At a glance
- The revision changed how the funds' returns were classified.
- For a private credit interval fund, the income line is the product.
- The restatement arrives as the category's published numbers draw scrutiny.
Liquid Strategies has restated previously reported results for two interval funds after finding an accounting error in interest accrued on private credit holdings, according to Blue Vault Partners. The revision changed how the funds' returns were classified. Net assets and total returns were untouched; the same totals now arrive with different components.
Net assets intact, income attribution moved
For a private credit interval fund, the income line is the product. Investors buy the wrapper for yield as much as for published NAV, and accrued interest drives both. An error on that line can shift the timing of income recognition, so the return attribution changes while the bottom line holds.
The restatement arrives as the category's published numbers draw scrutiny. Interval Fund Daily's tracking shows BCRED absorbed a fourth straight quarterly NAV decline in its first half, and the unrealized loss was three times 2025's figure. Apollo has set a $150 billion private wealth target, with semi-liquid strategies at the core and a path to half of its third-party fundraising by 2029.
Blue Vault's report names neither fund and does not size the reclassification. The lesson is in that split: a restatement that changes the income side of a semi-liquid private credit portfolio without moving net assets. That is the line investors use to underwrite distributions, and it can shift quietly.
Reported by the New funds desk from Blue Vault Partners, Interval Fund Daily prior coverage and Interval Fund Daily prior coverage. Published . Corrections