Carlyle and SEI launch interval fund PRVTX

Carlyle and SEI launched the SEI Carlyle Private Markets Fund (PRVTX), a closed-end interval fund holding private equity, secondaries, private credit, real estate and collateralized loan obligations in one ticker, the firms said Tuesday. It is the first fund from the partnership announced in April, according to WealthManagement.com.

Carlyle manages, sponsors or advises the underlying private markets products the fund invests in and had $478.5 billion in assets under management at the end of the third quarter, WealthManagement.com reported. SEI is the fund's investment adviser, handling portfolio construction, asset allocation, liquidity management and ongoing portfolio management, and supplies the CLO exposure. SEI had more than $600 billion in assets under management and roughly $1.4 trillion under administration at the end of September.

For advisors, the fund carries a 0.75% management fee and a $1,000 minimum, according to WealthManagement.com. The fund may hold as much as 20% in liquid assets, which limits the portion of a client's position committed to the private strategies, private credit and CLOs among them.

Private credit funds are absorbing a wave of redemption requests and private equity managers face fewer deal exits and a harder fundraising market, according to WealthManagement.com.