Nasdaq, LODAS and Harrison Street Build an Auction Route Out of Interval Funds
Harrison Street would be the first manager to authorize transfers of fund interests, though no fund, auction date, or launch timetable has been set.
August 26, 2026
Interval fund shareholders may soon have somewhere to go between quarterly repurchase windows.
Nasdaq Fund Secondaries, LODAS Markets, and Harrison Street Asset Management said Monday they are jointly developing a managed transaction environment that would run periodic auctions in interval fund interests — a venue aimed squarely at the gap between when an investor needs cash and when a fund’s calendar allows it.
The gap the venue targets
The structural problem is familiar to anyone allocating to the category. Scheduled repurchase offers are the designed exit, capped in size and fixed to a quarterly cadence, and demand at those windows can exceed what a fund has offered to buy. Between them, advisors have had almost nothing to work with.
How it would work
The three firms would each take a distinct role:
- Nasdaq Fund Secondaries would conduct the auctions, running them through the alternative trading system operated by its affiliate, NFSTX LLC.
- LODAS Markets would act as broker, supplying trading, clearing and settlement technology along with access to its investor network.
- Harrison Street, through an affiliated investment advisor, would be the first manager to authorize transfers of interval fund interests in an auction on the venue.
That last piece is load-bearing. A periodic auction only functions where a fund’s manager permits interests to change hands, which is why a genuine secondary channel for semi-liquid registered funds has been slow to arrive despite years of advisor demand.
Still conditional
Much about the plan remains unsettled. The firms described a collaboration in development and subject to regulatory requirements, and the announcement frames each participant’s role as contingent on an auction actually being conducted. No fund was identified, no first auction date was given, and no timetable was attached.
The parties
Harrison Street is the investment management division of Colliers and, following a mid-2025 rebranding, the banner over the former Versus Capital platform. It reported $109 billion under management across real estate, infrastructure and credit strategies, a figure aggregated across the investment advisors it owns in whole or in part. Its registered-fund and advisor-channel business runs through Harrison Street Private Wealth, the Denver-based arm formerly known as Versus Capital Advisors, where Bill Fuhs, who spoke for the firm on the announcement, is a partner. Neither the affiliated advisor nor the fund whose interests would trade was named.
For LODAS, the arrangement extends its reach from investor-driven resales into manager-sanctioned auctions. The Overland Park firm operates an SEC-registered secondary marketplace and a transfer agent platform, and raised capital last year to scale that business.
The three describe the framework as a scalable foundation that could extend to other interval funds and semi-liquid vehicles. That is the larger prize. Advisor capital has moved into evergreen structures faster than any exit mechanism has developed to serve it, and a functioning auction market would give advisors a liquidity answer they currently cannot offer.
