Redemption results were uneven across non-traded REITs this week. Cantor Fitzgerald Income Trust honored just 27% of its September redemption requests, while Ares Industrial Real Estate Income Trust and Invesco Real Estate Income Trust both fulfilled all Q3 requests. On the Private Equity side, ARK Venture Fund’s annual report shows it honored all four quarterly repurchase offers in full, though requests climbed from 1.50% of shares to 4.23% in the most recent quarter. On the financing side, Bain Capital Private Credit issued $350 million of 7.6% notes due 2031, alongside light redemption demand and continued inflows. BC Partners Lending Corporation completed its acquisition of Alternative Credit Income Fund. Together with Manulife Private Credit Fund’s recent merger into John Hancock Comvest Private Income Fund, the deal suggests more consolidation among private credit vehicles may be ahead.

Weekly Liquidity Roundup

Cantor Fitzgerald Income Trust Fulfills 27% of September Redemption Requests

Cantor Fitzgerald Income Trust reported in a prospectus supplement that on September 30, 2026 the fund repurchased ~$2.2 million in shares, honoring 27.0% of redemption requests for the month. Cumulatively, the Trust has redeemed ~$127.1 million in its current offering, compared to ~$26.3 million in subscriptions and ~$13.4 million in distribution reinvestment. These flows translate to negative ~$87 million in net flows.

Ares Industrial Real Estate Income Trust Reports $408 Million in Gross Proceeds

Ares Industrial Real Estate Income Trust (AIREIT) reported that redemption requests for July, August and September totaled $76 million and all were redeemed in full. Over the third quarter it raised ~$408 million in gross proceeds, including distribution reinvestment and sales of Delaware Statutory Trust (DST) interests ($64 million of which were financed by DST Program Loans).

Invesco Real Estate Income Trust Fulfills All Q3 Repurchase Requests

Invesco Real Estate Income Trust (INREIT) reported that during the third quarter they raised $101.1 million in gross proceeds across its registered and private offerings, including Delaware Statutory Trust (DST) sales and distribution reinvestment. Repurchase requests for the third quarter totaled $13.8 million, and all were fulfilled. This update follows the adviser-funded investor incentive program announced in early September, which offers new subscribers bonus shares. 

Bain Capital Private Credit Issues $350 Million of 7.6% Notes 

Bain Capital Private Credit fund closed a private placement of $350 million of 7.6% unsecured notes due in 2031. Proceeds are expected to go toward general corporate purposes and/or repaying indebtedness, including under its revolving credit facilities. The Company simultaneously entered a $350 million interest rate swap, under which it receives the fixed 7.60% and pays 3-month compounded SOFR plus 2.8515%, matching its funding cost to a largely floating-rate loan portfolio. Earlier this year the Company upsized its Goldman Sachs credit facility by $50 million through an accordion, to $250 million, priced at SOFR plus 2.00%. The financing moves come alongside light redemption demand and continued inflows.

ARK Venture Fund Reports Repurchase Demand Rises Toward the 5% Cap

ARK Venture Fund’s most recent N-CSR for the year ended July 31, 2026 shows its interval-fund repurchase offers, each for up to 5% of shares, were fully honored in all four quarters, though demand rose over the year, starting at 1.50% and most recently 4.23% of shares. For the year, the Fund reported net inflows of $724.1 million. 

BC Partners Lending Corporation Completes Acquisition of Alternative Credit Income Fund

BC Partners Lending Corporation (BCPL) completed its acquisition of Alternative Credit Income Fund (ACIF). Both funds are advised by BC Partners, so this combines two funds within the BC Partners family. BCPL’s also amended its Deutsche Bank revolving credit facility, raising the commitment from $125M to $200M, extending maturity to September 2031, and raising the accordion up to $400M. 

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Recent Redemption Results

  • KKR FS Income Trust | $25.2M tendered, $25.2M repurchased (1.51% of NAV vs 5% cap)
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