Interval Fund

Extracted Attributes

• Type

  Closed-end fund

• Liquidity

  Offers less liquidity than open-end funds, more than traditional closed-end funds

• Regulatory Act

  1940 Act

• Trading Status

  Does not trade on an exchange

• Regulatory Rule

  Rule 23c-3 under the 1940 Act

• Investment Focus

  Can invest in illiquid assets, private securities, and alternative investments (e.g., commercial property, farmland)

• Target Investors

  Individual investors seeking access to alternative investments typically limited to high net worth individuals and institutions

• Repurchase Frequency

  Periodic, predetermined intervals (e.g., every 3, 6, or 12 months)

Timeline

• The Securities and Exchange Commission (SEC) adopted Rule 23c-3, which governs interval funds. (Source: Web Search)

  1993

Ark Invest

ARK Investment Management LLC (commonly referred to as "ARK" or "ARK Invest") is an American investment management firm based in St. Petersburg, Florida, that manages several actively managed exchange-traded funds (ETFs), and the ARK Venture Fund, a closed-end interval fund that invests in both public and private companies. It was founded by Cathie Wood in 2014. As of June 2025, assets are greater than $20 billion, including notching two of the top 10 best-performing ETFs in May 2025.

Web Search Results

• [PDF] Interval Funds - The Investment Lawyer - Morgan Lewis

  affl uent market, but has yet to gain widespread adoption is the interval fund. An interval fund is a closed-end fund registered under the 1940 Act that off ers to repurchase its securities from shareholders at peri-odic, predetermined intervals in accordance with Rule 23c-3 under the 1940 Act. While the Securities and Exchange Commission (SEC) adopted Rule 23c-3 in 1993, fund managers have been slow to use interval funds due to their less-mature distribu-tion channels, the managers’ unfamiliarity [...] with conducting a mandatory repurchase off er at a set interval. An interval fund’s periodic interval between repurchase off ers may be every 3, 6, or 12 months.14 Th is broad range of permissible repurchase intervals should provide enough fl exibility to accommodate most alternative strategies. In order to provide an interval fund with some stability at the beginning of its operations and to allow the fund to more fully implement its investment program, an interval fund may delay its initial [...] Part I of this Update discussed the regulatory his-tory of interval funds and how the SEC Staff viewed them as a form of hybrid fund that off ers the ability to invest in a greater amount of illiquid assets similar to a closed-end fund, but also provide greater liquidity to investors similar to an open-end fund. Recognizing that few fund sponsors are familiar with the rules governing the operations of interval funds, Part I also reviewed the requirements of Rule 23c-3 in order to illustrate how

• Interval Funds—6 Things to Know Before You Invest | FINRA.org

  Interval funds are closed-end investment companies that might appeal to investors looking for different ways to diversify their portfolio by providing access and exposure to illiquid strategies or alternative assets. These funds, which don’t trade on an exchange, can provide individual investors with access to alternative investments that are otherwise typically limited to high net worth individuals, hedge funds and other institutional investors. But interval funds come with unique risks and [...] 1. Interval funds are illiquid. Interval funds are generally designed to hold greater allocations of illiquid assets, but to offer this exposure they provide less liquidity to investors. Unlike open-end funds, interval funds don’t offer daily liquidity, so you can’t just sell your shares whenever you want—or need—to. Instead, interval funds repurchase their shares from investors at prespecified intervals and in limited quantities. This restriction is generally in place due to the less liquid [...] 4. Interval funds can invest in a diverse mix of assets, including private securities. Interval funds can provide exposure to less accessible alternative investments, which might offer the potential for additional income or returns beyond typical stock or bond investments—the “illiquidity premium”—as well as performance that may be less correlated to these traditional investments. Assets that make up an interval fund can vary and might include commercial property, such as tracts of farmland or

• Interval funds – the facts and the risks | Charles Schwab

  $0 online equity trade commissions + Satisfaction Guarantee. See our pricing More choices. More ways to invest how you want. Explore ways to invest # Interval funds – the facts and the risks An interval fund is a closed-end mutual fund that doesn't trade on an exchange and only allows investors to redeem shares periodically in limited quantities. [...] The Charles Schwab Corporation provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co. Inc. (Member SIPC), and its affiliates offer investment services and products. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides deposit and lending services and products. [...] This site is designed for U.S. residents. Non-U.S. residents are subject to country-specific restrictions. Learn more about our services for non-U.S. residents, Charles Schwab Hong Kong clients, Charles Schwab U.K. clients. © 2025 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. Unauthorized access is prohibited. Usage will be monitored. Own your tomorrow logo (1124-0VG4)

• Interval funds vs. tender-offer funds: An overview for investment ...

  Interval funds and tender-offer funds are popular investment vehicles for managers seeking to bring formerly private-only strategies to the registered closed-end fund marketplace. Although both types can be offered to either retail or accredited investors, the main thrust for most interested managers is retail investors and their advisors. [...] In a retail context, interval funds are generally preferred to tender-offer funds due to daily purchase availability. However, daily purchases mean striking daily NAVs—which may not be possible for some underlying asset types, leaving tender-offer funds as the feasible option. [...] Some investments, such as private equity, are challenging to value daily. Our team works through these considerations regularly with asset managers seeking closed-end interval or tender offer fund services. Converting private funds into an interval fund can also add a few extra regulatory requirements, including financial reporting changes for the private fund. Timing of the conversion must be managed closely with all parties. Interval tender offer funds Interval tender offer funds

• What is an interval fund? Learn more. | FS Investments

  Future Standard interval funds and FS MVP Private Markets Fund are distributed by ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, CO 80203, member FINRA). ALPS Distributors, Inc. is not affiliated with either Future Standard or any of its affiliates. ‍ FS Investment Solutions, LLC is an affiliated broker-dealer that serves as the exclusive wholesale marketing agent for Future Standard interval funds and FS MVP Private Markets Fund. ‍ [...] at 877-628-8575 for Future Standard interval funds and closed-end funds or 877-924-4766 for Future Standard mutual funds. Investors should read and carefully consider all information found in the applicable fund’s prospectus and other reports filed with the U.S. Securities and Exchange Commission (SEC) before investing. [...] An investment in any fund sponsored by Future Standard involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks, and charges and expenses of the applicable fund carefully before investing. For funds offering shares to new investors, the applicable fund’s prospectus contains this and other information. Investors may obtain a copy of the applicable fund’s prospectus free of charge at www.futurestandard.com or by phone