SEC proposes performance fees and looser repurchase rules for interval funds
The Sept. 30 vote also seeks comment on qualifying accredited investors by exam or credential rather than thresholds.
Published Sep 30, 5:15 PM ET
Columbia Hamilton Lane and Bahnsen file for interval funds with opposite private-asset sourcing
Columbia's growth-innovation fund routes at least 40% of its net assets exposure through Hamilton Lane-run funds, while Bahnsen's fund builds from pooled vehicles chosen manager by manager.
Starwood REIT's August NAV slips about 0.7% as Apollo venture retires credit lines
Apollo's $1.02 billion bought 41.5% of an affordable-housing venture, and the proceeds repaid an $81.5 million revolver and $876 million of unsecured borrowings.
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The Semi-Liquid Week
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The WindowCox Capital prices the semi-liquid exit
A $40 million tender at 12.5% and 17.5% off NAV gives advisors the first benchmark for what the repurchase cap costs.
The Window
CAIS builds the gate that decides semi-liquid flows
A seven-member shelf council and a 55% platform asset jump show that distribution placement now sets the pace for semi-liquid capital formation.
The Window
Debt, not the queue, separates perpetual from terminal
Blue Owl and Apollo treat the 5% cap as permanent; KKR and RREEF show the alternative is support draws and liquidation.
Vehicle Watch
Zero-size filings are the shelf, and credit isn't on it
The week's only priced placement raised $6.5 million into a hedge fund; the transition capital with real numbers moved through vehicles the wealth channel does not buy.
MovesThe full wire →
Movement coverage returns with the next weekday edition.
The Wire
Mar 31Onur Erzan — AllianceBernstein L.P. → AllianceBernstein L.P.
Mar 31Onur Erzan — AllianceBernstein → AllianceBernstein
Mar 31Onur Erzan
Mar 30Seth Bernstein — AllianceBernstein L.P. → AllianceBernstein L.P.
Jan 30Jase Auby
Oct 1Hester Peirce
LiquidityAll Liquidity →
StratCap's REIT ends its sale review and parks the queue
With no buyer to inherit the redemption obligation, shareholder recovery now runs through asset sales and a special distribution the board has not committed to.
Sterling doubles the OP unit lockup; retail shareholders keep their one-year clock
The REIT's acquisition currency now takes twice as long to redeem, while the retail share class keeps its one-year minimum.
NAV BDC redemptions ease, but the largest queues still set the price
Stanger's Q3 repurchase data shows the structure clearing redemptions within program limits while eight funds remain unreported — and credit's lost fundraising is hard assets' gain.
VehiclesAll Vehicles →
Blackstone takes its perpetual wrapper offshore
The four-asset sleeve solves the advisor's allocation problem; its repurchase terms will decide whether it holds.
RREEF Property Trust approves liquidation as exit demand outruns fundraising
A liquidation with an end date beats a repurchase queue that never clears, and it shows how much of a semi-liquid exit rests on the sales engine.
LaSalle files a debt REIT to turn closed-end fees into permanent capital
JLL's second nontraded REIT sells commercial real estate debt through a Reg D door while the wealth channel is buying warehouses, and the fees are built to compound.
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