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(Bloomberg) -- Blackstone Inc. has won approval from the US Securities and Exchange Commission to launch its newest private credit fund, one of the latest efforts to give individuals access to assets that are mostly backed by institutions.

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The Blackstone Private Multi-Asset Credit and Income Fund, or BMACX, should be available for purchase in the second quarter of 2025, according to a press release. It is an interval fund, which only lets investors cash out after set periods. BMACX will be ticker traded — a rarity in private credit — allowing investors to take advantage of repurchase offers on a quarterly basis.

The fund will offer exposure to areas such as real estate, direct lending and asset-backed loans, and plans to invest at least 80% of assets in private credit. Each of BMACX’s four share classes will have an initial offer price of $15 apiece.

“This multi-asset approach creates a core portfolio building block to tap into the expanding private credit markets, which we believe can offer enhanced yield with less volatility than traditional fixed income,” Gilles Dellaert, global head of Blackstone Credit & Insurance, said in a press release.

Other asset managers have struggled to securitize privately held assets. The SEC recently expressed concerns over a much-anticipated private credit exchange-traded fund from Wall Street giants State Street Corp. and Apollo Global Management Inc., particularly over its name, liquidity and ability to comply with valuation rules.

Unlike interval funds, which offer quarterly withdrawals, ETFs trade like stocks, requiring intraday liquidity. Also, ETFs don’t usually require a minimum investment.

Private credit lenders have upped their efforts to reach retail investors as the market continues to grow and fundraising competition heats up. Retail investors have been piling in to the market mainly through interval funds, which have ballooned to oversee $85 billion of assets, up from about $25 billion four years ago. A record 43 new interval funds were registered in 2024.

(Adds context on how interval funds differ from exchange-traded funds)

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