Interval fund

Hybrid between open-end mutual fund and CEF. Allows redemptions only on quarterly or semi-annual "intervals" — typically up to 5% of NAV per period. Lets the fund hold less-liquid assets (private credit, real estate, infrastructure) while still offering some redemption ability.

Booming as the bridge into private markets for retail. Examples: Cliffwater, KKR Strategic Income, Blackstone Private Credit ETF.