// definition
Interval fund
Semi-liquid fund with periodic windows
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Short definition
A semi-liquid fund that allows redemptions only through periodic, capped windows, while holding illiquid assets, hence a gating risk when exits pile up.
risk atlas
Knowledge map
Intuition
The interval fund promises periodic liquidity on assets that do not necessarily sell at the same pace.
Formula
liquidity offered < liquidity demanded = gating or queueWhy it matters now
Redemption requests make visible the gap between commercial liquidity and the economic liquidity of the portfolio.
Related analyses
- Private credit, default and gatingDefaults, capped redemptions and regulator vigilance.
- Semi-liquid funds and gatingThe mechanics of redemption windows and retail risk.
- Zombie funds and private valuationsPrivate marks, hard exits and the illusion of stability.
Related guides
- Analysing private creditValuation, liquidity, leverage, covenants and breaking points.
Related datasets
- debt-risk.jsonDebt Risk Radar snapshot with provenance.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- catalog.jsonMachine-readable catalogue of l0g surfaces.
Signals using it
- MethodologyDebt, interest burden, current stress and structural vulnerability.
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- SEC EDGARBDC filings, 10-K, 10-Q, 8-K and institutional disclosures.
- Financial Stability Board & OFRNon-bank intermediation, financial stability and monitors.
- International Monetary FundGlobal Financial Stability Report and funding stress.
- Bank for International SettlementsGlobal credit, NBFI and market vulnerabilities.