Definitie
A registered investment fund that allows redemptions only during periodic windows—typically quarterly—rather than on demand, enabling the fund to hold less-liquid assets.
An interval fund is a type of closed-end fund registered with the SEC under the Investment Company Act of 1940. Unlike a traditional mutual fund, it does not offer daily redemptions. Instead, it opens brief repurchase windows at set intervals—often quarterly—during which investors may tender shares, usually up to a stated percentage of the fund's total assets.
This structure matters to wealthy families because it allows the fund manager to invest in less-liquid assets—private credit, real estate debt, or other alternatives—that could not be responsibly held inside a daily-liquidity vehicle. The periodic window creates a controlled mismatch between asset liquidity and investor liquidity. Families sometimes consider interval funds as a way to access private-market-style strategies within a regulated, 1099-reporting wrapper.
A common confusion is equating interval funds with open-end mutual funds. They are not interchangeable. The limited redemption window is a structural feature, not a temporary restriction, and investors must plan around it. Another confusion is assuming the SEC registration eliminates illiquidity risk—it does not; it simply imposes disclosure and governance requirements. A qualified financial professional should evaluate whether the redemption cadence aligns with a family's liquidity needs.
Laatst beoordeeld August 25, 2026 · Redactioneel beleid
