Blog - Alternative.Investments

Registered Alternative Funds by Product Structure

A Snapshot of the Registered Alternative Funds Market

Alternative.Investments and Interval Fund Tracker together cover all publicly registered non-traded alternative investment funds that file with the SEC. This universe includes more than 420 funds, and more than $410 billion in net assets(excluding the impact of leverage).

The registered alts market includes a broad range of product structures including:

Interval Funds
Tender Offer Funds
NT BDCs (public and private)
NT REITs (public and private)
Opcos/Conglomerates
Hybrid fund structures.

The registered alts market also includes a broad range of asset classes including credit, real estate, private equity/venture capital, funds of hedge funds, and more. Although there are many unique niches of alternative investments available to retail investors, credit funds are by far the most popular.

Most Registered Alternative Funds are Evergreen

Alternative Funds across different fund structures can be divided into two categories: Evergreen and Finite Life.

Evergreen funds have no fixed termination date, allowing for continuous capital raising and periodic liquidity. All five of the largest funds shown above are evergreen.
In contrast, finite life funds launch with a set lifespan, after which they seek to list on an exchange, or merge with another fund. The lifespan of a finite fund might be strictly limited by the prospectus. In other cases the prospectus might state that the board has to consider liquidity even after a certain number of years. Finite life funds are sometimes also called “lifecycle” funds, because they have a definite lifecycle.

Across the entire market, approximately 78% of funds are Evergreen.

The dominance of evergreen fund structures is even more apparent when you look at total net assets. Approximately 88% of net assets in the retail alts industry are evergreen.

The rising popularity of interval funds, which are evergreen structures, has is a big reason that evergreen funds are so prevalent. The concept of a retail perpetual alternative investment fund really took off after 2016, when Blackstone launched its first NTREIT. Most NT REITs and NT BDCs that launched in recent years are evergreen as well.

1940 Act Funds Most Popular Type of Registered Alternative Product

In terms of number of active funds, tender offer Fund is the most common product structure, followed closely by Interval Fund and NT BDC. All of these fund structures are examples of 1940 Act Funds.

Although NT BDC is third most common by number for of funds, it is the largest by total net assets. Aggregate NT BDC net assets are $155 billion as of the most recent filings, accounting for 37% of registered alternative fund net assets.

Within the NT BDC space, privately offered funds account for approximately 79% of products in the market, but only 38% of total net assets. In contrast, nearly all interval funds conduct public offerings.

Credit Funds Dominate Retail Alts Market

Credit is the most popular asset class in terms of number of funds and total net assets.

Over 51% of active funds in the market are credit focused.

Credit funds hold over 56% of total net assets in registered alternative funds.

This post provided a broad strokes overview of the retail alternative funds market. To get more detail on the structure and strategy of funds in the market, as well as key trends impacting asset managers and investors, check out the additional tools and resources below.

Additional Tools and Resources

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We also have a lot of data available for free:

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

The Rise of Infrastructure Funds

Infrastructure is a component of real asset investing that focuses on the distribution of goods, people, and resources. Examples of economic infrastructure assets include ports, airports, tollroads, bridges, energy distribution networks, and data centers. Examples of social infrastructure include education facilities, hospitals, and government buildings.

Infrastructure assets have several highly favorable characteristics:

long useful lives;
high barriers to entry;
essential to the functioning of society;
monopolistic market positioning;
generally stable usage;
inelastic demand;
stable cash flows.

According to the 2024 Mercer Investments Large Asset Owner Barometer report, infrastructure is the asset class to which the largest proportion of investors were seeking to add exposure. A growing number of asset managers have launched registered funds to fill the investor demand for infrastructure exposure.

Traditionally, infrastructure investment vehicles have had the challenging “J-curve”, in which a project can generate small negative returns for several years while a project is developed. Institutional investors with large portfolios near infinite time horizons can easily fit investments with a steep J-curve into their asset allocation plan. However, retail investors, as well as many institutions may prefer to invest in assets that are already prdducing cash flow.

Managers can mitigate the J-curve by investing into existing infrastructure on the secondary market, either through operating companies, or other investment funds. Only recently has the secondary market for infrastructure assets become robust enough to make it possible for fund managers to easily offer infrastructure exposure in evergreen investment structures with intermittent liquidity.

Infrastructure Funds: Product Structuring Considerations

Managers looking to launch infrastructure products to the broader market need to match structure and strategy. This requires a careful consideration of the intended investor base, liquidity requirements, as well as accounting and compliance requirements.

Generally, interval funds are more suitable for core infrastructure investments into fully operational assets. Brownfield investments that require additional capex would work better in an Opco vehicle. Value add and core plus strategies that involve a mix of established assets and potential expansions, and generate a mix of current yield and capital appreciation can work in a wide range of fund structures, provided the manager as long as the manager carefully manages liquidity and reporting requirements.

Across different fund structures, there are 16 active registered funds that focus on infrastructure investments as their main strategy. By number, interval funds are the most popular, accounting for half of existing infrastructure funds.

Versus Capital Real Assets LLC, which launched in 2017, is an interval fund with $2.8 billion in assets. It invests in private infrastructure funds, along with timberland and agriculture funds. It has a sub-REIT that makes direct investment into infrastructure assets. There are several other infrastructure nterval funds in the pipeline, or recently launched. For example, the CION Grosvenor infrastructure fund launched the in beginning of 2025 with a $240 million portfolio invested across 43 infrastructure assets.

Although there are a lot of infrastructure interval funds, Opcos still account for the largest portion of assets:

The KKR Infrastructure Conglomerate is the largest example, with $2.6 billion in net assets s of the most recent SEC filings. CIM Opportunity Zone Fund, L.P. is another large infrastructure Opco, with $1.9 billion in net assets. The Qualified Opportunity Zone program can provide tax advantages for infrastructure investments in certain areas. Also notable, Apollo Infrastructure Co has over $700 million in net assets.

The largest infrastructure tender offer fund is the Brookfield Infrastructure Income Fund, which launched in 2023, and already has $2.7 billion in net assets.

A note on fund classification

Note that for purposes of this article we are excluding funds that mention infrastructure in their prospectus as one small part of a broader strategy. For example, AMG Pantheon Fund focuses on PE secondaries, including infrastructure. Although it has over $4 billion in net assets, infrastructure strategies comprise a tiny proportion.

For a complete list of all funds included, sign up for Alternative.Investments Pro or Interval Fund Tracker Premium Plus.

Additional Tools and Resources

We have a lot of free data available for download:

To access the industry’s most complete dataset covering NT BDCS, NT REITs and Opcos, sign up for Alternative.Investments Pro. Its an essential resource for anyone involved in product development, investment research, or due diligence within the retail alts space. For comprehensive competive intelligence on the unlisted CEF industry, sign up for a Premium Plus Membership. We also offer group discounts.

Interested in advertising on or Alternative.Investments or Interval Fund Tracker? Email jacob@intervalfundtracker.com to learn about partnership opportunities.

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

NT BDC Launch Trends Highlight Two Ways the Market Has Changed

In the mid 2010s, it looked like the entire non-traded BDC industry was on the verge of extinction. Several major funds closed, and overall assets declined steadily between 2017 and 2020. Yet beneath the surface, the beginnings of a new boom boom were already building.

The new boom in the NT BDC market is part of the broader popularity of private credit strategies within the retail channel. Recent NT BDC Launch trends reflect two major changes in the market. First of all, Private NT BDCs are far greater in number, even though the bulk of assets remains in Public funds. Second, most new NT BDCs are Evergreen vehicles.

Rise of Private NT BDCs

During the prior cycle, most NT BDCs came to market through public offerings. However, starting in 2020, several new NT BDCs came to marke exclusively through private placement offerings. In 2024, 20 private NT BDCs launched, while only one public NT BDC launched.

This chart shows NT BDC launch trends by type of offering:

There is one important caveat to “rise of private NT BDCs narrative.” Although Private NT BDCs are greater in number, most AUM in the sector is concentrated in a small number of publicly offered funds. Blackstone Private Credit Fund, with $65 billion in total assets and $36 billion of net assets accounts for 25% of total NT BDC assets, and 26% of NT BDC net assets. The second largest NT BDC is Blue Owl Credit Income Corp, with $26 billion in total assets and $13 billion in net assets.

More Evergreen NT BDCs

Traditionally, most NT BDCs came to market with specific plans to list, merge, or liquidate within a set number of years. However, in the mid 2010s publicly traded BDCs suffered from major NAV discounts, making it difficult for NT BDCs to list.

Starting in 2022 Perpetual Life, or Evergreen NT BDCs started coming to market. These new funds launch with the specific intention of existing as a non-traded vehicle in perpetuity. In 2024, there were 15 Evergreen NT BDCs that launched, compared to 6 Finite life funds. Meanwhile, by design, Finite Life BDCs leave the market, leaving the Evergreen structures with a much larger market share. Note that there has been a broader industry shift towards more evergreen fund structures. Substantially all interval funds are evergreen vehicles.

A Note on Classification

Publicly offered NT BDCs must wait for the SEC to declare their prospectus effective before raising capital. The official launch date in our dataset for Public NT BDCs is the day that Form EFFECT is released on EDGAR, indicating that the SEC has declared their prospectus effective.

In contrast, Private NT BDCs rely on a registration exemption. They will generally file Form D immediately before or after they start raising capital. They will also disclose ongoing capital raising progress through Form 8-K filings. The official launch date for Private NT BDCs in our dataset is the date they file Form N-54A with the SEC. This is the form that funds file to notify the SEC of their intention to be treated as a BDC. All NT BDCs must file Form N-54A, and the public NT BDCs often file the N-54A on the same day as Form Effect.

NT BDC Market Exits

Since 2012, 48 NT BDCs have gone full cycle. The most common reason for exiting the NT BDC market is merger. This includes both affiliate and non-affiilate M&A activity. The second most common reason is Liquidation. Listings are the third most common exit path, accounting for 21% of the total.

Additional Tools and Resources

For comprehensive competive intelligence on the unlisted CEF industry, sign up for a Premium Plus Membership.

We also have a lot of data available for free:

Interested in advertising on or Alternative.Investments or Interval Fund Tracker? email jacob@intervalfundtracker.com to learn about partnership opportunities.

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

Alternative Fund Registrations Surge in 2024

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

Interested in advertising on Interval Fund Tracker or Alternative.Investments? email jacob@intervalfundtracker.com to learn about partnership opportunities.

For comprehensive competive intelligence on the unlisted CEF industry, sign up for a Premium Plus Membership.

For comprehensive competitive intelligence on the alternative investments industry, sign up for Alternative.Investments Pro. Your competitors are probably already subscribers. Don’t let your firm fall behind.

We also have a lot of data available for free:

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

LODAS Markets Becomes First to Execute Fully Electronic Secondary Market Trades of Delaware Statutory Trusts

Reposted from Lodas Markets

Overland Park, Kan. – September 5, 2024 — LODAS Markets, the only fully automated online marketplace to buy, sell and manage alternative investments, announces the first fully electronic trades of Delaware Statutory Trust (DST) assets in the secondary market.

The transactions occurred in August via three trades on LODAS’ SEC-registered Alternative Trading System*. Buyers, sellers, and DSTs are undisclosed.

Currently there is more than $10 million in seller interest across 10 DST instruments on LODAS, allowing buyers to purchase DSTs electronically.

WHY IT MATTERS

Estimated size of the secondary market for DSTs is at least $20 billion, allowing investors to invest in real estate via fractional ownership of properties in a tax-friendly structure.

Though DSTs are popular, they are historically illiquid, creating a challenge for investors.

LODAS cleared these trades in less than a week, a significant improvement over legacy paper-based transactions. To date, more than 120 securities have traded on LODAS, including DSTs, non-listed REITs, BDCs, LPs, and LLCs.

FROM LODAS CEO/FOUNDER BRIAN KING:

“As the leading platform for non-listed REITs and other illiquid investments, we’re pleased to partner with these DST sponsors to provide much-needed secondary liquidity.”

“We are working with multiple DST sponsors to serve as their transfer agent, enabling them to efficiently manage investors and enhance capital-raising efforts via our automated platform.”

WHAT LODAS OFFERS:

Along with its secondary market, LODAS offers a fully integrated solution for fundraising and investor management, including transfer-agent services, and the capability to settle trades in one day.

These integrated tools include issuer and investor portals, seamless connectivity between industry participants, investor communications, distribution, and document management, plus compliance and security services. To register on LODAS, click here and follow the prompts.

*An ATS is an SEC-regulated electronic market matching buyers and sellers of any asset class, including alternatives, equities, etc.

For more information visit Lodas Markets

NT BDC Sector Insights: Trends, Growth, and Market Leaders (May 2024)

As of the end of Q1 in 2024, total assets in NT BDCs reached $202.6 billion, up 36% from the same time last year. There are currently 103 NT BDCs in the markets, including 21 public and 82 private.

Total net assets in NT BDCs, totalled $112 billion as of the end of 2024Q1. By comparison, total net assets in interval funds are about $75 billion, and total net assets in credit interval funds are about $48 billion. Although interval funds have been growing in popularity, the BDCs remain a more popular strategy for private credit managers launching registered products.

Public and Private NT BDCs

Public NT BDCs conduct continuous public offering of their stock. Suitability standards for public offerings are typically minimal, and minimum investment amounts are often $2,500 or lower.

In contrast, Private BDCS raise capital exclusively through private placements from accredited investors. Most private BDCs use a capital call structure. Investors will enter into a subscription agreement and make a capital commitment to purchase a certain number of shares. The private BDC will then issue drawdown notices to call capital as they find investment opportunities. Many private BDCs also use private feeder funds to accommodate tax or legal concerns of potential investors.

Although there is a far greater number of NT BDCs raising capital via private offerings, it is till publicly offered vehicles that are raising most of the capital. . Private NT BDCs account for 80% of the NT BDCs by number, but only 41% by assets.

Perpetual-Life and Finite Life NT BDCs

Traditionally most NT BDCS have been Finite Life NT BDCs, meaning their prospectus or a PPM specifies the fund intends to pursue a liquidity event sometime in the future. Sometimes the offering document will target a liquidity event within a certain number of years(usually 5-7). Liquidity events include listing on a major stock exchange, mergers, or liquidations. In some cases, finite life BDCs will require board or investor approval to continue beyond a certain number of years. Some NT BDCs automatically reduce management fees after a certain number of years. In other cases, the manager has complete discretion. Nonetheless, in all cases investors enter finite life NT BDCs with the expectation that the fund will eventually provide complete liquidity in

In contrast, Perpetual Life NT BDC does not contemplate a liquidity event in its prospectus or private placement memorandum. Perpetual Life BDCs launch with intention of conducting a continuous offering and remaining non-traded indefinitely. They typically provide some interim liquidity through a share repurchase program, although it is not required. Perpetual Life NT BDCs are also known as “NAV BDCs.”

Although there are more finite-life BDCs than Perpetual BDCs, it is perpetual Life NT BDCs that have captured the most assets. Approximately 29% of NT BDCs are Perpetual Life structures, but they account for 63% of total assets. The market is led by a small handful of large Perpetual Life NT BDCs from well known sponsors.

Asset Concentration in NT BDC Sector

The five largest NT BDCs account for 51% of total assets and 50% of total net assets. Blackstone Private Credit Fund alone accounts for 28% of total assets, and 27% of net assets.

Type	Fund	Term	Total Assets (MRQ)	Net Assets (MRQ)
Public	Blackstone Private Credit Fund	Perpetual-Life	$56,837,690,000	$31,037,728,000
Public	Blue Owl Credit Income Corp	Perpetual-Life	$19,833,938,000	$10,177,764,000
Public	HPS Corporate Lending Fund	Perpetual-Life	$10,413,585,000	$6,247,210,000
Public	Apollo Debt Solutions BDC	Perpetual-Life	$8,897,493,000	$5,333,876,000
Private	Blue Owl Technology Finance Corp.	Finite	$6,669,193,000	$3,565,013,000

Other Tools and Resources

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Interval Funds
Tender Offer Funds
Non-traded REITs
Non-traded BDCs
Liquidity solutions for unlisted securities

Alternative Liquidity Capital Launches Tender Offer for Shares of the Wildermuth Fund

Alternative Liquidity Capital has launched a new unsolicited tender offer for shares of the Wildermuth Fund, a closed end interval fund. Alternative Liquidity is offering to purchase up to 238,000 Class I Shares at a price of $2.50 per share. The fund’s estimated NAV is $10.00 per share as of August 14, 2023.

In June 2023, the Wildermuth Fund announced that its Board had approved a plan of liquidation. Normally, interval funds conduct regular quarterly repurchases. However, the Wildermuth Fund suspended repurchases as part of the liquidation plan.

Even prior to the liquidation plan, there pent up demand for investors wanting to exit the Wildermuth Fund. It is one of the small group of funds that has needed to prorate repurchase offers in the most recent year.

Click here to access the Offer to Purchase.

The following is from the original press release:

Alternative Liquidity Capital Announces Offer to Purchase Shares in the Wildermuth Fund

Alternative Liquidity Index, LP, a Delaware limited partnership (the “Purchaser”), today announced an offer to purchase up to 238,000 Class I Shares (the “Shares”), of the Wildermuth Fund (the “Fund”).

The Fund’s Shares are not traded on any exchange. In June 2023, the Fund’s Board of Trustees adopted a plan to liquidate the Fund (the “Liquidation Plan”). The Fund’s quarterly repurchase offers have been suspended. This Offer provides a way for legacy investors to get cash for their investment.

This Offer is predicated upon the review and execution of appropriate transaction documentation.The Purchaser is a Delaware Limited Partnership and is not affiliated with the Fund. The Offer is being made solely for the Purchaser to establish a passive ownership position in the Shares.Investors should read the Offer to Purchase and the related materials carefully because they contain important information. Investors may obtain a free copy of the Offer to Purchase, and the Transfer Form by visiting their website at https://www.alternativeliquidity.net and clicking “Offers” or by calling Alternative Liquidity Capital at (888) 884-8796. Investors may also contact them at info@alternativeliquidity.net to answer questions about the Offer or to obtain Offer documents.

Click here to access a list of all active interval funds, along with information on AUM and investment strategies.

Liquidity Opportunity for Skybridge Multi-Adviser Hedge Fund Portfolios

Alternative Liquidity Index, LP, a Delaware limited partnership (the “Purchaser”), today announced an offer to purchase up to 16,000 Multi-Strategy Series G Shares (the “Shares”), of Skybridge Multi-Adviser Hedge Fund Portfolios LLC (the “Fund”).

The Fund’s recent repurchase offer was oversubscribed, and this Offer provides an opportunity for investors to sell their entire investment for cash. This Offer is predicated upon the review and execution of appropriate transaction documentation.

The Purchaser is a Delaware Limited Partnership and is not affiliated with the Fund. The Offer is being made solely for the Purchaser to establish a passive ownership position in the Shares.

Investors should read the Offer to Purchase and the related materials carefully because they contain important information. Investors may obtain a free copy of the Offer to Purchase, and the Transfer Form by visiting their website at https://www.alternativeliquidity.net and clicking “Offers” or by calling Alternative Liquidity Capital at (888) 884-8796. Investors may also contact them at info@alternativeliquidity.net to answer questions about the Offer or to obtain Offer documents.

The Fastest Growing NT BDCS in 2023

The non-traded BDC now has $160 billion in total assets, up 28% from a year ago. Removing the impact of leverage, the NT BDC sector now has $81 billion in net assets, up 36% from a year ago. . There are a total of 88 active NT BDCs with assets, up from 74 at the end of Q2 2022.

Blackstone Private Credit Fund alone has $51.6 million in assets, accounting for nearly ⅓ of the total. In distant second is the Blue Owl Credit Income Corp with $13.6 billion in total assets.

The following table shows the five largest NT BDCs by total assets as of the end of the second quarter in 2023:

Fund	Offering Type	Term	Total Assets(2023Q2)
Blackstone Private Credit Fund	Public	Perpetual	$51,615,036,000
Blue Owl Credit Income Corp.	Public	Perpetual	$13,610,547,000
HPS Corporate Lending Fund	Public	Perpetual	$7,318,480,000
Blue Owl Technology Finance Corp.	Private	Finite	$6,557,922,000
Apollo Debt Solutions BDC	Public	Perpetual	$5,067,123,000

NT BDCs can either be perpetual life or finite life structures. Only 19 out of 89 NT BDCs are perpetual life vehicles, however they account for a majority of total assets.

NT BDCs can offer their shares in public or private offerings. Over 75% of active NT BDCs are raising capital through private offerings. However, privately offered BDCs tend to raise smaller amounts of capital, so Private NT BDCs account for only 41% of total NT BDC Assets.

Fastest Growing NT BDCs

Over the past year, 78% of active BDCS reported a growth in total assets. The following table shows the five fastest growing NT BDCs based on value of assets added in the past year.

Fund	Offering Type	Term	2023Q2 Assets	Growth vs. 2022	Annual % Growth
Blue Owl Credit Income Corp.	Public	Perpetual	$13,610,547,000	$4,910,222,000	56%
HPS Corporate Lending Fund	Public	Perpetual	$7,318,480,000	$4,092,320,000	127%
Blackstone Private Credit Fund	Public	Perpetual	$51,615,036,000	$2,491,921,000	5%
Franklin BSP Capital Corporation	Private	Finite	$3,021,581,000	$2,341,981,000	345%
Sixth Street Lending Partners	Private	Finite	$2,063,418,000	$2,063,418,000	NA

You can access asset data on all active NT BDCs here. Historical asset growth, fee structure, and performance data is available to premium plus members

BXPE Blackstone Private Equity Strategies

Blackstone Private Equity Strategies Fund Revives Launch Plans

Redemption overload at Blackstone’s flagship non-traded REIT cast a pall over the whole retail alternative sector for several months. Blackstone had to delay the launch of Blackstone Private Equity Strategies Fund(BXPE), a publicly registered vehicle designed to bring traditional private equity to a wider audience of investors.

Yet the launch plans are back on now, as the Financial Times has reported. Blackstone will begin taking subscriptions from investors in Q4 of this year, and the fund will officially launch in January 2024.

A closer look at Blackstone Private Equity Strategies Fund

According to public SEC filings, BXPE will conduct a private offering to investors that qualify as both accredited investors and qualified purchasers. It is a perpetual life strategy with monthly fully funded subscriptions and periodic repurchase offers. Theoretically this structure will be optimal for investors looking to include a targeted percentage of private equity exposure as part of an overall allocation strategy or model portfolio.

BXPE will receive a management fee of 1.25% of NAV, plus a performance allocation of 12.5% over a 5.0% hurdle.

BXPE also plans to offer to repurchase 5% of units per quarter, although these repurchase are at the discretion of the GP. This is a similar setup to the NT REITs and BDCs, where repurchases are at the discretion of the board.

BXPE will file quarterly reports on form 10-Q, and annual reports on Form 10-K. This will provide more transparency than typical for a private equity fund, although the underlying portfolio holdings will still be private.

Here is the fund’s strategy:

Implications of BXPE’s Revival

So Blackstone Private Equity Strategies Fund is back on. Does this mean the redemption storm has passed? No, there will always be liquidity mismatches in investment funds that hold illiquid assets but have an investor base expecting more frequent liquidity. However, if advisors manage client expectations, and make realistic liquidity plans, then alternatives will still play a valuable role in retail investor portfolios. Blackstone’s plan to move forward with BXPE is a bright sign for this sector.

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