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Interval Fund Sales Up Significantly in August

September 13, 2018

Interval Fund Sales Up Significantly in August

September 12, 2018 | James Sprow | Blue Vault

Sales for interval funds and nontraded closed-end funds reported to Blue Vault for August increased 46.5% from July’s total for nine funds. Ten interval funds reported August sales totaling $262.4 million, up from $174.4 million in July. Of that increase, first-time reporting Blackstone/GSO Floating Rate Enhanced Income contributed $40.5 million. Still, without the Blackstone interval fund contribution, sales of the other nine interval funds increased 25.4% from July’s total.

Griffin Institutional Access Real Estate led all reporting interval funds, raising $102.4 million in August, up from $85.8 million in July, a 19.3% increase. Next among the reporting interval funds was Bluerock’s Total Income+ Real Estate Fund with $56.3 million in August sales, up from $48.8 million in July, a 15.5% increase. Other interval funds with significant August sales were Blackstone/GSO Floating Rate Enhanced Income with $40.5 million, a first-time report, and CION Ares Diversified Credit Fund with $24.6 million versus $11.3 million in July. Griffin Capital’s other interval fund, Griffin Institutional Access Credit Fund had $13.3 million in sales in August, up from $9.0 million in July.

Three nontraded closed-end funds reported sales to Blue Vault in August. Trilinc’s Greenbacker Renewable Energy Company reported August sales of $13.3 million, virtually the same as July. Steadfast’s Alcentra Global Credit Fund reported sales of $5.2 million, up from $3.7 million in July. The only other nontraded closed-end fund that reported sales to Blue Vault for August was Colony Capital’s NorthStar Real Estate Capital Income Fund with sales of just $0.2 million in August, down from $0.3 million in July.

Two sponsors reported sales of nontraded preferred stock by their listed REITs in August.  Bluerock Capital reported nonlisted preferred stock by Bluerock Residential Growth REIT of $9.5 million in August, down from $10.7 million in July.  CIM Commercial Trust (CMCT) had nonlisted preferred sales in August of $1.3 million, down from $1.7 million in July.

CNL Financial Group’s CNL Strategic Capital program reported sales of $2.5 million in August in its public offering, after raising private capital of approximately $82 million. This direct participation program commenced operations in February 2018 and invests in both the common equity and debt of middle-market businesses. The fund, neither a typical BDC nor an interval fund, has made controlling equity and debt investments in two middle-market businesses and has a portfolio with a fair value of $78.2 million as of June 30, 2018.

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