First Auction for Interval Fund Shares Completed Successfully

MISSION, Kan., Oct. 2, 2026 /CourierPR/ -- Nasdaq Fund Secondaries, together with LODAS Markets and Harrison Street Private Wealth, completed the first interval fund auction for Harrison Street Real Estate Fund (VCMIX) shares, marking a significant milestone in the alternative investment landscape. The auction, which concluded on September 23rd, saw 91% of the shares offered sold to secondary buyers, demonstrating strong market interest and liquidity.

The auction process was designed to complement the existing interval fund structure, providing investors with an additional, market-driven option to manage their liquidity needs. According to the release, nearly 99% of shares with an asking price at or below the clearing price were sold at the seller's asking price or better. Additionally, 41% of the shares sold received a better price than requested, with sellers initially offering to sell at a 20% discount to net asset value (NAV) and ultimately selling at a 15% discount.

Harrison Street Real Estate Fund (VCMIX) is part of a broader market trend, with semi-liquid fund net assets approaching $600 billion at the end of March 2026, up more than 120% from the end of 2022, according to Morningstar's "The State of Semi-Liquid Funds 2026" report (June 16, 2026). This growth is driven by advisor and investor demand for private credit, real estate, and other private market strategies.

The collaboration between NFS, Harrison Street, and LODAS Markets, first announced on August 24, 2026, was designed to address the gap in liquidity options for investors and financial advisors. The auction process, conducted through NFS and the Alternative Trading System (ATS) operated by its affiliate, NFSTX, LLC, allowed sellers and buyers to choose from a set of preset discounts to NAV. All trades executed at a single clearing price, ensuring transparency and fairness for all participants.

The auction is the first completed under NPM's ownership of NFS, which acquired NFS from Nasdaq in September 2026. The collaboration aims to create a scalable foundation for alternative liquidity options across a broad range of interval funds and other semi-liquid investment vehicles. A second auction, for Harrison Street Real Assets Fund (VCRRX), is expected to launch on October 2, 2026, further expanding the reach and utility of this innovative approach to liquidity management in the alternative investment space.