Interval Funds Monthly: December 2025

January 4, 2026

The new year begins with a massive pipeline of new interval funds getting ready to launch. In December 2025, six new interval funds filed draft registration statements. Additionally, three new tender offer funds, two new NT BDCs, and one Opco/conglomerate made initial SEC filings.

Tortoise Energy & Infrastructure Interval Fund

Tortoise Energy & Infrastructure Interval Fund filed a registration statement on December 30, 2025. The Fund seeks to deliver attractive total return by investing at least 80% of its net assets (plus borrowings) in companies and long-lived, capital-intensive assets across the energy value chain and related infrastructure sectors, including exploration, production, processing, transportation, storage and distribution of energy commodities — with emphasis on infrastructure assets such as pipelines, terminals, storage facilities, logistics and technology/power infrastructure tied to artificial intelligence demand.

The prospectus lists multiple share classes (Class I, Class A-1, Class A-2, Class C-1 and Class C-2) but does not yet specify minimum initial investment amounts for those classes, so those remain TBD.

Tortoise Capital has approximately $9.2 billion in AUM.

OHA Direct Credit Fund

OHA Direct Credit Fund filed a registration statement on December 23, 2025. The Fund seeks to generate current income by investing at least 80% of assets in directly originated private credit, including first-lien and unitranche loans, second-lien loans, mezzanine debt, preferred equity, and asset-based lending. The strategy focuses on sectors such as infrastructure, aviation, telecommunications, and other capital-intensive industries, with flexibility to allocate opportunistically to structured credit and liquid credit instruments.

The Fund does not charge a management fee or incentive fee. The Adviser and its affiliates will bear most ordinary operating expenses, excluding items such as interest, taxes, and brokerage costs. The Fund is available only to certain T Rowe Price affiliated investing funds and is not offered to the general public.

T. Rowe Price Goldman Sachs Private Markets Fund

T. Rowe Price Goldman Sachs Private Markets Fund filed a registration statement on December 15, 2025. The Fund seeks long-term capital appreciation by investing across private equity, private credit, private real estate, and private infrastructure through a mix of pooled investment vehicles and direct investments.

Under normal conditions, the Fund will invest at least 80% of net assets in private markets. At least 33% of net assets will be invested in funds and vehicles managed by Goldman Sachs Asset Management LP, and at least 33% of net assets will be invested in funds and vehicles managed by T. Rowe Price Associates, Inc. The remaining assets may be allocated to other private-market investments and co-investments consistent with the strategy.

T. Rowe Price Associates, Inc. serves as investment adviser. The draft prospectus does not yet disclose the management fee or minimum initial investment amounts, so those remain TBD.

VanEck CLO Opportunities Fund

VanEck CLO Opportunities Fund filed a registration statement on December 18, 2025. The Fund’s strategy seeks attractive total return through current income and capital appreciation by investing at least 80% of net assets in collateralized loan obligations (CLOs), including senior and mezzanine debt tranches, subordinated tranches, CLO equity and related credit instruments; it may also allocate to CLO warehousing facilities, managed accounts and other structured credit exposures tied to leveraged loans.

The adviser will charge a 0.75% annual management fee based on net assets. The Fund’s minimum initial investment is $1,000,000 for most investors, subject to waiver by the board.

VanEck Advisers Corporation serves as the Fund’s investment adviser. VanEck manages a range of fixed income and alternative credit strategies across institutional and retail vehicles, with a platform that includes high yield, emerging markets debt and structured credit capabilities.

AMG BBH Asset-Backed Credit Fund, LLC

AMG BBH Asset-Backed Credit Fund, LLC filed a draft registration statement on December 5, 2025. The Fund seeks a return comprised of current income and capital appreciation by investing primarily across asset-backed and other structured credit instruments. It defines “Asset-Backed Credit Investments” broadly and lists examples such as asset-backed investments, commercial real estate debt, CLOs, loan co-investments and pools, stressed debt, asset-based loans, and debt of BDCs that invest primarily in loans.

The Fund offers Class S Units, Class I Units, and Class M Units. The draft prospectus leaves the minimum initial investment amounts TBD for each class.

Brown Brothers Harriman Credit Partners, LLC serves as the investment adviser. The Fund’s management fee rate remains TBD, but the draft states it will charge the fee on average daily “Managed Assets,” which the filing defines as total assets (including leverage) minus accrued liabilities (excluding leverage debt and certain preferred items).

WVB Blackstone All Privates Fund

WVB Blackstone All Privates Fund filed a registration statement on December 1, 2025. The Fund seeks attractive risk-adjusted returns by investing primarily in pooled investment vehicles that provide exposure to private markets. Under normal market conditions, it will invest at least 80% of net assets (plus borrowings) directly or indirectly in underlying funds managed, sub-advised or sponsored by affiliates of Blackstone Inc. that focus on private equity, private credit, real estate and infrastructure. In addition, the Fund may allocate a portion of its net assets to registered investment companies and other liquid securities, including money market funds, ETFs and mutual funds managed by The Vanguard Group, Inc. to obtain exposures such as short-duration fixed income and cash equivalents.

For each share class (Class A, Class I and Class M), the minimum initial investment is $2,500, with subsequent investments allowed at $500 minimum, subject to waivers by the Fund. The prospectus permits a front-end sales load on Class A Shares but does not yet disclose specific management fee or other ongoing fee rates.

Wellington Management Company LLP serves as the Fund’s investment adviser, selecting and allocating among Underlying Funds managed by Blackstone or Vanguard without canvassing the broader universe of available vehicles.