沉浮之间：区间基金流动性

Sink or Swim: IntervalFunds Liquidity Institutional Research Group Juan Mier, CFALead Analyst, Fund Strategiesjuan.mier@pitchbook.com Examining the complexities beneath the surface ofinterval funds liquidity pbinstitutionalresearch@pitchbook.com Published on January 15, 2026 PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Contents Key takeaways1Introduction2Basic concepts3Liquidity sources and liquidity management4Liquidity in practice7What can basic fund disclosures tell usabout liquidity?10Case study: Bluerock Total Income+Real Estate Fund12What they are versus what they should be:Liquidity disclosures have room forimprovement16Appendix17 Key takeaways •Evergreen funds’ assets and investor base continue to expand. The semi-liquidnature of these structures means that liquidity management is just as crucial asdelivering investment results. In this note, we focus on interval funds to explore thenuances of liquidity, highlighting key considerations for investors. •Interval funds must set up regular liquidity repurchase offers as part of theirfundamental policies. Consequently, these specific evergreen funds are helpful foranalysis, especially when compared with other structures where liquidity is at theboard’s discretion. •Fund managers have various tools and levers to manage liquidity. Sources ofliquidity include portfolio income, cash, publicly listed securities, and creditfacilities. However, this is a complex process that requires dedicated, full-timeliability management teams to ensure the repurchase process runs smoothly. •Strategies such as private credit can rely more heavily on portfolio income to meetredemptions. Interest income and loan repayments generate a cycle of “organicliquidity” within a well-diversified debt portfolio. In other private strategies, exitsand cash flows back to interval funds must be carefully stress-tested, but organicliquidity is achievable as well. •While the liquidity mechanism of the interval fund universe is functioning correctlyon a systemic level, liquidity stress on individual funds may still be lurking beneaththe surface. We examine a case study of a sizable real estate fund that experiencedsignificant liquidity setbacks. •Liquidity disclosure is somewhat inconsistent and could be improved. Whileregulatory filings for interval funds offer extensive information, we believe thatclearer liquidity disclosures in simple fund documents, such as fact sheets, wouldbenefit both fund managers and investors. Introduction Evergreen funds are gaining popularity as a way to access private capital strategies.What used to be exclusive to multimillion-dollar commitments with funds locked upfor years is now available with low minimum investments and perpetual capital. Whileevergreen funds offer more transparency than drawdown funds, their disclosurepractices are not standardized, especially as they relate to liquidity, and may fall shortof expectations from investors used to open-end vehicles that trade liquid, publicsecurities. Evergreen funds are often referred to as semi-liquid structures, as theystraddle the worlds of drawdown funds and open-end funds. Therefore, investors needto evaluate whether periodic liquidity—one of the key differences between evergreensand drawdowns—lives up to expectations. Interval funds are a useful case study because they are required to specifypredetermined liquidity intervals in their prospectus—hence their name. This isdifferent from other evergreen structures, such as tender offer funds, businessdevelopment companies (BDCs), or unlisted REITs. Although those structures mightalso offer periodic liquidity, the cadence and amounts remain at the discretionof the board. Interval funds’ net asset values (NAVs) are typically priced daily,and data on their attributes is generally more comprehensive than that of otherevergreen structures. Liquidity is like oxygen. It is often taken for granted during normal times, but inperiods of market stress, it is the only thing that matters. One could argue thatevery financial crisis is accelerated or amplified by liquidity shortages. As evergreenfunds expand in scope and size, understanding the nuances of liquidity becomesincreasingly important. For further insights on evergreen structures, read our inauguralQ4 2025 US EvergreenFund Landscapereport. Basic concepts Interval funds are regulated by the US Securities and Exchange Commission (SEC) asunlisted closed-end structures that must comply with the Investment Company Act of1940 (’40 Act). Interval funds have no limit on the value of illiquid assets they can hold,but these funds must establish periodic liquidity. The rules set a range of 5% to 25% of afund’s outstanding shares that must be repurchased at a predetermined cadence. Thetiming of these redemptions is chosen by the fund as a “fundamental policy” delineatedin the fund prospe