Despite their many benefits, interval funds were long underutilized by private fund managers. That was due to the vehicles not being well understood, as well as fund managers being intimidated by the requirements associated with operating funds registered under the Investment Company Act of 1940. Interval funds have become more popular with fund managers in recent years, however, as a way to broaden their fundraising opportunities, particularly as solutions have arisen to assuage previous concerns. To enhance fund managers’ understanding of interval funds, the Private Equity Law Report, Willkie Farr and Apex Group, Ltd recently hosted a panel covering all facets of the vehicles. The program was moderated by Rorie A. Norton, Editor‑in‑Chief of the Private Equity Law Report, and featured Apex Group, Ltd. vice presidents Robert H. Carbone, Jr. and Brandon Stultz, as well as Willkie Farr partners Elliot J. Gluck and Mark Proctor. This first article in a two-part series details the rising adoption of interval funds and key features of the vehicles relative to tender offer funds, as well as certain regulatory requirements fund managers need to navigate. The second article will highlight certain fundraising and logistical benefits conferred by interval funds, along with notable operational challenges to address with qualified service providers. For more from Proctor, see our two-part series on real estate GP investment funds: “Avoiding the Threat of Registration Under the Advisers Act” (Sep. 13, 2022); and “Key Management Fee, Carried Interest and Governance Terms” (Sep. 20, 2022).