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Morris Manning & Martin, LLP

Assessing Their Pros & Cons as a Retail Investment Product Today: Interval Funds Vs. Continuously Offered Closed End Funds V

06.12.2017 (3:00 p.m.) – 06.13.2017 (3:45 p.m.)

Owen Pinkerton will be speaking at the IMN Non-Traded REITs & Retail Alternative Investments Symposium on the "Interval Funds Vs. Continuously Offered Closed End Funds Vs. Daily NAV REITs." Issues include:

  • Managing liquidity: What are the benefits/drawbacks of the interval fund structure? Daily NAV REITs?; Closed-end funds? Can these products adequately meet liquidity demands? Daily NAV REITs: Will perpetual life entities replace liquid products?
  • What innovation are we seeing in structure amongst these product types? In an uncertain regulatory climate, what longevity do these product structures have? How does the regulatory/compliance oversight compare between them?
  • What are the different types of interval fund/closed end fund/Daily NAV REIT on the market? How do they differ in their investment strategies/the nature of their underlying assets? Their fees – both at point of sale and ongoing? How are they performing? Are they covering distributions? Are redemptions going up? How does the investment potential of these product types compare in the current macroeconomic climate?
  • Where do these products fit within a typical investor’s portfolio, particularly relative to Non-Traded REITs/BDCs? On a product sponsor’s platform?
  • How is the fundraising environment for interval funds, especially relative to Daily NAV REITs? Closed end funds? What are the primary sources of capital and fund raising for Daily NAV REITs? What are the main due diligence hot buttons?
  • What limitations are there in terms of the number of product sponsors this market can accommodate? How far from capacity is the market within these product types?
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