Interval Funds archive

Every Interval Funds story, newest first. 234 stories

Wednesday, August 193 stories

11:41 a.m.
Who's investing
Advisor demand for alternatives shifts to delivery
Advisor appetite for alternatives keeps growing; the next bottleneck is delivery.
9:59 a.m.
Distribution
Kelly Park's PRISM 2.0 cuts private-fund paperwork to 250 pages from 1,000
The upgraded platform trims a five-fund allocation from roughly 1,000 pages and 15 signatures to 250 pages and five, a change aimed at the advisors who see onboarding as a key barrier to private markets.
7:58 a.m.
The Wrap
Semi-liquid funds sell liquid assets to buy illiquid ones
Record redemption queues are pushing nontraded REITs and BDCs to sell liquid assets and borrow privately instead of widening repurchase caps.

Tuesday, August 1827 stories

6:12 p.m.
Distribution
Bluerock adds three distribution veterans to advisor coverage
The distribution hires look like a purchase of advisor relationships.
5:59 p.m.
Distribution
SEC preemption plan splits fund sponsors and state regulators
A proposed shift of non-traded BDC and REIT oversight to the SEC would change how these funds cross state lines and reach advisors.
5:53 p.m.
New funds
StepStone's CEO sells evergreen funds as a tax-form fix
Bob Long's pitch turns on capital calls and tax paperwork, not performance.
5:36 p.m.
New funds
MLEND portfolio build outpaces its public offering
Blue Vault sees Monroe Capital's nontraded BDC investing faster than its public offering can sell shares, a test for semi-liquid distribution.
5:32 p.m.
New funds
HLEND's $382.5 million markdown shows restructurings bite
The nontraded BDC's cumulative distributable earnings swung to a $342 million deficit. Redemption requests hit 13.3% of shares.
5:22 p.m.
Distribution
Hard assets retake the lead as credit fundraising slides 40%
Stanger's first-half numbers show investors rotating out of credit and into hard assets, a shift interval fund distributors will have to ride.
5:16 p.m.
Distribution
SEC proposal targets state-by-state hurdles for nontraded REITs and BDCs
A proposed rule could ease blue-sky review for nontraded REITs and BDCs, widening the distribution path for semi-liquid alternatives.
5:12 p.m.
The Wrap
NAV BDC repurchase queues diverge as redemptions hit a record
Three large tender-offer funds report repurchase demand from zero to a sharp jump as the sector posts record outflows.
4:45 p.m.
Sponsors
Crescent BDC's Hall adds president title as Barrios exits
The nontraded BDC consolidates leadership in Eric Hall as its net assets approach $549 million and a fresh $3 billion offering runs.
4:39 p.m.
Who's investing
Interval funds drive Cerulli's $2 trillion advisor private-markets forecast
The forecast puts the semi-liquid fund at the center of advisor allocations, even as the vehicle absorbs repricing pressure.
4:28 p.m.
Liquidity
A $12.7 billion exit wave tests nontraded BDC repurchase caps
The 5% caps held in the first half. The $9.6 billion queue is where the pressure shows.
4:00 p.m.
Distribution
Morgan Stanley adds interval and tender-offer funds to UMA
The $3 trillion advisory platform now carries semi-liquid funds on its managed-account menu, giving sponsors another distribution channel.
3:54 p.m.
Distribution
Hard-asset fundraising tops credit for first time since early 2023
First-half flows give interval funds a benchmark for a rotation that cut credit's intake 40%.
3:51 p.m.
New funds
BREIT's $3.3B data-center bet puts its redemption promise to the test
The fund sold self-storage, its most liquid property type, to build data centers that won't pay off for years.
3:45 p.m.
New funds
XA projects specialty structures to grow more than 20% a year
Sponsors are adding 3(c)(7) funds and operating companies to the semi-liquid market, trading liquidity for higher-return potential.
3:31 p.m.
Sponsors
Apollo's daily-pricing push reshapes the semi-liquid pitch
Daily marks would change how advisers read private credit, without changing the redemption queue that defines the wrapper.
3:24 p.m.
Sponsors
PCAP taps Norinchukin Bank for $292.5M, cuts revolver cost
The nontraded BDC locks in a 2038 maturity at SOFR plus 1.58% while expanding its Scotiabank revolver.
3:12 p.m.
Sponsors
Evanston Multi-Alpha converts to interval fund under XA Investments
The $100 million hedge fund program moves to XA Investments and onto a daily-NAV interval structure, bringing the semi-liquid model to an institutional strategy.
2:54 p.m.
Who's investing
Alternatives adoption intent nearly triples as scale becomes the bottleneck
The 2026 iCapital survey of 870 advisers finds allocation plans climbing as economic optimism falls. The bottleneck has moved from product access to operational delivery.
2:47 p.m.
Distribution
SEC rule could clear blue-sky hurdles for nontraded REITs and BDCs
A proposed SEC rule could trim the state-by-state filing burden for nontraded REITs and BDCs, giving sponsors faster launches and lower legal bills.
2:34 p.m.
Sponsors
Apollo pushes daily pricing for private credit funds
A daily NAV on assets that don't trade is the next adviser-access test for the semi-liquid wrapper.
12:47 p.m.
Liquidity
NAV later, or cash now at a discount
Private credit fund investors face capped quarterly redemptions on one side and steep secondary-market discounts on the other.
12:47 p.m.
Liquidity
Starwood REIT taps Apollo for $1.02B affordable-housing JV
The deal pairs Apollo's capital with Starwood's portfolio to ease liquidity without ceding control.
11:02 a.m.
Sponsors
JLL Income Property Trust adds $137M Indiana warehouse
A $137 million industrial purchase in Whitestown, Ind., pushes the daily-NAV nontraded REIT's industrial holdings to the top of its portfolio.
11:02 a.m.
The Wrap
Nineteen filings flood the semi-liquid shelf
As Cerulli projects a $2 trillion rise in advisor private-capital books, debut interval and tender-offer products from T. Rowe-Goldman and PGIM-Partners Group hit a wrapper already under stress from BCRED's fourth straight NAV decline.
6:36 a.m.
Who's investing
Cerulli projects $2 trillion rise in advisor private-capital books
A demand forecast centered on interval funds, even as NAV declines test the pitch.
3:16 a.m.
New funds
Nineteen private-market fund filings test the semi-liquid promise
Draft N-2 filings from T. Rowe-Goldman, PGIM-Partners Group, and a crowd of credit shops widen the field as BCRED's repricing pressures the wrapper.

Monday, August 174 stories

10:58 a.m.
New funds
BCRED's First-Half Markdown Triples 2025's Unrealized Loss
NAV fell for a fourth straight quarter even as distributions kept total return positive, and the redemption queue keeps growing.
9:32 a.m.
The Wrap
Blackstone reprices, Apollo doubles down
BCRED's fourth straight quarterly decline tests the semi-liquid pitch. Apollo is betting $150 billion from private wealth that scale outruns the repricing.
8:09 a.m.
Liquidity
Priority Income Fund's tender proration falls to 15% as NAV slides
The annual buyback returns a fraction of tendered shares as NAV and assets shrink ahead of a planned listing.
8:02 a.m.
Sponsors
Apollo sets $150B wealth target, semi-liquid funds at core
Apollo anticipates the global wealth channel could represent half of its annual third-party fundraising by 2029, with semi-liquid strategies central to the plan.