This week highlights recent capital-raising and shareholder activity. FlowStone Opportunity Fund reported an oversubscribed fiscal Q1 2026 tender, while KKR FS Income Trust fulfilled all redemption requests in its latest tender offer following an oversubscribed Q1 2026 tender offering. J.P. Morgan Real Estate Income Trust provided a capital deployment update, completing four transactions totaling approximately $227M as the early-stage non-traded REIT builds out its portfolio. 1WS Credit Income Fund reported positive net flows for the semi-annual period, with new subscriptions meaningfully outpacing redemptions and net assets growing from $783M to $855M.

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Weekly Liquidity Roundup 

FlowStone Opportunity Fund Q1 2026 Tender Offer Oversubscribed FlowStone Opportunity Fund (which is a private equity secondaries strategy) reported that its March 2026 tender offer was oversubscribed by 1.2%, with $53.63 million in requests against a $52.99 million cap. The cap represented 7% of shares outstanding, above the standard 5%. The fund repurchased $27.49 million in Class D, Class I, and Class M shares, fulfilling requests at a 51.3% pro rata rate after closing on March 31, 2026. 

KKR FS Income Trust Meets Q2 2026 Redemptions After Oversubscribed Q1 Offer KKR FS Income Trust honored all redemption requests submitted during its latest offer, which closed on June 29, 2026. The fund repurchased $27.21 million in shares, representing 1.65% of its $1.65 billion net asset value, against an offer cap of 5.00%. In the prior quarter, the fund accepted 2,591,829 shares on a pro rata basis at approximately 80% fulfillment at $29.25 NAV per share as of March 31, 2026, for a total payout of approximately $75.7M, representing 5% of shares outstanding as of December 31, 2025. The 80% fulfillment rate was notably high relative to peers that have been experiencing similar redemption stress.

J.P. Morgan Real Estate Income Trust Actively Deploying Capital J.P. Morgan Real Estate Income Trust provided an update that highlighted recent portfolio transactions in June and July for the $1.12B non-traded REIT. The fund has been actively deploying capital in the second quarter, completing four transactions: a $61M seven-building office portfolio in Wakefield, MA (June 25); a $60M mortgage loan on a Dallas shopping center (July 1); a $41.5M retail center in Southlake, TX (July 2); and a $65M industrial facility in Deerfield Beach, FL (July 7).

1WS Credit Income Fund Reports Semi-Annual Results 1WS Credit Income Fund reported positive net flows as the fund raised approximately $159M in new subscriptions while shareholders redeemed $93M, resulting in net asset growth from $783M to $855M. The fund also maintains a substantial liquidity buffer of approximately 18% of net assets in money market funds and T-bills ($152M combined). Also of note - the management fee was voluntarily reduced from 1.50% to 1.25% of gross assets effective March 1, 2026 — consistent with the broader fee waiver pattern we have observed across interval funds. 

Open Redemption Windows

Recent Redemption Results

  • KKR FS Income Trust | Q2 | $27.2M tendered, 100% repurchased (~2% of shares outstanding vs 5% cap)

Liquidity Roundup is a 5-minute briefing created by Sekond and designed to keep you current on liquidity events across evergreen funds. For full details on deadlines, caps, and more, sign into your Sekond account.