What is an interval fund?

Definition: An interval fund is a type of closed-end investment fund, registered under the Investment Company Act of 1940, that offers investors periodic opportunities to redeem shares at net asset value (NAV), typically on a quarterly basis.

Interval funds can invest in illiquid assets, such as private real estate and private credit, while still offering investors a structured path to liquidity. Under SEC rules, an interval fund must make repurchase offers at NAV at least annually, with each offer covering between 5% and 25% of outstanding shares. If repurchase requests exceed the amount offered, the fund will pro-rate redemptions across all requesting investors.

Investors should not rely on interval funds for on-demand liquidity; in exchange for reduced liquidity, investors gain access to private market opportunities that have historically offered attractive risk-adjusted returns.

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