interval fund

“To harvest the illiquidity premium, you have to take on the illiquidity risk. There is no free lunch. So these products, I think, are great. They will give you substantially similar exposures, but that liquidity profile is going to lead to slightly different p…”

“If you use the typical institutional playbook, you can't, okay? If you're doing primaries, you got these big unfunded commitments, that implementation approach will not work. You're going to get yourself in trouble. But first of all, you've changed strategy on…”

“There's no magical wand that you can wave over a private market investment and make it liquid. That's the reason why, in my mind, the wealth solutions that take advantage of these limited liquidity vehicles are the way to get exposure. The interval fund, the t…”

“Through whether it's an interval fund, a tender offer fund, a non-traded BDC, an operating company, there are now a number of new vehicles that asset managers can utilize, which really widen the aperture for investors to invest. And that includes not just qual…”

“As the industry evolved in private credit, which is the main source of the interval funds, we preferred tender offer funds versus interval. We preferred the concept that in some of the worst market drawdowns that a fund manager could or a board could say it's …”

“We've seeded some interval funds and some private credit BDCs, because if I can turn a high single digit, low double digit into a high double digit return, I'll pay tax on that and be really excited about it. We're expecting to see those flows, and if you can …”

“I don't think that it would create systemic problems. Just like every hedge fund in the world wants to call a recession constantly because they're desperate for the volatility. Everyone wants to constantly say, what's the next systemic thing? Because the impac…”

“We think that Wall Street is getting a little short on places to stick the stumps. They're coming up in special situations funds. They're coming up in interval funds. They're coming up in places that people may not appreciate what happens when you're not getti…”

“The bar to gate is really high. You literally need an SEC exemption, and that's not because prices are low. You have to show the SEC, I don't have any liquidity.”