> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/learn/flows/interval-funds.md).

# Interval Funds

**PROBLEM**

Reduced liquidity, valuation uncertainty, leverage, and concentration
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can heighten volatility and delay exits; investors may receive less than
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their full tender request during oversubscribed intervals.

**Non-Listed Interval Fund Risk:** Interval funds have the feature of being purchased and sold
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at NAV, however in most cases the purchase can be daily and the redemption is often
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quarterly. Many funds allow 5% of their assets each quarter to be tendered, but this level and
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schedule can be fund specific. If many investors want out of a fund in the same quarter, it can
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take a long time to fully redeem. Most custodians also charge a small fee each time a purchase
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or sale is submitted for an Interval Fund. The primary reason for this fund feature is the
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holdings tend to be 70%+ private equity, debt or level 3 assets