OneAscent Builds an Interval Fund Around DLP Capital’s Attainable Housing Funds

DLP Capital will own no shares and hold no board seat, yet it is paying the launch costs and reimbursing the adviser for every dollar of fee it waives.

August 27, 2026

A Birmingham, Alabama adviser is assembling a registered vehicle whose entire investment thesis is access to somebody else’s private funds.

OneAscent Capital has registered DLP Access Fund, a continuously offered, non-diversified closed-end fund operating as an interval fund, that would invest substantially all of its assets in five private real estate vehicles sponsored by DLP Capital. The Delaware statutory trust was organized on August 7, 2026, and the prospectus carries a stated minimum initial investment of $5,000. The five underlying funds are offered privately at minimums running from $100,000 to $500,000.

That gap is the product. DLP Capital, founded in 2006 by chief executive Don Wenner, reports roughly $5.5 billion in assets under management as of the end of 2025, raised through private placements to accredited investors. A registered interval fund sold at net asset value through custodial platforms under a ticker symbol reaches a different buyer entirely: the advisor whose client cannot write a six-figure private-placement check, and whose compliance department prefers a 1940 Act wrapper.

The portfolio spans the housing capital stack

The underlying funds invest across what DLP Capital calls attainable housing, meaning rental housing priced for working households. Each targets a stated preferred return:

• DLP Lending Fund — first-lien construction and acquisition loans; 8% monthly; evergreen, 90 days notice to redeem.
• DLP Preferred Credit Fund — mezzanine and other subordinate financing, largely three- to 36-month terms; 9% monthly; evergreen, 90 days notice.
• DLP Housing Fund — equity in value-add, build-to-rent and existing multifamily in secondary and tertiary markets; 6% monthly; annual redemptions, notice by April 30.
• DLP Building Communities Fund — equity, preferred equity and senior and mezzanine debt for ground-up development; 9% monthly; finite term, no interim redemptions.
• DLP Living Fully Community Fund — manufactured housing and RV-zoned communities under land-lease structures; 10% compounded annually, beginning roughly three years after first closing; finite term, no interim redemptions.

Each figure is a stated priority in an underlying fund’s distribution waterfall as represented by DLP Capital, not a guarantee, and none is a return of the registered fund or net of its expenses. The adviser expects to hold about four of the five at launch and has set ceilings rather than targets, with a liquidity sleeve of 5% to 10% of assets.

Liquidity is the structural question

An interval fund promises quarterly repurchase offers of no less than 5% of outstanding shares at NAV, a fundamental policy under Rule 23c-3 that shareholders would have to vote to change. There is no repurchase fee and no sales load, and the prospectus states the board should not be expected to authorize offers above the 5% floor.

Underneath that promise sit assets that do not turn quickly, as the redemption terms above show. The prospectus discloses that underlying fund redemption terms may be amended, suspended, gated or satisfied in kind, and that the fund’s ability to meet its own repurchase offers therefore depends on the liquidity sleeve, the mix of underlying holdings and any borrowing capacity. The fund may borrow up to 33 1/3% of assets, including to fund repurchases, though the adviser does not expect to use leverage in year one. The underlying funds themselves use leverage without registered-fund constraints.

Pricing carries a related dependency. The fund strikes NAV daily, but values its underlying holdings on net asset values reported by the underlying funds or by DLP Capital, adjusted for intervening flows. Those values are determined by or at the direction of DLP Capital, are generally unaudited when reported, and are expected to sit in Level 3 of the fair value hierarchy. The adviser serves as valuation designee under Rule 2a-5 and may override a reported value, but the prospectus concedes it will not always be able to confirm those values independently.

The sponsor pays, without owning

The fee terms at the wrapper are light: a 0.50% management fee on average daily net assets, no incentive or performance compensation, and 0.25% in shareholder servicing expenses. An expense limitation agreement caps the management fee plus ordinary operating expenses at 1.99%, though the cap carves out shareholder servicing fees, acquired fund fees and expenses, interest and taxes. Shareholders bear a second layer at the underlying funds, including management fees and incentive allocations. Every percentage in the fee table, acquired fund fees among them, remains bracketed.

The arrangement funding that cap is the document’s most distinctive feature. DLP Capital will not own shares, will not advise the fund, will hold no board seat and will have no consent or consultation right over portfolio selection. It is nonetheless paying for the launch on two tracks:

• reimbursing the adviser for organizational and offering costs, with no right of recovery; and
• reimbursing the adviser for management fees waived and expenses absorbed under the cap, with the adviser refunding any amounts it later recoups from the fund.

The fund is not a party to that agreement. The prospectus states the resulting conflict plainly: the adviser picks the underlying funds and sets allocations, and is paid in part by the sponsor of those funds. DLP Capital has agreed its payments will not be tied to fund assets invested in the underlying funds or contingent on any asset level, which the disclosure says dissociates the payments from investment activity without eliminating the sponsor’s commercial interest in the fund raising capital.

The scale asymmetry sharpens the point. The adviser reports approximately $57.7 million in assets under management as of June 30, 2026. It will also supply the fund’s seed capital and be its sole shareholder, and therefore its control person, at the commencement of operations.

On the affiliation analysis, the filing concludes DLP Capital is not an affiliated person of the fund under Section 2(a)(3). It would become an affiliated person of an affiliated person if the fund acquired 5% or more of an underlying fund’s voting securities, which the fund may do; the adviser says it will monitor ownership and assess Rule 17a-6 or exemptive relief before crossing that line.

A values screen sits on top

OneAscent runs the portfolio through a values-based screen that excludes involvement in abortion, adult entertainment, gambling, tobacco, alcohol, cannabis, predatory lending and human rights violations, then affirmatively favors investments it believes serve underserved needs and provide affordable long-term shelter. The adviser positions the attainable housing focus as the expression of that philosophy. Holdings that fail the screen may be sold but need not be.

Still to be filled in

Ultimus Fund Distributors is principal underwriter, with Ultimus Fund Solutions as administrator, accounting agent and transfer agent and U.S. Bank as custodian. The fiscal year ends March 31. Left as placeholders:

• the ticker symbol and initial NAV per share;
• every line of the fee and expense table;
• the distribution frequency and the expense-cap expiration date;
• all officers of the trust other than president and portfolio manager John Siverling.