In July 2026, two new interval funds and one tender offer fund filed draft registration statements. Additionally, two new private NT BDCs registered, and Goldman Sachs registered two new 3(c)(7) funds.

New Interval Fund Registrations

Eldridge Dynamic Income Fund

Eldridge Dynamic Income Fund seeks attractive risk-adjusted total returns primarily through current income by investing across a broad range of credit strategies. The fund plans to build a portfolio of credit assets across asset-based credit, illiquid credit, liquid credit, structured credit, equity-related securities, preferred equity, convertible bonds, and common equity. It expects asset-based credit, including equipment-related leases and loans, to make up a substantial part of the portfolio. The adviser uses a dynamic relative-value approach across origination, underwriting, and portfolio management, with allocations changing as opportunities emerge across market cycles.

The fund offers Class S, Class D, and Class I Shares. Until the fund receives exemptive relief for multiple classes, it will offer only Class I Shares. Minimum initial investments are $2,500 for Class S and Class D Shares and $1,000,000 for Class I Shares, except that the Class I minimum for certain fee-based accounts is TBD. Minimum additional investment amounts are TBD. The management fee is 1.25% of average daily net assets. The adviser may also receive a 12.5% incentive fee on pre-incentive fee net investment income, subject to a 6.0% annualized hurdle rate.

PGIM Partners Group Private Markets Multi-Asset Fund

PGIM Partners Group Private Markets Multi-Asset Fund seeks total return by providing multi-asset exposure primarily to private markets. The fund will invest across private equity, infrastructure, private credit, and private real estate, while also holding public fixed income, public equities, and other liquid assets for market exposure and liquidity management. It may access private equity through direct investments, secondary investments in private equity funds, and, to a lesser extent, primary fund commitments. It may access private credit through direct privately originated debt, including direct lending, mezzanine debt, and asset-backed finance, as well as private credit fund investments. The fund may access real estate and infrastructure through direct equity, debt, related structures, and fund investments.

PGIM Investments manages the fund, with Partners Group, PGIM, Inc. and PGIM Limited serving as subadvisers. The structure fits several recent alternative-investment moves by both firms. PGIM and Partners Group announced a strategic partnership to build multi-asset private markets solutions, combining PGIM’s credit and real estate capabilities with Partners Group’s private equity and infrastructure platform. PGIM has also been expanding access to private markets through a private credit CIT for defined contribution plans and a Luxembourg private credit vehicle for wealth investors. Partners Group has made similar wealth-channel moves through partnerships with BlackRock, Deutsche Bank, and Generali.

The fund offers Class I and Class D common shares. Minimum investment amounts are TBD. The management fee and incentive fee are also TBD in the draft prospectus.

New Tender Offer Fund Registration

RTW Biotech Growth Fund

RTW Biotech Growth Fund seeks long-term capital appreciation by investing primarily in biotechnology, life sciences, biopharmaceutical, and medical technology companies. The fund will invest at least 80% of net assets, plus borrowings for investment purposes, in biotechnology and biotechnology-related growth companies. It may invest across public and private issuers globally, with a primary focus on the United States, Asia, and Europe, and may hold equity, equity-related securities, debt, debt-like instruments, royalties, and royalty-related interests. The strategy uses RTW’s data-driven, science-based research process to identify misunderstood, underappreciated, or transformational healthcare assets.

RTW Investments, LP serves as adviser. The prospectus describes RTW as a healthcare-focused investment firm founded in 2009, with over $9.7 billion in assets under management as of June 30, 2026. The fund intends to offer Class S, Class D, and Class I Shares, but Class I Shares will be the only class offered until the fund receives exemptive relief for a multi-class structure. Minimum initial investments are $50,000 for Class S and Class D Shares and $1,000,000 for Class I Shares. The minimum additional investment is $5,000 for Class S and Class D Shares and $250,000 for Class I Shares. The management fee rate is TBD.

New Goldman Sachs 3(c)(7) Fund Registrations

In July Goldman Sachs registered two private funds with similar structures, but different strategies.

G-INFRA LP

G-INFRA is a privately offered perpetual-life limited partnership, with monthly fully funded subscriptions and quarterly redemptions subject to a 5% redemption cap.

Goldman Sachs’ new infrastructure fund seeks long-term capital appreciation through a diversified global portfolio of infrastructure investments, including direct infrastructure investments and infrastructure secondaries. The direct strategy targets transportation and logistics, energy transition, digital infrastructure, and circular economy/other infrastructure, while the secondaries strategy includes traditional secondaries, continuation vehicles, preferred equity, and other non-traditional infrastructure secondaries.

G-INFRA as part of Goldman’s broader private infrastructure platform, which has invested over $27 billion since 2006. Direct infrastructure investments are managed by AM Private, while infrastructure secondaries are managed by XIG, Goldman’s external investing platform.

G-Private Equity LP

G-Private Equity LP is a privately offered perpetual-life limited partnership that accepts monthly fully funded subscriptions and offers quarterly redemptions subject to a 5% redemption cap.

The new Goldman Sachs PE Fund seeks long-term capital gains through exposure to a diversified global portfolio of private equity investments. The strategy focuses mainly on single-asset private equity investments, including buyout and growth investments, single-asset secondaries, external private equity co-investments, other secondaries, and liquidity assets.

Private NT BDC Registrations

Two new private NT BDCs filed draft registration statements in July.

Macquarie Infrastructure Income Opportunities Fund

Macquarie registered a new private NT BDC: Macquarie Infrastructure Income Opportunities Fund.
It offers Class J Shares privately to accredited investors in the U.S. and certain offshore investors.

Macquarie’s new NT BDC seeks current income and, to a lesser extent, long-term capital appreciation by investing mainly in private credit across infrastructure investments. It targets loans, bonds, leases, structured and asset-backed products, secured credit backed by financial or physical assets, and debt-like investments tied to infrastructure or infrastructure-like issuers, with a focus on contracted cash flows, resilience, cash yield, and downside protection.

SLR Secured Specialty Lending Fund

SLR Secured Specialty Lending Fund is a new private NT BDC. It seeks to build a diversified portfolio of primarily first-lien, floating-rate senior secured loans across SLR’s four private credit strategies: asset-based lending, lender finance, life science finance, and opportunistic investments. It uses a flexible allocation approach across those strategies, combining top-down asset allocation with bottom-up underwriting to pursue risk-adjusted returns across market cycles.

Industry Links

Think You Might Not Pay That Incentive Fee? You Will Morningstar

Interval & Tender Offer Funds Just Quietly Became a $300 Billion Bet on Private Equity and Venture Capital John Cole Scott

Bloomberg Acquires Canoe: What Does it Mean for Private Markets? David Jegen

Why a $2 trillion demand wave from wealth advisers is fueling asset manager partnerships Pensions&Investments

Growth and Risks for Private Credit Funds EisnerAmper

Envestnet Launches First Research-Approved List of Interval Funds connectmoney

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