Cliffwater reigns as the go-to for investors looking to add private credit exposure in an interval fund wrapper. The firm’s Cliffwater Corporate Lending Fund (CCLFX) launched five years ago has more than $20 billion in assets and accounts for nearly 25% of the total AUM of all interval funds, according to data from SEC filings compiled by IntervalFundTracker.com. Cliffwater’s second fund, Cliffwater Enhanced Lending Fund (CELFX), has an additional $4 billion in assets, ranking it as the fifth largest interval fund.

Cliffwater CEO Stephen L. Nesbitt spoke with WealthManagement.com earlier this year about the firm’s strategies.

StepStone Private Wealth is a big believer in evergreen fund strategies across asset classes. It has four different U.S. evergreen funds in its product suite, including StepStone Private Markets Fund (XPMIX), StepStone Private Venture and Growth Fund (XSPIX), StepStone Private Infrastructure Fund (STRUX) and StepStone Private Credit Income Fund (CRDEX).

Bob Long, CEO and partner of StepStone Private Wealth, talked about the firm’s commitment to evergreen strategies on the Wealth Management Invest podcast in October.

As of midyear, The Partners Group Private Equity (Master Fund) LLC tender offer fund had assets of $14.8 billion. The firm also has some new products set to debut next year through a joint venture with BlackRock. The two will launch a multi-private markets model portfolio. The product, which will debut next year, will include private equity, private credit and real assets in a single portfolio and will be managed by both firms.

BlackRock and Partners Group also recently published a joint white paper on private markets.

The nearly decade-old AMG Pantheon Fund (P-PEXX) has a reported net asset value of $4.38 billion. The tender offer fund features a diversified private equity portfolio sourced through Pantheon’s global private equity platform. It offers diversification by manager, stage, geography, vintage year and industry.

After Brookfield Asset Management bought a controlling stake in Oaktree Capital Management in 2019 and formally launched Brookfield Oaktree Wealth Solutions in April 2021, the firm became one of the first alternative asset managers with a distribution program focused on the private wealth channel. Among the first semi-liquid offerings it brought to market was the non-listed Brookfield REIT. With further rollouts, its menu for individual investors includes access to real estate, private equity, private credit, infrastructure, equities and renewables. 

Earlier this year, WealthManagement.com connected with Brookfield Oaktree Wealth Solutions CEO John Sweeney to talk about what goes into the firm’s choice of assets and investment vehicles and how it works with advisors to bring alternatives to individual investors.

Hamilton Lane offers a series of evergreen and closed-end strategies for U.S. investors. Its evergreen funds include the $2.8 billion Hamilton Lane Private Assets Fund (XHLIX) and the more recently launched $23.5 million Hamilton Lane Private Infrastructure Fund (XHIIX).

Steve Brennan, managing director and head of Private Wealth Solutions at Hamilton Lane, joined David Bodamer in the first episode of the Wealth Management Invest podcast to discuss the state of private investments and Hamilton Lane’s path to developing private wealth strategies. 

Carlyle’s options in the evergreen space include the $3.4 billion Carlyle Tactical Private Credit Fund (TAKIX), which primarily invests in private fixed-income securities and credit instruments and the $1.1 billion CPG Carlyle Commitments Master Fund (a private equity vehicle). Carlyle has also sponsored a handful of private non-traded business development companies.

The $1 billion Ares Private Markets Fund (AMSIX) is a private equity tender offer fund focused on secondary investments. Ares last year also launched the Ares Strategic Income Fund, a $5.7 billion non-traded business development company that invests in secured loans to U.S. middle-market companies.

Ares also spoke to WealthManagement.com recently about potential sports investment opportunities for the wealth channel.

CION operates the $3.8 billion Cion Ares Diversified Credit Fund (CADUX), an interval fund that invests in a globally diversified portfolio of liquid and illiquid credit assets.

First Trust has several evergreen products. Its most established is the $1.7 billion First Trust Alternative Opportunities Fund (VFLEX). The multi-manager fund includes assets from First Trust Capital Management L.P. and one or more sub-advisers. In addition, the First Trust Private Assets Fund (FTPAX) is a tender offer fund focused on disruptive and potentially high-growth companies. The firm also operates the First Trust Enhanced Private Credit Fund (FTPCX), which focuses on a range of private credit exposures, including direct co-investments, privately negotiated loans and diversified debt securitizations.

Lord Abbett currently operates three interval funds, the largest of which is the $2.4 billion Lord Abbett Credit Opportunities Fund (LCRDX). It has also launched the $144.1 million Lord Abbett Special Situations Income Fund (LASAX) and the Lord Abbett Floating Rate High Income Fund (LFHAX), which to date has $12.5 million in net assets.

The Keystone Private Income Fund is a $1.3 billion tender offer fund that invests, directly or indirectly, in a wide range of private credit-oriented or other cash-flow-producing investments, including corporate loans and credit facilities, equipment leasing transactions, real estate-backed loans, corporate and consumer receivables, and other specialty finance opportunities or income-producing assets.

Among its existing investments in the wealth channel—what the asset manager calls its K-Series—KKR operates a series of semi-liquid funds focused on private credit, private equity, private real estate and infrastructure, and open to accredited investors and qualified purchasers. KKR said the K-Series, in aggregate, now has $11 billion in assets—up from $3 billion a year ago.

Last month, the asset manager also filed registration statements with the SEC for two public-private fixed-income funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+. Pending regulatory approval, the two funds are expected to launch in the U.S. in the first half of 2025.

The John Hancock GA Senior Loan Trust is a $600 million tender offer fund. It has a mandate to invest in a broad range of senior loans, including first- and second-lien term loans, delayed-draw term loans and revolving credit facilities.

The firm also operates the Manulife Private Credit Fund, a private non-traded $120 million BDC.  The firm provides first and second-lien loans, primarily in the debt of private middle market companies.

Coller launched the Coller Secondaries Private Equity Opportunities Fund in February, a tender offer fund with a private equity secondaries-only strategy.

The PIMCO Flexible Credit Income Fund (PFLEX) is an interval fund with over $3 billion in assets. The fund invests in a wide array of global credit sectors, including corporate, residential mortgage, commercial real estate and consumer credit markets. It has the flexibility to invest in both public and private credit sectors.

AlpInvest, a core division of Carlyle, operates the $430 million Carlyle AlpInvest Private Markets Fund (XCPAX). It employs AlpInvest’s global secondary, co-investment and primary programs and seeks to opportunistically allocate its assets across a global portfolio of private markets investments.

JPMorgan’s entry into the evergreen space includes the JPMorgan Private Markets Fund tender fund, which it launched just more than a year ago as part of the asset manager’s push into the wealth space. (It also operates a non-traded REIT.) The private equity fund has amassed over $600 million in assets since its launch.

The NB Private Markets Access Fund is a tender offer fund with nearly $1.3 billion in assets. It features a diversified portfolio of co-investments and secondaries.

Flat Rock Global operates a trio of interval funds, the Flat Rock Core Income Fund (CORFX), Flat Rock Opportunity Fund (FROPX) and the Flat Rock Enhanced Income Fund (FRBBX). The three funds have more than $450 million in combined assets. The opportunity fund manages a diversified pool of first-lien loans through CLO equity. The enhanced income fund invests primarily in the junior debt tranches of CLOs.