At a glance
- The 9.8% average remains nearly double the 5% quarterly cap, and a fund honoring the cap could satisfy roughly half the requested redemptions.
- Two new semi-liquid vehicles launched this week: CAZ Investments' CAZ GP Stakes Growth Fund, an interval fund charging a 1.5% management fee, and Adams Street's venture and growth evergreen fund with $363.5 million anchor capital.
- Under normal circumstances, the CAZ fund invests at least 80% of net assets in minority stakes in private asset managers.
Fitch reported that third-quarter redemption requests across 13 of 15 perpetual nontraded BDCs averaged 9.8% of shares, down from 10.3%.
The 9.8% average remains nearly double the 5% quarterly cap, and a fund honoring the cap could satisfy roughly half the requested redemptions.
Two new semi-liquid vehicles launched this week: CAZ Investments' CAZ GP Stakes Growth Fund, an interval fund charging a 1.5% management fee, and Adams Street's venture and growth evergreen fund with $363.5 million anchor capital. Under normal circumstances, the CAZ fund invests at least 80% of net assets in minority stakes in private asset managers. The Adams Street 1940 Act-registered tender offer fund opens to qualified investors on Dec. 1 and will take monthly subscriptions.
Nontraded BDC redemption requests still near twice the 5% cap
Average redemption requests as a share of shares across 13 of 15 perpetual nontraded BDCs
Show as table
| Label | Value (%) |
|---|---|
| Q2 average | 10.3% |
| Q3 average | 9.8% |
| Quarterly cap | 5% |
Reported by The Wrap desk from Fitch Ratings, CAZ Investments launch coverage and Adams Street launch coverage. Published . Corrections