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Interval funds offer a unique opportunity for investors looking to diversify their portfolios with access to alternative assets and potential income.
Unlike traditional mutual funds, interval funds provide a blend of flexibility and exclusivity, making them an intriguing option for those seeking steady returns outside the usual investment options.
In this guide, we’ll explain what interval funds are, how they work and how you can invest in them.
What is an interval fund?
An interval fund is a type of closed-end mutual fund that allows investors to buy shares, but with a unique twist: instead of being able to trade shares freely on the open market, investors can only sell their shares back to the fund during specific intervals, hence the name.
These intervals are typically quarterly but can vary depending on the fund’s structure. This setup provides a balance between the liquidity found in open-end mutual funds and the stability of traditional closed-end funds.
Types of assets in interval funds
Interval funds often invest in less liquid and alternative assets that might not be accessible through investing in traditional mutual funds. These assets can include:
Private credit. A common investment for interval funds, private credit refers to loans or debt instruments issued by non-bank lenders. This asset class offers higher yields but comes with greater risk.
Real estate. Some interval funds focus on real estate investments, providing exposure to properties or real estate debt that isn’t as easily traded on public markets.
Private equity. Interval funds might invest in private companies, giving investors access to the potential growth of businesses that haven’t gone public.
Other alternative assets. This category can include infrastructure projects, distressed debt or even art and collectibles, depending on the fund’s focus.
Comparison to mutual funds
While interval funds share some similarities with mutual funds, they differ in several key ways:
Liquidity. Mutual funds allow investors to buy and sell shares daily, while interval funds restrict redemptions to specific periods, usually quarterly. This limited liquidity can help the fund invest in assets that require a longer time horizon.
Investment strategy. Mutual funds typically focus on stocks, bonds or a combination of both, while interval funds often pursue more niche or alternative investment strategies, which can offer higher returns but also come with higher risks.
Pricing. Mutual funds are priced based on their net asset value (NAV) at the end of each trading day.(1) Interval funds also use NAV for pricing, but because shares aren’t traded on the open market, the NAV is calculated less frequently, usually during redemption intervals.
Associated fees and minimums
Investing in interval funds typically comes with higher fees than traditional mutual funds.(2) Minimum investments for interval funds vary widely by fund, ranging from as little as $500 to as much as $10 million or more, depending on the fund’s structure and target investor.(3)
Fees commonly associated with interval funds can include:
Management fees. Given the specialized nature of the investments, management fees for interval funds are often higher, reflecting the expertise required to manage less liquid assets.
Performance fees. Some interval funds may charge performance-based fees, rewarding the fund managers for achieving certain returns.
Redemption fees. Depending on the fund, there may be fees associated with redeeming shares during the specified intervals.
Minimum investment requirements. Interval funds often have higher minimum investment thresholds than mutual funds, making them more suitable for investors with substantial capital.
List of interval funds
When considering interval funds, it’s essential to know your options. These funds provide access to a range of asset classes, from private credit to real estate, and each comes with its own strategy and risk profile.
Below, we’ve highlighted some of the most popular interval funds, each offering unique opportunities for diversification and potential returns. Whether you’re interested in tech-driven ventures, real estate or corporate lending, there’s likely an interval fund that aligns with your investment goals.
ARK Venture Fund (ARKVX)
The ARK Venture Fund focuses on investing in innovative companies that are pushing the boundaries of technology and science. Managed by ARK Invest, known for its high-conviction bets on disruptive innovation, this fund targets early-stage and private companies in sectors like artificial intelligence (AI), robotics and genomics.
The fund has grown quickly. Its net assets stood at roughly $64 million in mid-2024, climbed to about $208 million by mid-2025 and reached approximately $557 million as of January 2026. The fund charges a 2.75% management fee.(4) The ARK Venture Fund holds a dynamic portfolio of private companies that are leaders in disruptive innovation, and its specific holdings shift over time as the fund trades.
Recent holdings have included SpaceX, pioneering space exploration, Epic Games, the creator of Unreal Engine and Fortnite, and Freenome, which uses AI for early-stage cancer detection, as well as Neuralink, Groq, Tenstorrent, Anthropic and Discord.
Available to accredited and non-accredited investors, investing in the ARK Venture Fund offers a way to participate in high-potential startups that aren’t available in public markets. The fund’s performance is tied closely to the success of its top holdings, making it a high-risk, high-reward investment option.
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
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Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA (www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
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Fundrise Flagship Real Estate Fund
The Fundrise Flagship Real Estate Fund (registered with the SEC as Fundrise Real Estate Interval Fund, LLC) offers investors access to a diversified portfolio of income-generating real estate assets, ranging from residential to commercial and industrial properties.
Managed by Fundrise, a leader in the online real estate space, this fund aims to provide consistent returns by directly managing a variety of high-quality properties across the United States.
The fund leverages its platform to manage properties directly, aiming to reduce costs and enhance returns for investors. The fund’s strategy focuses on acquiring and managing high-quality properties across the United States, and as of its FY2025 annual report it held approximately $1.22 billion in net assets. The fund charges a 0.85% annual management fee, with total fund expenses reported at 1.58% for the same period.(5)
Fundrise’s real estate interval fund is open to all investors, with relatively low minimum investment requirements, making it an accessible option for those looking to invest in real estate.
Cliffwater Corporate Lending Fund
The Cliffwater Corporate Lending Fund (CCLFX) stands out as the largest interval fund in the market, with a specialized focus on private credit, particularly in senior secured loans provided to middle-market companies.(6)
Cliffwater LLC is a renowned asset management firm known for its expertise in alternative investments. The fund is designed to offer investors consistent income through a highly diversified portfolio of loans that vary in both maturity and credit quality.
The fund’s strategy centers on generating a reliable income stream through interest payments, positioning it as an attractive option for investors seeking income-focused returns. The loans in the portfolio are senior secured, meaning they are backed by the assets of the borrowing companies, offering a layer of protection in case of default.
As the largest player on our list of interval funds, CCLFX has grown to roughly $31 billion in net assets as of mid-2026, up sharply from earlier years, and currently carries an expense ratio of about 1.79%. Per its official prospectus, the fund’s Class I shares carry a stated $10 million minimum investment, though the fund may accept smaller amounts at its discretion.(7)
Carlyle Tactical Private Credit Fund (C•TAC)
Managed by The Carlyle Group, a global investment firm with extensive experience in private equity and credit markets, this fund invests in both performing and distressed debt, aiming to capitalize on market inefficiencies. Carlyle was also among the private equity firms the NFL approved to invest in league franchises in 2024.(8)
With a diversified portfolio that includes senior loans, mezzanine debt and distressed credit, the Carlyle Tactical Private Credit Fund provides investors with access to a wide range of debt instruments that offer both income and capital appreciation potential.
Bear in mind, however, that C•TAC carries significant fees. Per Carlyle’s own current disclosures, the fund charges a 1.0% management fee on managed assets, and total annual expenses across its share classes ranged from roughly 5.65% to 6.45% in its most recent fiscal year. Minimum investments are $10,000 for Class A, L, M, U and Y shares, and $250,000 for the institutional Class I and Class N shares — there’s no $2,000 entry point.(9) Note that “C•TAC” is Carlyle’s own shorthand for the fund rather than a single trading ticker; each share class trades under its own symbol.
Other interval funds
Apart from the well-known names mentioned above, several other interval funds cater to different investor needs.
For example, the Stone Ridge Alternative Lending Risk Premium Fund focuses on consumer and small business loans, offering exposure to alternative lending markets.
Another option is the Griffin Institutional Access Real Estate Fund, which targets institutional-quality real estate assets, providing a blend of income and potential appreciation.
Finally, if fixed-income investments are more your speed, The Oaktree Diversified Income Fund offers exposure to high-yield bonds, leveraged loans and private credit targeting income generation.
How to invest in interval funds
Not all brokers offer access to interval funds, so the first step is finding one that does. Some of the more prominent platforms include SoFi Invest® and Titan. While Fidelity offers interval funds, access is typically limited to financial advisors. Given the complex nature of interval funds, these brokers provide the necessary tools and support to make the investment process straightforward.
Tax implications
Like other investment vehicles, interval funds come with tax implications that you should be aware of. The income generated from these funds, such as interest or dividends, is typically taxed as ordinary income.
Additionally, any capital gains realized upon redemption may also be subject to taxation. It’s advisable to consult with a tax advisor to fully understand the impact of investing in these funds on your tax situation.
The redemption process
One of the defining features of interval funds is their limited liquidity. Unlike mutual funds, where you can buy or sell shares daily, interval funds only allow redemptions during specific intervals, usually quarterly.(10)
During these redemption windows, the fund will repurchase a certain percentage of shares from investors who wish to sell. If the demand to sell exceeds the available redemption capacity, your redemption request may be partially fulfilled or carried over to the next interval.
Long-term commitment
Due to the illiquid nature of the underlying assets, investing in interval funds is generally a long-term commitment.(10) You should be prepared to hold your investment for several years, especially since early redemption might be limited or penalized. This makes interval funds more suitable for investors with a long-term horizon who are looking to diversify their portfolios with alternative assets.
Advantages and disadvantages of interval funds
Investing in interval funds comes with both benefits and drawbacks. Understanding these can help you determine whether these funds align with your investment strategy.
Advantages
Access to potentially higher-yielding asset classes. One of the main advantages of interval funds is the access they provide to alternative asset classes, such as private credit, real estate and private equity. These assets often have the potential for higher returns compared to mutual funds, making interval funds an attractive option for investors seeking to enhance their portfolio’s yield.
Diversification. Interval funds allow investors to diversify their portfolios by including non-traditional assets that are typically unavailable through mutual funds or ETFs. This diversification can help reduce overall portfolio risk by spreading investments across different types of assets, markets and economic sectors, which may behave differently under various market conditions.
Professional management of complex assets. Interval funds are often managed by experienced professionals who specialize in alternative asset classes. This professional oversight can help mitigate risks associated with more complex investments, such as private credit or distressed assets, giving investors access to expert strategies that they may not be able to implement on their own.
Disadvantages
Limited liquidity. Unlike mutual funds, which offer daily redemptions, interval funds only allow investors to sell their shares back to the fund during specific intervals, usually quarterly. This restriction means that you may not be able to access your money when you need it, making these funds less suitable for investors who require more flexibility.
Higher fees. Interval funds typically come with higher fees compared to traditional mutual funds. These fees can include management fees, performance fees and redemption fees, all of which can eat into your overall returns. The complexity of managing alternative assets often justifies these higher costs, but it’s essential to weigh them against the potential benefits before investing.
Lock-up periods and redemption limits. In addition to limited liquidity, interval funds may have lock-up periods during which no redemptions are allowed at all. Even when the fund allows redemptions, only a limited percentage of shares can be repurchased. If redemption requests exceed that limit, only partial redemptions may be granted, leaving investors with reduced liquidity.
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Bottom line
Interval funds offer a unique way to diversify your portfolio with access to alternative assets and the potential for higher returns. However, the trade-offs in liquidity and fees mean they may not be suitable for everyone.
If you’re an investor with a long-term outlook and an interest in non-traditional investments, interval funds could be a valuable addition to your portfolio. Explore the best brokerage accounts today — many of them provide access to interval funds.
Frequently asked questions
Interval funds can be a good option for diversifying with alternative assets like private credit or real estate. However, their limited liquidity and higher fees mean they're best suited for long-term investors comfortable with higher risks.
Mutual funds offer daily liquidity, while interval funds limit redemptions to specific intervals, usually quarterly. This limited redemption schedule requires a longer-term commitment from investors but allows interval funds to invest in less liquid, potentially higher-yielding assets.
It varies widely by fund. Some, like the ARK Venture Fund, accept as little as $500. Others, particularly those aimed at institutional or high-net-worth investors like the Cliffwater Corporate Lending Fund, require $10 million or more. Always check a fund's current prospectus for its exact minimum.
You submit a redemption request during the fund's specified repurchase window, typically quarterly. The fund isn't required to fulfill every request in full — if redemption demand exceeds the amount the fund has offered to repurchase that quarter, requests are typically prorated, and the unfulfilled portion carries over to the next window.
Yes. Interval funds invest in private credit, real estate or other alternative assets that carry their own risks, including default and valuation risk. Unlike a savings account, there's no guarantee of principal, and limited liquidity means you may not be able to exit quickly if the fund's holdings decline in value.
Shane's career started with the US Department of Defense where he performed research for 8 years. He then studied philosophy and became fascinated by the ways in which technology and finance can consolidate to impact the world's socio-economic order. To date, he has written hundreds of articles with various insights into digital assets, trading, investing, and the ways in which technology can be used to further optimize the stock trading and settlement processes. His work has been featured in Yahoo Finance, Nasdaq, Bitcoin Magazine, Investing.com, Tokenist, and others.
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