Interval fund
An interval fund is a type of that does not trade on a and instead offers to buy back, or repurchase, a limited portion of its shares from investors only at set intervals, such as quarterly. Unlike a typical open-end , where an investor can redeem shares on any business day, an interval fund investor can generally only cash out during these specific, scheduled repurchase windows, and even then, the fund is only obligated to repurchase a set percentage of .
This limited structure is deliberate. Interval funds are designed to hold less , such as private credit, real estate, or other investments that cannot easily be sold on short notice, precisely because the fund does not need to be ready to meet redemptions every single day the way a normal does. That structural patience is what allows the fund to invest in that could offer higher potential returns than more liquid, publicly traded alternatives, in exchange for investors giving up the ability to exit whenever they want.
Because shares cannot be sold at will, and because more investors may want to redeem during a given repurchase window than the fund is required to accommodate, an investor is not guaranteed to get all of their requested redemption amount back at any single interval. Anyone considering an interval fund should treat the investment as meaningfully less liquid than a typical or , and should only allocate money they are comfortable leaving in place for an extended period.