Two new interval funds were registered on October 19:
NorthStar/Townsend Institutional Real Estate Fund Inc , which will invest in commercial real estate and real estate debt.
Versus Capital Real Assets Fund LLC , which will invest in global infrastructure, timberland, and farmland.
For more interval funds in registration, or newly effective see Tools and Data
Recently there was a Great article by Maks Financial Services on Seeking Alpha.
The whole piece is worth reading, but here is one of our favorite quotes:
“Rather than think of interval funds as mutual funds with limited liquidity, you can view certain intervals as hedge funds with more transparency.”
Dan Gilbert of North Star Asset Management (NYSE: NSAM) discussed the importance of interval funds in the new regulatory environment, on the NSAM Q2 2016 conference call:
“Our current products are implementing share classes well-suited for RIAs and wirehouses. We have already made progress on a number of significant relationships in these areas. We are also quickly developing additional products that will have structures that are well-suited to this channel, and we’ll leverage our internal capabilities, like the potential interval fund with Townsend.
Relative Value Fund filed an initial registration with the SEC on August 8, 2016. Vivaldi Asset Management, LLC will serve as the external investment manager, and RiverNorth Capital Management, LLC will serve as the sub-adviser.
A common complaint is the lack of data on interval funds. Consequently broker-dealers and RIAs never take the first step to invest. Interval Fund Tracker is building tools to bridge this knowledge gap. The Active Funds page contains a sortable and searchable directory of currently active publicly registered closed-end interval funds. More tools for interval fund managers and investors are in beta mode. Here is a preview of the ten largest active interval funds based on net assets: