Apr 26, 2022

Interval Funds are a Fast-Growing Alternative Investment Vehicle

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Interval Funds are an increasingly popular way for investors to access alternative investments. Manager like the interval structure as a route to more retail-oriented assets while staying true their investment processes. Investors like the funds as a means to access alternative strategies that offer low correlation to traditional investments. The features of the Interval Fund structure, a hybrid between private funds and mutual funds, is what makes them so appealing.

Jun 15, 2021

Managers Starting to Favor Interval Funds for Structured Credit Finance

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As banks have faced greater regulatory scrutiny since the adoption of Dodd-Frank in 2008, interval funds are becoming the new liquidity provider in structured credit finance. During the Alternative Credit Investing panel during the Active Investment Company Alliance’s (AICA) Interval Fund Boot Camp and Manager Spotlight on March 31, Christian Aymond, a Principal at A3 Financial Investments, noted that alternative credit assets work best in an interval fund structure, in large part because the funds do not have to offer daily liquidity.

Jun 15, 2021

Low Interest Rates and Wider Spreads Providing Greater Opportunities for Fixed Income Interval Funds

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Credit investments can be seen as an insurance policy, and the best time to make these investments is right after a great deal of dispersion and volatility in the markets, as we saw in 2020. Following last year’s market volatility, spreads are currently widest, and managers and investors are essentially paid to take on more risk right now.

Dec 17, 2020

Litigation Expected as SEC’s Ruling on Boulder No-Action Letter Limits Activism

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The SEC’s decision in May to rescind the Boulder No-Action letter, allowing a closed-end fund to opt into a state control share statute without risking an enforcement action, could have a chilling effect on activism, and could face litigation for violating the Investment Company Act.

Dec 17, 2020

Closed-End Funds Finding Investment Opportunities Despite Ongoing Market Challenges

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With the US presidential election next month, the ongoing impact of the coronavirus pandemic and the question of whether the economy is still in a recession or in a recovery, it can be tough for managers in the closed-end fund (CEF) space to navigate that uncertainty while preserving capital.

Dec 17, 2020

Goldman Sachs Eyes Real Estate Investment Opportunities with its First Interval Fund

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Goldman Sachs has added interval funds to its growing offerings of retail alternative investments. During a keynote address at AICA’s Summer Summit on August 13th, Collin Bell, Managing Director and Global Head of Client Portfolio Management for Fundamental Equity within Goldman Sachs Asset Management, said Goldman has been involved in managing money in the form of traditional ‘40 Act funds and separately managed accounts for decades, but entered the interval fund space in May with the acquisition of a real estate interval fund.

Dec 17, 2020

BDC Industry Evolution to Favor the Largest Players

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The BDC industry will evolve toward favoring the largest players who can make use of their scale to both address more attractive parts of the market and leverage their cost bases.

Dec 17, 2020

BDC Sessions

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Following the lockdowns and onset of impacts of the coronavirus, when the stock markets went into turmoil, many business development companies (BDCs) took a step back to avoid the worst of the effects.

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