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As financial advisors become more comfortable with private-market allocations, much of the attention has focused on interval funds, tender offer funds, non-traded business development companies and non-traded REITs, but another corner of the evergreen fund market is gaining traction. These specialty structure vehicles, including 3(c)(7) funds and operating companies, raise money from both the institutional and private wealth channels, offering the potential for higher returns and better protection for stakeholders than evergreen funds aimed exclusively at individual investors. However, they come with high barriers to entry and fewer liquidity mechanisms.
In the second quarter of 2026, there were 26 funds in the specialty structure category in the market, according to XA Investments, a Chicago-based consulting firm that tracks interval and tender-offer funds. The figure represented 13% growth over just one quarter. Some newly registered funds in 2026 included HarbourVest Private Equity Secondaries Fund LP, structured as a 3(c)(7) vehicle, HPS Real Assets Lending Company LP, structured as an operating company and focusing on credit, and Fidelity Core Real Estate Fund, another operating company focusing on real estate.