The adviser retains discretion over how much of the portfolio GCM Grosvenor manages, up to and including reducing that allocation to zero.

August 10, 2026

J.P. Morgan Asset Management is bringing a real assets interval fund to market, and it has hired an outside manager to help run it.

JPMorgan Real Assets Dedicated Fund registered its shares with the SEC on August 7, 2026, opening a continuous offering of three share classes in a Delaware statutory trust formed on April 22, 2026. J.P. Morgan Investment Management is the adviser. GCM Grosvenor, the Chicago-based alternatives manager, is the unaffiliated sub-adviser responsible for day-to-day management of a portion of the portfolio.

The adviser selects and monitors GCM Grosvenor, sets how much of the fund’s assets it manages, and can adjust that allocation based on its own evaluation of the sub-adviser or on market conditions, including reducing it to zero. GCM Grosvenor is paid by the adviser rather than by the fund, at a negotiated rate on the average daily net assets of the slice it manages, so the fee table shows no separate sub-advisory line.

A three-bucket definition of real assets

The fund seeks current income and long-term capital appreciation and will put at least 80% of net assets, plus borrowings for investment purposes, into what it defines as Real Asset Investments — a definition spanning infrastructure (transportation, digital infrastructure, energy and energy transition, essential services), real estate (residential, industrial and logistics, other commercial sectors), and other tangible or resource-based assets (agriculture, timberland, farmland). The 80% policy is non-fundamental and can be changed on 60 days’ notice.

Implementation runs through four channels:

• primary commitments to unaffiliated portfolio funds, SPVs, joint ventures, closed-end funds, and private and public REITs and BDCs;
• co-investments alongside those managers;
• secondaries, including LP- and GP-led deals, restructurings, and continuation vehicles;
• debt, preferred equity, and open-end funds and ETFs offering resource-based exposure.

Allocation among the four sits with the adviser and sub-adviser. Cash and short-dated Treasuries held against unfunded commitments count toward the 80% test.

Distribution and cost

Class S, Class A, and Class I shares price daily at net asset value. Class A carries a front-end load of 2.25% on purchases of $100,000 or less and 1.75% between that and $250,000; above $250,000 there is no upfront charge, but a 1.00% contingent deferred charge applies if shares are repurchased within 18 months. Class S carries no load, though intermediaries may charge their own placement fees or commissions up to a 3.50% cap on NAV. Class I carries neither.

The minimum for Class S and Class A is $25,000. Class I generally requires $1 million, but the threshold drops to $100,000 for registered investment advisers and other eligible fee-based accounts. Additional investments start at $100 for Class S and Class A and $2,500 for Class I.

The estimated expense table, built on an assumed $500 million in net assets, puts total annual expenses at 3.63% for Class S, 3.38% for Class A, and 2.88% for Class I. The components:

• a 1.00% advisory fee;
• other expenses of 1.06%, including the 0.25% shareholder servicing fee paid to J.P. Morgan Institutional Investments;
• distribution fees of 0.75% for Class S and 0.50% for Class A, none on Class I;
• acquired fund fees and expenses estimated at 0.82%.

That last figure reflects the operating costs of underlying portfolio funds, which the prospectus says generally charge management fees of 1.00% to 2.00% and carried interest of 10% to 20%. The estimate excludes that performance compensation.

An expense limitation agreement caps certain annual operating expenses at 0.81% of average daily net assets, but its exclusion list covers the advisory fee, distribution and servicing fees, acquired fund fees, borrowing costs, and research and due diligence expenses. The table shows no expense reimbursement, and totals after reimbursement match the totals before it. Separately, the adviser has agreed to waive its entire advisory compensation until the public offering begins, and to offset advisory fees earned on any investment in affiliated JPMorgan funds and ETFs. Waived amounts are recoverable for up to 36 months, subject to the cap.

Liquidity, distributions, and leverage

The fund has adopted a fundamental Rule 23c-3 policy to offer to repurchase between 5% and 25% of shares at NAV semi-annually. It expects to offer 5% in each window, subject to board approval, with at least 21 days’ notice before each repurchase request deadline. The adviser expects to recommend that the first offer come after the second semi-annual period following the later of the fund’s first acceptance of third-party capital or the registration statement’s effective date. A 2.00% early repurchase fee applies to shares held less than a year — waivable for model portfolios, wrap and asset allocation programs, and automatic rebalancing, and not applied to shares acquired through the dividend reinvestment plan.

Distributions are expected in one or more payments on an annual basis, in amounts representing substantially all investment company taxable income. The fund plans to elect regulated investment company treatment and will need to distribute at least 90% of that income. It sets no limit on funding distributions from offering proceeds, borrowings, asset sales, or adviser expense reimbursements, and flags that a portion may be a return of capital. Distributions are reinvested by default.

Borrowings are capped at roughly one-third of total net assets under the 1940 Act’s 300% asset coverage test. Preferred shares could take combined leverage to about 50%, though the fund says it has no current intention to issue them. It may establish credit lines to fund capital calls, meet repurchases, and bridge subscription timing.

Management and what is still blank

Tiffany Lewis, a managing director and global head of real asset solutions within J.P. Morgan’s Global Alternative Investment Solutions team, has primary responsibility for the fund, working with the Multi-Asset Private Markets Investment Team and its investment committee. The adviser’s Global Liquidity Team handles the liquid sleeve. As of March 2026, that team oversaw more than $170 billion in commitments across more than 430 funds, including $33 billion of real assets commitments across more than 80 funds. GCM Grosvenor reported roughly $91 billion in assets under management as of March 31, 2026, including about $18.9 billion in infrastructure across more than 260 investments, supported by 23 infrastructure professionals.

The board has four trustees, three of them independent: Glenn Hill, who also serves as chief executive and president; Donald Gignac; Stacey Hadash; and Karen Dunn Kelley. Timothy Clemens is chief financial officer. J.P. Morgan Investment Management is also the administrator, JPMorgan Chase Bank the custodian, and J.P. Morgan Institutional Investments the distributor and shareholder servicing agent.

Several items remain unfilled. There are no financial highlights, since the fund has not commenced operations, and the expense figures carry brackets marking them as estimates. The prospectus date, SAI date, and Securities Act file number are placeholders. Shares go only to U.S. persons for tax purposes, are not listed, and carry substantial transfer restrictions.

The number to watch is the fee stack. Class I is estimated at 2.88% all-in before any carried interest charged at the portfolio fund level, and the 0.81% cap excludes enough of the load that it does not pull that figure down. The firm’s earlier registered private-markets vehicle, which topped $1.6 billion in net assets with an 11.9% Class I return, offers the nearest in-house benchmark for how this one may be priced and received.