This chart shows the number of new alternative investment funds that filed registration statements with the SEC over the past three years.

Several trends jump out from this chart.

First, interval funds are becoming the structure of choice for fund managers that want to bring alternative strategies to a broader audience. Similarly, “traditional” asset managers with deep experience in mutual funds and ETFs are turning to interval funds to meet the needs of their client, and secure stickier capital. Tender Offer funds are also important, although they often have higher investment minimums than interval funds.

Second, credit managers have been launching NT BDCs as private offerings, at least initially. Many Private NT BDCs go on to start public offerings and or/ list on an exchange after a few years. Although private BDCs do not conduct public offerings, the law still requires that they follow the 1940 act and make detailed quarterly filings.

Third, a new category of alternative fund is emerging: the operating company, or conglomerate. These funds are structured are operating companies, but are usually externally managed by a private equity firm. They function like evergreen private equity funds, with an investor base consisting of institutional and high net worth examples. Prime examples that the media has covered include KKR Infrastructure Conglomerate, and Blackstone Private Equity Strategies Fund.

Tracking Alternative Fund Registrations

A quick note on the data. For Interval Funds, Tender Offer Funds, and Public NT BDCs, the registration date is the date of the initial Form N-2 Filing, for Public NT-REITs it is the date of the initial Form S-11 filing, and for Private NT BDCs, Private NT REITs and Opcos, it is the date of the initial Form 10-12G filing. In some cases, NT BDCs may delay their filing of Form N-54A indicating intention to be treated as a BDC.

If you are interested in tracking alternative fund registrations, consider signing up for Interval Funds Monthly.

Additional Tools and Resources

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We also have a lot of data available for free:

• Complete list of all active interval funds 
• Complete list of all active tender offer funds
• Non-traded REITs
• Non-traded BDCs
• Conglomerates, Opcos, and other alternative funds.

Holding alternative investment funds that you need to exit quickly? We also have liquidity solutions for unlisted securities