March was a volatile month for global markets. Nonetheless, fund managers were aggressively planning new funds. JP Morgan registered a new private credit interval fund. AQR, well known for their criticism of the retail alts space, registered a new interval fund. Morgan Stanley registered two new tender offer funds, and Franklin Tempelton registered one as well.

Interval Funds

Five new interval funds filed draft registration statements in March.

Alpha Summit Strategic Alternatives Fund

Alpha Summit Strategic Alternatives Fund aims to generate current income and capital appreciation by investing across a wide range of alternative strategies through a portfolio of underlying funds. The fund allocates across private equity, private credit, real estate, hedge fund strategies, and other alternatives, and may also co-invest directly alongside those underlying managers, while maintaining flexibility to invest in liquid securities for diversification and liquidity. The fund currently offers a single share class (Class I Shares) with a $1,000 minimum initial investment, which may be waived at the fund’s discretion.

AQR Delphi Long-Short Fund

AQR Delphi Long-Short Fund seeks capital appreciation by going long stocks it views as attractively valued, higher quality, and lower risk, while shorting stocks it views as expensive, lower quality, and higher risk. The fund uses a systematic approach across global equities and may use derivatives to adjust exposure. The fund offers four share classes: Class N, Class I, Class U, and Class Y. The prospectus specifies minimum initial investments of $2,500 for Class N Shares and $5,000,000 for Class I Shares. Class U and Class Y also have minimum account sizes of $10,000.

JPMorgan Public and Private Credit Fund

JPMorgan Public and Private Credit Fund seeks total return driven mainly by income by investing across a wide mix of public and private credit assets. The fund buys loans, bonds, structured credit, and other income-producing instruments, and can invest globally across both developed and emerging markets. It has broad flexibility to shift between strategies and may invest through direct holdings, private funds, co-investments, and other vehicles depending on where it sees the best opportunities.

The fund offers three share classes: Class S, Class A, and Class I. Minimum initial investments are $2,500 for Class S and Class A Shares and $1,000,000 for Class I Shares (with a lower $100,000 minimum for certain fee-based accounts).

Amplifi Collective Fund

Amplifi Collective Fund seeks long-term capital appreciation by investing primarily in private growth companies and multifamily real estate through direct investments and special purpose vehicles. The fund focuses on venture-style equity investments and real estate opportunities, while also allocating a smaller portion to private funds and holding liquid securities for flexibility and cash management. The fund offers a single share class. The prospectus lists the minimum initial investment as TBD.

AAM/Wilshire Infrastructure Fund

AAM/Wilshire Infrastructure Fund seeks capital appreciation, with current income as a secondary goal, by investing primarily in infrastructure assets such as energy, utilities, communications, transportation, and social infrastructure. The fund builds its portfolio mainly through private market exposure—investing in infrastructure funds, co-investments, and secondaries—while also holding some liquid investments for liquidity and cash management.

Other Alternative Funds

Morgan Stanley registered two tender offer funds in March: Morgan Stanley Private Markets and Alternatives Fund – Growth and Morgan Stanley Private Markets and Alternatives Fund – Income.

Franklin Templeton registered a new tender offer fund called the Franklin Lexington Venture and Growth Fund.

Felicitas Income Fund is a new tender offer fund that filed a registration statement on March 24.

Third Point filed a draft registration statement for a new private NT BDC: Third Point Private Capital Income.

Industry Links

Private Credit Faces Its First Redemption Cycle: What Investors and Advisors Need to Know Morningstar

Private Credit: There’s The Narrative, Then There’s The Truth RealClear Policy

We Built Discretion into These Funds. Then We Gave It Away. Institutional Investor

Private equity: Clearer view, tougher terrain Mckinsey & Company

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