The 300% Asset Coverage Test: The Leverage Rule Behind Every BDC and Interval Fund
TL;DR: The asset coverage test is the single most important leverage constraint you will find in a business development company (BDC) or interval fund prospectus. Under Section 18 of the Investment Company Act of 1940...
August 15, 2026
UBS's New Interval Fund Seeding Trick: Reorganizing an Existing Credit Partnership Into a Registered Vehicle
TL;DR: UBS Asset Management filed registration documents for the UBS Asset Management Credit Income Opportunities Fund, a non-diversified, closed-end interval fund organized as a Delaware statutory trust on July 9,...
August 15, 2026
Apollo Debt Solutions BDC's $514.9M CLO Close Amid Record Redemption Demand
Apollo Debt Solutions BDC closed a $514.9 million term debt securitization on August 6, 2026, the same week it confirmed that redemption demand had hit its highest level since the fund launched in 2022. According to...
August 15, 2026
Homestead Capital's $1.8B Agriculture Platform: Inside the First Close of Its $350M Private Credit Fund
On August 14, 2026, San Francisco-based Homestead Capital closed the first tranche of its debut commingled agriculture private credit fund, pulling in a $150 million anchor commitment from the private credit team of a...
August 15, 2026
Whiskey Cask Tokenization: A Real Alternative Asset or Just a Digital Wrapper on Old Risks
Marrowbone Lane, an Irish whiskey producer, is piloting blockchain-based fractional cask ownership in the UAE starting around £100 per investor, a fraction of the £3,500 to £8,500 you'd normally pay...
August 14, 2026
Blacksmith's 10x Markup: What Rapid AI Valuation Jumps Actually Signal
Blacksmith, a startup that builds AI tools to test and validate software code, just raised a $45M Series B led by Peak XV Partners at a $550M valuation, according to TechCrunch . That is up from a...
August 14, 2026
Senate Hearing Pushes 403(b) Access to Collective Investment Trusts
On Aug. 6, 2026, the Senate Committee on Banking, Housing, and Urban Affairs heard testimony backing S.424, the Retirement Fairness for Charities and Educational Institutions Act, which would let...
August 14, 2026
Tokenized Pre-IPO Shares Go Mainstream Overseas: Why US Investors Should Pump the Brakes
Colb Asset SA just won Swiss regulatory approval to sell tokens tracking pre-IPO exposure to SpaceX, Anthropic, and Revolut, with its Anthropic-linked token (CANP) alone holding $865 million in...
August 14, 2026
SEC vs. Adit Ventures: A Pre-IPO SPV Fraud Case Study for Accredited Investors
On March 24, 2026, the SEC charged Adit Ventures Management, founder Eric Munson, and three affiliated general partners with defrauding pre-IPO fund investors across more than 60 special purpose...
August 14, 2026
Ares' $12.7 Billion Pathfinder III and the Rise of Asset-Based Finance
Ares Management closed its Pathfinder III fund at $12.7 billion in August 2026, the fastest fundraise in the firm's alternative credit history, according to Alternative Credit Investor . The fund's...
August 14, 2026
What a Low Proration Rate on a BDC Tender Offer Actually Means for Your Exit Timeline
In Q2 2026, Onex Direct Lending BDC Fund accepted just 7.38% of the 421,913 shares investors tendered for repurchase, paying June 30 NAV on a request window that closed August 7 and settled August...
August 14, 2026
SEC Approves FINRA Rule Changes Easing Capital Rules for Non-Traded REITs and DPPs
On July 24, 2026, the SEC approved FINRA rule amendments to Rule 5110 and Rule 5123 that make it easier for underwriter affiliates to put capital into non-traded REITs and direct participation...
August 14, 2026