The Wrap: archive
Every The Wrap story in Interval Funds, newest first. 68 stories
1 story
SEC 2027 exam priorities target illiquid products, AI deepfakes
Examiners will review disclosures and whether recommendations matched client objectives; Reg S-P readiness is also on the list.
3 stories
Partners Group proposes 25 bps Global Value fee cut ahead of vote
Distributing-fund investors would pay at least 25 basis points less for three years if the umbrella restructuring is approved.
KREST tender draws 3.67% of NAV, first below cap in a year
The private REIT paid $22.75 a share with no overflow used, while Ares Strategic Income Fund filled 38.2% of third-quarter requests.
Blackstone Private Credit Fund posts $1.4B Q3 outflows
Repurchase requests equaled 10% of NAV against a 5% quarterly cap; the fund filled roughly half.
2 stories
AssetMark adds two private equity interval funds, lifting shelf to six
The platform's interval-fund menu now spans private credit, real estate, infrastructure and private equity.
Ares Strategic Income Fund’s leverage rises to 1.24x after $515M repurchase payout
The $9.9 billion nontraded BDC filled 38.2% of repurchase requests after investors tendered 13.1% of shares against a 5% quarterly cap.
2 stories
Ares industrial REIT raised $408 million of $692 million collected by Ares, Invesco REITs
The three nontraded vehicles paid every third-quarter repurchase request in full, while Cantor Fitzgerald Income Trust prorated for a tenth month.
Ares and Invesco REITs pay every third-quarter repurchase request in full
The three vehicles paid about $117 million against $692 million raised, while Cantor Fitzgerald Income Trust prorated for a tenth month.
2 stories
Credit interval fund redemptions absorbed 79% of Q3 sales, Stanger says
Interval fund assets rose 3.9% to $142.0 billion; tender offer funds grew 9.7% to $136.6 billion.
Cantor Income Trust prorates redemptions for 10th month; Cliffwater caps Q3 at 5%
Cantor filled 27% of September repurchase requests; Cliffwater capped third-quarter redemptions at 5% while requests reached 16%.
2 stories
Crescent Private Credit Income CFO resigns; parent CFO Gerhard Lombard steps in
The departure is the second officer exit at the $590.5 million nontraded BDC since August, according to a filing.
Destra Multi-Alternative Fund authorizes below-NAV buyback, raises monthly distribution
The NYSE-listed former interval fund may repurchase shares below net asset value, using Clear Street as executing broker after a 30-day cooling-off period.
1 story
Nontraded BDC redemption requests stay near twice cap; CAZ and Adams launch funds
Fitch reports third-quarter redemption requests at 9.8% of shares across 13 of 15 perpetual nontraded BDCs.
1 story
Sun Life Private Wealth adds three executives in Singapore and Bermuda
The Oct. 13 changes included Alvin Soh in Singapore and Georgina Howes moving from Transamerica Life (Bermuda) Ltd to the Bermuda unit.
2 stories
BC Partners Lending Corp. closes ACIF merger, ends repurchases
The combined private credit vehicle reported net asset value above $223 million; about 84.6% of ACIF voting shareholders approved the deal on Sept. 10.
BC Partners Lending Corp. closes all-stock ACIF merger, ending repurchases
The combined private credit vehicle reported net asset value above $223 million; about 84.6% of ACIF's voting shareholders supported the deal on Sept. 10.
2 stories
DTCC takes undisclosed stake in iCapital and plans AIP integration
The firms plan to connect transaction processing, data exchange, access, administration and reporting for private-market products sold through the wealth channel.
Deloitte: Only 4% of Fund Groups Update Unobservable Inputs Daily
Cox Capital and VineBrook Homes Trust tender offers price exits at 20% and 37% below NAV.
2 stories
Cox Capital bids $10 million for Blue Owl Credit Income shares at 20% below NAV
Cox offers $7.31 per Class I share against reported August 31 NAV of $9.14; the tender expires November 25 unless extended or terminated earlier.
VineBrook Homes Trust expects $30 million buyback at 37% NAV discount
The tender would buy 909,090 Class A shares at $33, filling one in three after 2.75 million were tendered.
1 story
Dubai's ASB Capital announces private-market fund pairings with StepStone, Principal
The StepStone vehicle's repurchase terms are not disclosed, and the coverage does not say what strategies the funds will run.
1 story
Dubai's ASB Capital announces first private-market fund pairings with StepStone, Principal
The StepStone vehicle's repurchase terms are not disclosed.
4 stories
KKR drops early repurchase charge as Highlands expands tender offer
Stanger's third-quarter tally shows nontraded NAV BDCs left $8.2 billion of redemption requests unfilled.
Blackstone Private Credit Fund board urges rejection of 12.5% discount tender
The filing compares the unsolicited Class I share bid with the fund's NAV, its repurchase program and recent performance.
Cetera and LPL add teams from Commonwealth and Cambridge on the same day
A $185 million Commonwealth group and a three-advisor Cambridge team change platforms, while Cetera shifts a retirement practice to Planning Partners.
Harrison Street and LODAS open second interval fund auction
The $2 billion Harrison Street Real Assets Fund sale follows a first auction, in the Real Estate Fund, that filled 91% of shares offered with no clearing discount disclosed.
1 story
Ares closes $4.2 billion structured solutions fund; Strategic Income Fund reports 11.6% repurchase requests
SEC proposed looser repurchase rules and a 20% performance fee; Columbia and Bahnsen filed interval funds.
2 stories
Columbia and Bahnsen file interval funds that source private assets two ways
The two filings landed days after the SEC voted to propose looser repurchase rules and a 20% performance-based fee for advisers.
SEC proposes looser interval-fund repurchase rules as Ares caps third-quarter redemptions
Ares Strategic Income Fund's third-quarter summary reports investor requests equal to 11.6% of the fund and omits the payout split and new portfolio-quality figures.
1 story
Apollo interval fund names no successor as Spencer Propper resigns
Spencer Propper leaves the portfolio manager role Sept. 30 and remains an Apollo partner through March 2027.
1 story
VineBrook borrows $25 million from adviser affiliate to fund tender at 37% discount
The loan cleared a financing condition on the offer and gives the affiliated lender a minimum-NAV covenant.
2 stories
Frost and LPL recruit UBS and Raymond James advisor teams
A three-advisor Fowler team moved from Raymond James to LPL, and the Tavarez, Barnett & Steen team left UBS for Frost Brokerage Services, while a second UBS advisor followed to Frost Investment Services.
Sterling doubles the OP unit lockup, leaving retail's one-year minimum in place
The nontraded REIT's acquisition currency now takes twice as long to redeem, while the retail share class keeps its one-year clock.
2 stories
The redemption queue is now a liability no buyer will underwrite
StratCap's sale review ends without a buyer, leaving the standalone sponsor to hold the liquidity risk the process put in play.
Cox 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.
2 stories
Blackstone takes its wrapper offshore while peers ration exits
The undisclosed repurchase terms will decide whether semi-liquid liquidity becomes a product feature or a jurisdictional workaround.
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.
1 story
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.
1 story
Invesco bought its raise jump with sponsor economics
Wealth-channel real estate inflows are rising, but the currency is fee cuts, bonus shares and discounted tenders, not investment performance.
1 story
The semi-liquid exit promise splits by wrapper
North Haven prorates a third straight tender while Priority Income cuts its repurchase cap to 2.5% of a NAV down 71%. The legal wrapper decides which exit breaks first.