Sun Life seeds AAM-Wilshire infra fund — and a semi-liquid bet
The launch drops infrastructure secondaries and co-investments into the wealth channel through a likely interval wrapper, where the structure matters more than the seed.
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All Interval Fund Daily reporting, newest first.
RBC BlueBay Seeks SEC Relief to Link Interval Fund to Private Credit
An exemptive order would tie a quarterly-repurchase fund to the sponsor's institutional credit book—and leave the redemption gate as the real test.
NAV REITs flip positive as semi-liquid fundraising splits
Stanger's July data catches the interval-fund redemption cycle rotating from credit-heavy BDCs to hard-asset real estate.
RREEF's July full payout leaves the cap in charge
The nontraded REIT cleared every July redemption request without an affiliate capital injection, but the redemption plan's 2% monthly ceiling still controls when the queue clears.
Retail venture capital's wrapper test arrives
Destiny Tech100's 44% quarterly drop and Ark's NAV gains show the wrapper defines this market as much as the asset.
Redwood real estate debt fund ties broadening to next liquidity window
Blue Vault reports the Redwood fund wants to see how investors behave in the next repurchase window before widening its mandate, with the exact condition undisclosed.
Pender Fund Proxy Moves Management to American Beacon
A governance reset that keeps portfolio management in place — and a vote that will show whether shareholders accept the split.
The first interval fund auction tests the secondary promise
Nasdaq Fund Secondaries, LODAS and Harrison Street stage the first auction for an interval fund, giving shareholders a route out beyond the repurchase queue.
Franklin's under-subscribed tender sets up the real test
The next tender, on a $2.13 billion asset base, will show whether wealthy investors actually want semi-liquid secondaries, or whether the liquidity promise is still just a pitch.
Franklin Lexington's first tender clears with half its cap unused
The first tender cleared far below its cap. The next one, on a $2.13 billion base, will show whether the semi-liquid secondaries promise holds when the cap binds.
Barings installs DWS distributor atop U.S. wealth push
Brian Maute's new role targets the advisor channel, where education and shelf space decide alts winners.
The early-money edge in evergreen secondaries
The first investors into an evergreen secondary fund capture a discount lift that dilutes quickly as assets grow.
Apollo puts S3's secondaries fund on a fixed quarterly clock
The board-approved conversion swaps discretionary tenders for mandatory quarterly repurchase offers of 5% to 25%, putting Apollo's secondaries portfolio on a fixed liquidity schedule.
SEC proposal would give semi-liquid funds one national shelf
The rule would end state-by-state blue-sky review and make shelf placement the center of interval and tender-offer fund distribution.
Invesco cuts fees 20% and sets tender at 95% NAV
A $2.2 billion redemption queue has Invesco cutting fees 20%, adding $150 million of its own money, and letting shareholders exit at 95 cents on the dollar.
Cox Capital takes its tender offer playbook into interval funds
The firm, already buying nontraded BDC shares below NAV, is preparing formal offers that give interval fund investors a second route to liquidity.
First-time sponsors flood a $233 billion shelf
Distribution gatekeepers decide which of 308 semi-liquid funds capture advisor demand.
Stretched equity valuations push advisors to semiliquid funds
Wealth managers are leaning on expensive stocks to pitch semiliquid funds.
Semi-liquid capital rotates from BDC exits into hard assets
Record BDC repurchase requests and a three-year fundraising low are pushing wealth dollars into nontraded REITs — and industrial land.
Semi-liquid funds add $61B in 2025 as sponsors pile in
XA Investments' quarterly update counts 308 funds and $233 billion in net assets, with first-time sponsors behind 36% of 2025 launches.
DLA Piper handbook maps the 1940 Act rules for interval funds
The law firm's guide makes the case for the registered wrapper as an alternatives vehicle; Griffin Capital's whitepaper supplies the operating chart.
The Semi-Liquid Exit Now Has a Cover Charge
Prorated tenders and below-NAV offers now set the exit price for nontraded BDC investors.
CAIS: Advisers have moved from access to convergence
New manager strategies back CAIS's claim of a single public-private workflow.
Wealth managers shift to REITs as BDC redemptions bite
First-half flows show wealth managers rotating semi-liquid allocations toward REITs and away from redemption-strained BDCs.
Why exactly one interval fund trades on an exchange
EGF is the only interval fund listed among hundreds of exchange-traded closed-end funds; the two prior experiments were voted out after a decade.
Interval fund performance tracker puts BlueBay credit fund on top
Interval Fund Tracker's first broad ranking shows BlueBay Destra leading, with private equity and reinsurance funds behind.
CAIS adds nearly 40 managers to its alternative shelf
Six months of manager additions extend the platform's run as a distribution rail for independent advisers.
Private placement REIT flows climb as BDC fundraising sinks
Stanger data show private REITs outraising public peers for a seventh straight quarter, and BDC fundraising at a three-year low.
Discounted BDC Tenders Put a Price on Leaving
A series of below-NAV offers for nontraded BDC shares makes the cost of early exit explicit.
JLL Income Property Trust closes its 20th 721 UPREIT exchange
As nontraded REIT redemptions strain the wealth channel, the DST-to-NAV exchange route becomes routine.
Heavy Repurchase Demand Prorates Priority Income Fund Tender
Investors see a scaled-back exit from the nontraded BDC as its NAV reportedly slides.
Liquid Strategies restates two interval funds over an accrued interest error
The same totals, a different income line.
Private markets are now a portfolio-design problem
Nuveen's Brian Griggs on why the funding decision sets the standard for the rest of the allocation.
JLL Income Property Trust pays $137M for Indiana warehouse
The nontraded REIT's industrial allocation is now its biggest, at 38% of the portfolio.
Non-listed BDC redemption demand hits highest share on record as fundraising sinks
Repurchase requests hit 12.4% of NAV in Q2; sponsors paid $5.9 billion even as fundraising fell to its lowest quarterly level since 2020.
Advisor demand for alternatives shifts to delivery
Advisor appetite for alternatives keeps growing; the next bottleneck is delivery.
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.
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.
Bluerock adds three distribution veterans to advisor coverage
The distribution hires look like a purchase of advisor relationships.
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.
StepStone's CEO sells evergreen funds as a tax-form fix
Bob Long's pitch turns on capital calls and tax paperwork, not performance.
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.
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.
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.
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.
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.
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.
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.
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.
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.