Interval Funds Monthly- January 2026

In January 2026, three unlisted closed end funds with a private markets focus filed draft registration statements. These include one private equity interval fund and two tender offer funds. Additionally, four new private credit funds filed draft registration statements, including three structured as private NT BDCs.

Nilsine Partners NP1X Fund

Nilsine Partners NP1X Fund filed a registration statement on January 7, 2026. This new interval fund seeks to generate a balanced mix of current income and long-term capital appreciation by investing across private markets with low sensitivity to traditional public equity and fixed-income indices. The strategy primarily gains exposure indirectly through private funds, registered mutual funds and ETFs, and other closed-end funds, including interval and tender offer funds, while also pursuing direct co-investments alongside underlying managers and selective direct private investments.

The Fund may allocate across private equity, private credit, private real estate, private infrastructure, real assets, commodities, and short-duration fixed income, with up to 25% of net assets held in liquid securities for liquidity management.

Nilsine Partners, LLC serves as investment adviser. The Fund charges a 1.00% annual management fee based on average Managed Assets, payable monthly, with a contractual 40% fee waiver for the first two years following the initial closing. The minimum initial investment for Class I Shares is $100,000, subject to waiver. The Fund is offered exclusively to accredited investors in private placement transactions.

Constitution Capital Evergreen Partnership

Constitution Capital Evergreen Partnership Fund, LLC filed a registration statement on January 9, 2026. This new tender offer fund seeks to generate long-term capital appreciation by investing in a broad portfolio of private assets that the Adviser believes offer attractive risk-adjusted return potential.

The Fund invests in private assets through a combination of secondary purchases of interests in closed-end private funds, primary commitments to new private funds, other liquid investments tied to private equity and alternative asset managers, and short-term investments for liquidity management. The strategy aims to diversify exposure across managers, sectors, geographies, transaction types, and vintage years. Under normal market conditions, the Fund does not expect to hold more than 20% of net assets in liquid assets for extended periods, although it may do so for liquidity or defensive purposes.

Constitution Capital Horizon Advisor, LP serves as the investment adviser. The Fund charges a 1.50% annual investment management fee, calculated monthly on the greater of beginning-of-month net asset value or net asset value adjusted for unfunded commitments. The Adviser also earns a 5% incentive fee on quarterly net profits, subject to a loss recovery mechanism. The Fund requires a $25,000 minimum initial investment and is offered exclusively to accredited investors who are also qualified clients.

GCM Grosvenor Private Equity Capital Opportunities Fund

GCM Grosvenor Private Equity Capital Opportunities Fund filed a registration statement on January 12, 2026. This tender offer fund is a newly organized, non-diversified closed-end management investment company structured as a tender offer fund. It seeks to provide long-term capital appreciation by investing primarily in private equity transactions across sectors including business services, consumer staples, financials, healthcare, industrials, and information technology.

The Fund expects to gain exposure mainly through direct co-investments alongside sponsor managers, originated private equity investments, and single-asset secondary transactions, with more limited use of multi-asset private equity fund secondaries over time. Under normal circumstances, the Fund intends to invest at least 80% of net assets (plus borrowings) in private equity investments. It will also hold liquid investments, including cash, fixed income securities, mutual funds, and ETFs, to manage liquidity and support repurchase activity.

A subsidiary of GCM Grosvenor L.P., serves as investment adviser. The Fund plans to offer Class S, Class D, and Class I shares, although minimum investment amounts remain TBD. The management fee and incentive fee percentages are also TBD in the draft prospectus. The Fund limits eligibility to investors who qualify as qualified clients under Rule 205-3.

NT BDCs and Other Private Credit Funds

Three new private NT BDCs filed registration statements in January 2026:

Additionally, HPS Real Assets Lending Co LP is a new private credit vehicle, albeit not a BDC.

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