Envestnet PMC Launches Research-Approved List of Interval Funds
Envestnet has released its first list of research-approved interval funds, extending the due diligence coverage performed by its manager research team, Envestnet PMC, to a new asset class alongside separately managed accounts, mutual funds, exchange-traded funds, and fund strategist portfolios.
Envestnet first made interval funds accessible through its unified managed account platform in March 2026, providing account administration, trading, rebalancing, and tax-management capabilities alongside that access. AltsWire has since reported on individual additions to that platform, including Forum Investment Group’s FORAX real estate income fund in April, and on an expanded integration with iCapital’s alternative-investment capabilities the same month. Today’s announcement adds a research and approval layer on top of that platform access.
“Interval funds are a relatively new investment vehicle wrapper, and advisers and investors placing money into these products for private markets exposure understandably need assurances that everything looks good, and that risks or concerns are addressed,” said Todd Rais, head of investment products and services at Envestnet.
Under the new coverage, Envestnet PMC applies the same structured due diligence process to interval funds that it already uses for other investment vehicles – evaluating manager quality, portfolio construction, liquidity constraints, valuation methodologies, expenses, and risk and return expectations before a fund qualifies for PMC research coverage. Access to the approved fund list is available to advisers at no additional cost.
“Private markets can offer attractive income and diversification benefits, but manager selection matters immensely. Unlike public markets, where performance differences between managers can be relatively narrow, private market returns can vary significantly from one manager to another,” Rais said. “We can provide value by helping advisers identify managers with a higher potential to outperform their peers while understanding the risks – empowering them to make more informed decisions.”
The company pointed to Cambridge Associates data showing that performance between top-quartile and bottom-quartile private equity managers can differ by approximately 12.9 percentage points – roughly nine times the 1.5 percentage-point dispersion the firm cited between top- and bottom-quartile public equity managers.
Envestnet said its due diligence process begins with an initial review of a manager’s track record and asset levels, followed by deeper analysis and ongoing monitoring that includes on-site visits, annual questionnaires, and periodic research notes, examining a manager’s fees, sourcing, valuation, deal flow, and other factors. A PMC research team then debates and votes on a final analysis report for each manager under review.
“It’s important you invest with the right manager if you’re going to invest in private markets, but most interval funds have short track records. Our deep-dive analysis examines the longer track records of managers and gives advisers the confidence to know what to expect in terms of liquidity restraints and risk/return expectations before they commit client dollars,” said Dana D’Auria, co-chief investment officer and group president of Envestnet Solutions. “We are making private markets easier to implement operationally, but just as importantly, easier to evaluate.”
Envestnet cited Cerulli data showing adviser allocations to less-than-fully-liquid private market strategies are expected to rise from roughly $1.9 trillion to $3.7 trillion by 2029, alongside separate data the company said shows more than 80% of companies with revenues exceeding $100 million are privately held. The company also characterized the interval fund market as having grown from roughly $75 billion in 2020 to approximately 160 funds representing more than $300 billion in assets today.
Envestnet is a wealth-management technology and services firm whose platform financial advisers, registered investment advisers, and broker-dealers use to build and manage client portfolios and access investment products. The firm has operated as a privately held company since Bain Capital completed its $4.5 billion acquisition of the firm; Envestnet says it is trusted by more than a third of financial advisers nationwide, backed by 25 years of experience and $7 trillion in platform assets.
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