Interval Funds Monthly- February 2026

In February 2026, one new interval fund and three new tender offer funds filed draft registration statements.

Cascade Real Assets Fund

Cascade Real Assets Fund is a new interval fund that filed a draft registration statement on February 27, 2026. It seeks to generate long-term capital appreciation and current income by investing in a diversified portfolio of private real assets, including real estate, infrastructure-related and adjacent investments, and other real asset-linked strategies.These investments may include direct equity or debt interests in physical assets or operating companies, primary commitments to private funds, secondary purchases of fund interests, co-investments, and certain listed real asset securities. The strategy spans core, core-plus, value-add, opportunistic, development, growth-oriented, and structured credit approaches across real estate, infrastructure, natural resources, energy, and natural capital.

The draft registration statement includes one share class: Class I Shares, which will not have a sales load. The minimum investment is still TBD. Similarly, the management fee will be specified in a future draft.

Cliffwater LLC serves as investment adviser. As of January 31, 2026, Cliffwater managed approximately $49 billion in assets under management and $68 billion under advisement.

New Tender Offer Fund Registrations

Three new tender offer funds filed draft registration statements in February:

FT Vest Total Return Income Fund: Series A1 invests mainly in a diversified basket of about 100 stocks from the S&P 500 and uses options to reshape the return profile. The fund seeks to generate a high level of income—targeting 15% annually—by selling short-term call options on those stocks, while also buying a long-term put option on the S&P 500 to help cushion market declines over a two-year period.

Franklin Infrastructure Solutions Fund invests primarily in private infrastructure assets around the world, including renewable energy projects, digital and communications networks, transportation, utilities, and other essential real assets. The fund can invest directly in companies or projects, co-invest alongside other sponsors, buy interests in private infrastructure funds, and allocate a smaller portion to infrastructure debt and publicly traded infrastructure securities.

Manulife GA Trust aims to generate current income by investing mainly in below-investment-grade senior loans to corporate borrowers. It typically buys first- and second-lien loans, may add small equity co-investments tied to those loans, and plans to hold most investments long term, building the portfolio over an expected 18-month ramp-up period.

New NT BDC and NT REIT Registrations

In February there were two new private NT BDCs that filed initial registration statements: Silver Point Private Credit Fund and TCW Specialty Lending IX LLC.

Additionally, there was one new private NT REIT registration: HPS Net Lease Income REIT.

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