This month saw another wave of new unlisted closed-end fund filings, including four new interval funds and three new tender offer funds. The interval fund group was especially notable because J.P. Morgan, UBS, and Invesco all registered new vehicles/ The tender offer fund filings added more variety, spanning private secondaries, technology growth, and a novel survivorship-linked large-cap equity strategy. Vanguard’s acquisition of altruist also marked a new watershed moment for the alternatives industry.

New Interval Fund Registrations

Four new interval funds filed registration statements in August.

DLP Access Fund

DLP Access Fund seeks current income and long-term capital appreciation by investing substantially all of its assets in DLP Capital-sponsored private real estate vehicles focused on “attainable housing.” The underlying funds invest across loans secured by real estate and equity interests in income-producing and to-be-developed rental housing assets. The fund intends to offer a single class of shares, with a stated $5,000 minimum purchase. OneAscent Capital LLC serves as adviser and charges a 0.50% management fee on average daily net assets.

Invesco Private Asset-Based Credit Fund

Invesco Private Asset-Based Credit Fund seeks high current income, with capital appreciation as a secondary objective, by investing primarily in private asset-based finance investments. These include investments backed by loans, leases, royalties, receivables, mortgage loans, mezzanine loans, preferred equity, and other real estate debt exposures. The fund offers two share classes, Class P-X and Class P-F, and sets a $250,000 minimum initial investment for both classes. Invesco Advisers, Inc. serves as adviser, and Barings LLC serves as sub-adviser. The advisory fee is 1.25% of average daily Managed Assets.

UBS Asset Management Credit Income Opportunities Fund

UBS Asset Management Credit Income Opportunities Fund seeks attractive risk-adjusted returns and high current income by investing across liquid and illiquid credit opportunities in global credit markets. The fund may invest in loans, below-investment-grade bonds, convertible debt, CLO debt tranches, residential mortgage-backed securities, asset-backed securities, securitizations, distressed investments, and directly originated loans. UBS Asset Management (Americas) LLC serves as adviser. The fund offers five share classes: Class I, Class P, Class A, Class I-F, and Class A-F. Minimums are $10,000,000 for Class I, $10,000 for Class P and Class A, and no minimum initial investment for Class I-F and Class A-F. The management fee remains TBD in the draft prospectus.

JPMorgan Real Assets Dedicated Fund

JPMorgan Real Assets Dedicated Fund seeks current income and long-term capital appreciation by investing in real assets, including infrastructure, real estate, agriculture, timberland, and farmland. The fund may invest through primary fund commitments, co-investments, secondaries, debt securities, preferred equity, REITs, BDCs, ETFs, and other real asset-related vehicles. J.P. Morgan Investment Management Inc. serves as adviser, and GCM Grosvenor L.P. serves as sub-adviser for a portion of the portfolio. The fund offers three share classes: Class S, Class A, and Class I. Minimums are $25,000 for Class S and Class A, and $1,000,000 for Class I, reduced to $100,000 for certain registered investment adviser and eligible intermediary fee-based accounts. The advisory fee is 1.00% of net assets.

New Tender Offer Fund Registrations

Three new tender offer funds filed draft registration statements in August.

CVC-PSEC Private Secondaries Fund

CVC-PSEC Private Secondaries Fund seeks attractive risk-adjusted returns, mainly through capital appreciation, by investing in private-market secondaries. The fund targets interests in private funds and GP-led secondary transactions across buyout, growth capital, venture capital, special situations, private debt, real estate, infrastructure, and related assets. The prospectus covers Class S, Class D, and Class I Shares, but states that only Class I Shares will be offered until the fund receives exemptive relief for multiple classes. Minimum investments are $25,000 for Class S and Class D and $1,000,000 for Class I. The management fee is TBD in the draft prospectus.

LongevityFP US Equity Large-Cap 500 Index Fund (1960)

LongevityFP US Equity Large-Cap 500 Index Fund (1960) is a survivorship fund for investors tied to a Reference Life born in 1960. The fund seeks to provide annual survival-contingent distributions from ages 80 through 100, while also tracking the VettaFi US Equity Large-Cap 500 Index through large-cap U.S. equities. The fund offers one class of common shares. The minimum investment is $5,000, and the maximum investment is $100,000, applied both per investor and across all shares tied to a single Reference Life. The management fee is 1.00% during the Offering Period, 0.25% during the Pre-Distribution Period, and 0.50% during the Distribution Period.

StartEngine Tech Growth Fund

StartEngine Tech Growth Fund seeks long-term capital appreciation by investing in private, venture-backed technology and technology-related companies, with a primary focus on mid- to late-stage private growth companies. The fund expects to invest mainly in equity securities such as common stock, preferred stock, and convertible debt, and generally plans to hold investments until a liquidity event such as an IPO, financing round, sale, or merger. The fund currently offers one class of shares, with a $1,000 minimum initial investment. StartEngine Advisors LLC serves as adviser and charges a 2.5% management fee on average daily net assets.

Other Alternative Fund Registrations

Angel Oak Residential Evergreen Trust is a new private non-traded REIT that will invest in residential properties.

Industry Links

Vanguard to Acquire Altruist, Expanding the Reach and Impact of Financial Advice – Vanguard

Cox Capital expands retail offering to interval funds – Alternative Credit Investor

Private Credit: Market Structure, Fund Design, and Retail Access – CFA Institute Research & Policy Center

Early Warning Signals in Private Credit? What BDC Portfolios Reveal about Emerging Risks – Federal Reserve ank of Boston

Stanger Now Projects Total Fundraising of $180 Billion in 2026 – Stanger

VC Funds Aimed at Retail Investors Come With Volatility – Wealth Management

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