The $91 million Evanston Multi-Alpha Fund will be converted to an interval structure in the first half of 2027.
The ETF provider has hired Alessio de Longis to head its new Active Investments platform and Hyuk Soo Han to help lead its private equity secondaries efforts.
The interval fund joins a lineup of vehicles managed by Neuberger, StepStone, and Nuveen across private credit, multi-asset, real estate, and venture strategies.
Sun Life has committed $150 million in seed capital to the vehicle, which invests globally across infrastructure funds, secondaries, and co-investments.
The collaboration with LODAS Markets will first provide an additional liquidity pathway to investors of Harrison Street AM semi-liquid evergreen funds.
As of March, secondaries accounted for 48.2% of the tender offer fund's portfolio, according to EvergreenLink Data.
The Evanston Multi-Alpha Fund's shareholders also approved its future conversion from a tender offer fund to a daily-NAV interval fund, expected in the first half of 2027.
Neuberger Private Markets Access Fund, a $2.5 billion tender offer fund targeting small- and mid-cap companies, allocated 17% of its capital to GP-led secondaries as of June.
The vote follows the board's termination of Octagon and clears the condition for the fund's previously announced liquidity plan.
The sale-leaseback deal, completed through a JV with Fetner Properties, follows the fund's conversion from a tender offer to an interval structure, while still being taxed as a REIT.
