Six new interval funds and two new tender offer funds filed draft registration statements in April. Additionally, several new alternative funds started preparations to enter the market in April.

New Interval Fund Registrations

April was another busy month for interval fund registrations.

JPMorgan Tax Aware Opportunities Fund

JPMorgan Tax Aware Opportunities Fund seeks high current income exempt from federal taxes by investing primarily in municipal securities issued by state and local governments. The fund can also invest in higher-yielding taxable and tax-advantaged securities, including below-investment-grade bonds, loans, and preferred securities, and may use leverage to enhance income. The fund offers Class S, A, and I shares with minimums ranging from $2,500 to $1,000,000.

CAZ GP Stakes Growth Fund

CAZ GP Stakes Growth Fund seeks long-term capital appreciation by investing in minority ownership stakes in alternative asset managers across private equity, credit, real estate, infrastructure, and venture capital. The fund targets established firms and may access these positions through direct investments and secondaries, while holding liquid securities for flexibility and capital calls. The fund offers five share classes (A, C, E, I, R) with minimums ranging from $2,500 to $3,000,000 depending on class.

Third Lake Partners Alternative Yield Strategy Fund

Third Lake Partners Alternative Yield Strategy Fund is a continuously offered interval fund seeking to generate yield while preserving capital, primarily through investments in equity-linked structured notes. The portfolio is constructed using yield-focused structured notes tied to major equity indices (e.g., S&P 500, NASDAQ 100, Euro STOXX 50), designed to produce income with contingent downside protection and laddered maturities typically ranging from 12 to 36 months. The fund employs a systematic approach with active overlays, sourcing notes from multiple investment-grade issuers. It offers quarterly repurchases of at least 5% of shares at NAV and targets institutional investors with a $10 million minimum initial investment.

Muzinich Aviation Income Fund

Muzinich Aviation Income Fund(mAIR) seeks total return primarily through income by investing in aviation-related debt, including loans and securities backed by aircraft, engines, and aviation assets. The fund also invests in debt issued by leasing vehicles and companies tied to the aviation industry, and may originate loans directly. It offers multiple share classes (Supra Institutional, Institutional, and Investor), though final structure depends on regulatory approval.

Brookmont Consumer Credit Fund

Brookmont Consumer Credit Fund seeks high total return driven mainly by income by investing primarily in consumer credit instruments such as personal loans, student loans, auto loans, credit card receivables, and asset-backed securities tied to consumer debt. The fund focuses on loans originated through alternative lending platforms and uses a proprietary data-driven model to identify mispriced credit opportunities. The fund may invest up to 20% in other income-producing securities. Brookmont’s interval fund intends to list on the Texas Stock Exchange.

North Haven Strategic Credit Fund

North Haven Strategic Credit Fund seeks high, stable income with limited volatility by investing across a broad range of private and public credit strategies. The fund allocates to opportunistic credit, including direct lending and other structured credit investments, with flexibility to shift across markets. It offers Class S, D, and I shares with a typical minimum initial investment of $2,500.

New Tender Offer Fund Registrations

G-X Private Equity seeks long-term capital appreciation by providing diversified exposure to private equity through secondaries, co-investments, and GP stake investments. The fund primarily invests in underlying private market funds and direct transactions globally, with a focus on North America and Europe, and maintains liquidity through cash and liquid investments. It is an unlisted closed-end tender offer fund, with quarterly repurchase offers expected to be up to 5% of NAV at the Board’s discretion.

HB Wealth Credit Opportunities Fund seeks income and long-term capital appreciation by investing primarily in private credit through a multi-manager approach. The fund allocates across private funds (including CLOs), registered funds, BDCs, REITs, and direct co-investments in credit and credit-like assets, with at least 80% in credit investments. It is offered via private placement to accredited investors, with a $25,000 minimum investment, and provides limited liquidity through discretionary tender offers expected no earlier than 2028.

Other Alternative Fund Registrations

Adams Street Credit Solutions Fund registered on April 1. The new Adams Street Private NT BDC will focus on directly originated middle market senior loans.

Also in April, Third Point Private Capital Partners, which registered back in 2024, filed its N-54A indicating intention to be treated as an BDC.

Fidelity registered a private NT REIT: the Fidelity Core Real Estate Fund. Fidelity’s new NT REIT will be diversified across a range of asset classes, with a focus on industrial, residential, office and retail properties.

Monroe Capital Asset-Backed Finance Company LP filed its registration statement on April 10. It is a private operating company that will build a diversified portfolio f specialty finance assets such as royalties, consumer finance, litigation finance, and fund finance, as well as hard assets such as real estate, digital infrastructure, aircraft finance and equipment finance.

HarbourVest Private Equity Secondaries Fund seeks to build a global, diversified private equity focused portfolio in an open-ended fund.

Industry Links

Powering Financial Intelligence: How XFinLabs Is Changing the Way Deal Teams Work Interval Fund Tracker

Wealth Management Is Opening the Alternatives Tap. The Pipes Are Not Ready datos insights

An evergreen future for emerging markets private credit? Gemcorp Capital

Private Market Access is Facing a Hail Mary Moment Chronicles of an Allocator

How to Address Client Concerns About Semi-Liquid, Credit-Focused Funds BlueVault

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