2024 Performance Overview for Non-Credit Interval Funds
- jackkearney54
- Feb 20
- 4 min read
Updated: Mar 3
Highlights
Credit-focused interval funds remain the most prevalent, but other strategies, which are addressed in this Note, are gaining in popularity. Information regarding credit-focused funds, including an index, may be found at altidar.com.
Real estate-focused interval funds generated an average return of 0.1% during Q4’2024 and 2.5% for the year.
Ten new interval funds filed registration statements with strategies focused on private equity or venture capital in 2024, while registration statements for four other funds were declared effective.
Real assets-focused interval funds posted returns of -0.9% in Q4’2024, outperforming the S&P Real Assets Index which returned -4.8%.
Infrastructure funds recorded an average return of -0.1% during the quarter, outperforming the S&P Global Infrastructure Index by over 200 basis points.
Interval funds are becoming more popular, with aggregate net assets of nearly $100 billion as of the end of 2024. Investors have increasingly turned to these products as a way to access alternative and traditionally illiquid investment classes. This growth seems likely to continue given the recent uptick in new registrations and the pace of fundraising. There were nearly 50 registration statements filed in 2024 for new interval funds, a 45% increase from 2023. According to data from Robert A. Stanger & Company, Inc., fundraising for interval funds was up nearly 32% year-over-year in 2024, based on year-to-date totals through November. While interval funds with a credit-focused investment strategy remain the largest category of interval funds, several other strategies have seen significant growth recently in fund launches and capital raise.
Real estate is the second-largest category of interval funds, both in the number of constituents and the aggregate net assets. However, the sector is generally top-heavy, with the top three funds comprising approximately 86% of the market based on the funds in our survey. Real estate-focused interval funds delivered an average return of 0.1% during the fourth quarter and 2.5% for the year, with the top three funds posting a quarterly return of -1.9%. The following table presents a summary of information for active real estate-focused interval funds, including: (i) each fund’s most recently reported net assets; and (ii) total returns calculated over the three- and 12d-months ended December 31, 2024, assuming reinvestment of distributions, where applicable:
While fundraising for real assets and infrastructure funds has been modest over the past year, allocators have continued to seek ways to increase their exposure to these classes. In 2024, three such interval funds launched, while two additional funds remain in registration but are not yet effective. Versus Capital Real Assets Fund LLC is the largest fund in these categories by a wide margin with nearly $2.8 billion in net assets, representing nearly 90% of the market for real asset funds. Real asset-focused interval funds generated an average return of -0.9% in Q4 and 3.1% for the year; by comparison, the S&P Real Assets Index returned -4.8% during the fourth quarter and 3.6% over the course of the year. Infrastructure funds recorded an average return of -0.1% during the quarter, outperforming the S&P Global Infrastructure Index by over 200 basis points. The following table presents a summary of information for active real asset-focused interval funds and infrastructure-focused interval funds, including: (i) each fund’s most recently reported net assets; and (ii) total returns calculated over the three- and 12-months ended December 31, 2024, assuming reinvestment of distributions, where applicable:
Registration statements were filed in 2024 for ten new interval funds with strategies focused on private equity or venture capital, while registration statements for four other funds were declared effective. That includes Cascade Private Capital Fund, which was previously structured as a tender offer fund until Cliffwater assumed the role of investment adviser for the fund in February 2024; the fund’s net assets have grown by over 800% since December 2023. Private equity-focused interval funds posted an average return of 5.2% during Q4’2024 and 11.0% for the full-year 2024. The following table presents a summary of information for active private equity-focused interval funds, including: (i) each fund’s most recently reported net assets; and (ii) total returns calculated over the three- and 12-months ended December 31, 2024, assuming reinvestment of distributions, where applicable:
Sources
SEC Company Filings for:
ODCE Index Fund
Apollo Diversified Real Estate Fund
ARK Venture Fund
Bluerock Total Income (plus) Real Estate Fund
Bow River Capital Evergreen Fund
Cantor Fitzgerald Infrastructure Fund
Cascade Private Capital Fund
Cashmere Fund
First Trust Real Assets Fund
Forum Real Estate Income Fund
Goldman Sachs Real Estate Diversified Income Fund
Jackson Real Assets Fund
Meketa Infrastructure Fund
NexPoint Real Estate Strategies Fund
Pender Real Estate Credit Fund
PIMCO Flexible Real Estate Income Fund
Primark Meketa Private Equity Investments Fund
Principal Real Asset Fund
Redwood Real Estate Income Fund
StepStone Private Infrastructure Fund
The Private Shares Fund
Thirdline Real Estate Income Fund
USQ Core Real Estate Fund
Versus Capital Infrastructure Income Fund
Versus Capital Real Assets Fund LLC
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RIAIntel, Interval Funds’ Triple-Digit Rise
Alternative.Investments, Alternative Fund Registrations Surge in 2024
PitchBook, LPs want infrastructure exposure, despite muted fundraising
Disclaimer: The information contained in this research note has been assembled using publicly available information. While SK Research and Due Diligence, LLC (“SKRADD”) believes it to be reliable, there is no guarantee that all of the information contained in this research note is or will be accurate. This research note does not constitute investment advice and is intended for informational purposes only. This research note does not constitute an offer to sell or the solicitation of an offer to purchase, nor should it be considered a recommendation of any security referenced herein. This publication is copyrighted, and no person is authorized to make use of the information presented herein without the express written permission of SKRADD. SKRADD is under common ownership and control with Snyder Kearney, LLC, a law firm that conducts due diligence reviews of alternative investment programs, including non-traded real estate investment trusts.
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