Sales by Interval Funds, Nontraded Closed-End Funds, and Private Placements for April
May 14, 2018 | James Sprow | Blue Vault
Blue Vault reports sales for Interval Funds and Nontraded Closed-End Funds reported by 10 fund sponsors in April. April sales for these funds that were reported to Blue Vault totaled $173.7 million, down 5.7% from the $184.2 million reported in March for the same sample of programs. The largest total sales reported by a sponsor of these products in April was $88.3 million by Griffin Capital Corporation in their Griffin Institutional Access Real Estate Fund and Griffin Institutional Access Credit Fund. This sponsor’s sales were 51% of total sales reported to Blue Vault for April in the Interval Fund and Nontraded Closed-End Fund sector, down from 60% in March. Bluerock Capital’s Total Income (plus) Real Estate Fund was next in the Interval Fund category with $37.0 million sales in April.
Among leading sponsors in Interval Funds and Nontraded Closed-End Fund sales reported to Blue Vault in April 2018 and their total capital raised for these programs for the month were:
|•||Griffin Capital Company||$88.3 million|
|•||Bluerock Capital Markets, LLC||$37.0 million|
|•||CION Investment Group||$10.5 million|
|•||SharesPost Inc.||$4.5 million|
|•||Steadfast Companies||$3.1 million|
Our sample of 13 sponsors reported Private Placement and Reg A sales of $164.7 million in April, down 8% from $178.6 million reported by the same sponsors in March. Inland Real Estate Investment Corp. led the group of reporting sponsors with $64.2 million in April, up from $56.5 million in March. Owl Rock Capital Corporation did not report Private Placement sales to Blue Vault in April or March after reporting $75.0 million in sales in February. Cantor Fitzgerald began reporting sales for their CF Norterra Canyon Multifamily DST in March.
Among leading sponsors in Private Placement and Reg A sales reported to Blue Vault in April were:
|•||Inland Real Estate Investment Corporation||$64.2 million|
|•||Passco Companies, LLC||$28.2 million|
|•||ExchangeRight Real Estate||$14.8 million|
|•||Bluerock Capital Markets, LLC||$12.5 million|
|•||Lodging Fund||$10.9 million|
|•||Hamilton Point Investments, LLC||$9.7 million|
|•||Moody National Companies||$7.3 million|
|•||Cantor Fitzgerald||$5.3 million|
In October 2017, Blue Vault began reporting sales of nonlisted preferred stock issued by Bluerock Capital Markets and CIM Commercial Trust. April sales of nonlisted preferred stock by those two companies were $17.2 million in April, up from $10.9 million in March. Bluerock Capital Markets reported nonlisted preferred sales of $10.35 million and CIM Sales were $6.84 million in April. Sales of nonlisted preferred stock by both companies totaled $28.3 million in Q1 2018.
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.