enhanced CLO Income Fund


Aristotle Pacific Enhanced CLO Income Fund is a new interval fund that filed a registration statement on November 3, 2025. The Fund seeks to provide attractive risk-adjusted returns by investing at least 80% of its net assets (plus any borrowings) in collateralized loan obligations (CLOs), including senior and mezzanine CLO debt tranches, subordinated CLO equity tranches, and CLO warehousing facilities; the Fund will primarily target mezzanine or non-investment-grade tranches, while retaining flexibility to hold a broader credit-spectrum mix.

The Fund offers two share classes: Class I (minimum initial investment of $100,000) and Class I-2 (minimum initial investment of $2,500).

The investment manager is Aristotle Pacific Capital, LLC, based in Newport Beach, California. As of September 30, 2025, Aristotle Pacific (including its CLO management vehicles) managed approximately US$30.7 billion.

Axxes Real Estate Fund

Axxes Real Estate Fund is a new interval fund that filed a draft registration statement on November 21, 2025. The Fund aims to achieve long-term capital appreciation by investing at least 80% of its net assets (plus any borrowings) in real estate and real-estate-related securities — chiefly through investments in REITs or private real estate investment funds.

The Fund intends to concentrate a majority of its allocations into real estate vehicles managed by Bridge Investment Group Holdings LLC (and its affiliated advisers), focusing on U.S. residential, logistics, and net-lease property submarkets; the remainder may go into liquid securities for cash management.

The investment adviser is Axxes Advisors III LLC. The draft prospectus does not yet specify management fees or minimum initial investments for its share classes (Class A, Class C, Class I), so those are currently TBD.

599 Fund LLC

599 Fund LLC is a new tender offer fund that filed a draft registration statement on November 7, 2025. The Fund seeks to generate current income and long-term capital appreciation by investing across a broad private-markets credit and equity spectrum, including first-lien senior secured loans, unitranche and mezzanine debt, preferred equity, primary and secondary private funds, and equity co-investments in private companies, real estate, and real assets.

The adviser will charge a 0.50% annual management fee based on net assets.

Aksia LLC will serve as the investment adviser. Aksia is a New York–based registered investment adviser that manages a range of private-credit, private-equity, and multi-asset alternative investment strategies across institutional platforms.

Ardian Access Secondary Infrastructure Fund LLC

Ardian Access Secondary Infrastructure Fund LLC filed a draft registration statement on November 3, 2025. The Fund’s objective is to generate attractive risk-adjusted returns by investing in a global portfolio of private infrastructure assets, primarily through secondary purchases of interests in infrastructure funds and portfolios (“Secondary Investments”), complemented by direct co-investments alongside infrastructure sponsors and, to a lesser extent, primary commitments to infrastructure funds. Over time, under normal market conditions, the Adviser intends to invest at least 80% of net assets (plus borrowings) in Secondary Investments in Infrastructure Assets.

The Fund will offer three unit classes: Class [1], Class [2], and Class [3]. The minimum initial investment is $25,000 for Class [1] and Class [3] Units and $1,000,000 for Class [2] Units. The draft prospectus provides for both a base management fee and an incentive fee, but the actual level is TBD.

Ardian US LLC will serve as the Fund’s investment adviser. Ardian is a global private investment firm that manages or advises approximately $196 billion across private equity, real assets, and credit strategies.

Blackstone Multi-Strategy Hedge Fund L.P.

Blackstone filed a draft registration statement for a new Section 3(c)(7) fund: Blackstone Multi-Strategy Hedge Fund L.P. This new fund will dynamically invest in liquid and semi-liquid opportunities across four strategies: credit, equities, special situations and trading This fund is limited to qualified purchasers.

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