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Alternative Market Briefing

Alternative credit interval funds' assets doubled in size in 2021

Friday, January 14, 2022

B. G., Opalesque Geneva:

A report produced by Gapstow Capital Partners, a New York-based investment advisor with an exclusive focus on the alternative credit asset class, analyses the universe of 35 alternative credit-focused interval funds. The research found that the universe doubled in size to nearly $20bn in 2021, that the composite performance for the year was 9.7%, outpacing US high yield bonds, and that there were four new launches.

Interval funds straddle the retail and private investments world: they are U.S.-registered investment vehicles that can provide access to less liquid investment strategies, and relative to traditional private investment structures, they tend to have lower investment minimums, operational simplicity, and 1099 tax treatment. Pimco, a large credit-focused asset manager, sees several market and investor-driven reasons for the growing popularity of credit interval funds: these strategies may offer attractive risk-adjusted income, a broader opportunity set across global public and private credit markets, and little or no exposure to the risk of indiscriminate selling during periods of elevated volatility.

Such funds' popularity should continue in the future, Kimberly Flynn, managing ......................

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