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Vanguard, Wellington Management and Blackstone are partnering to introduce a low-cost interval-fund (IF). The IFs are considered suitable for illiquid assets and the IF wrapper is sort of between ETFs and CEFs. IFs can be bought anytime, but the redemptions are limited to 5% of AUM per quarter; if there are excess redemption requests, those are rejected. There are 307 IFs now with median ER of 3% that includes the cost of leverage (2.18 excluding leverage costs). Their NAVs appear stable because they don’t mark-to-market regularly. Mentioned are CCLFX, CELFX, CADEX, TAKAX, GIREX, TIPRX. https://www.sec.gov/Archives/edgar/data/2065909/000139834425008938/fp0093540-1_n2.htm @lewisbraham in Barron's https://www.barrons.com/articles/interval-funds-big-fees-vanguard-f51eb7fe?refsec=funds&mod=topics_funds
