Spotlight: Pursuit Funds and Its Niche Asset-Based Lending Interval Fund
The Greenwich, Connecticut manager finances pools of contractual payments, from athlete contracts to franchise royalties, in markets it describes as too small or specialized for banks and large credit funds.
September 24, 2026
Pursuit Fund Advisers, LLC, which operates as Pursuit Funds, is a Greenwich, Connecticut asset manager that lends against contractual cash flows and hard assets in parts of private credit the firm says banks and large managers pass over because of complexity, capacity, or cost. Its main vehicle is the Pursuit Asset-Based Income Fund (GOFOX), a 1940 Act interval fund that took over the portfolio of a private predecessor fund in October 2025.
The credit box
Pursuit publishes the parameters it lends within: terms of 3 to 36 months, primarily self-amortizing structures, structural seniority, and repayment that does not depend on capital markets access or refinancing. Its list of sample collateral, which the firm labels illustrative, includes player contract payments owed to professional athletes, franchise royalties, insurance and patient receivables from medical procedures, music and film royalties, carrier lease payments on cell towers, billboard advertising leases, marina slip rentals, and college tuition receivables.
As of August 31, 2026, the fund’s five largest holdings were a financier of manufactured-goods trade receivables, a secured lender to professional athletes, a UK-based litigation finance funder, an alternative small-business lender, and an e-commerce inventory lender. The fund reports that all of its investments are asset-based, secured, and cash-flowing, that more than half of the portfolio fully self-amortizes, and that it holds no direct real estate, corporate loans, venture debt, or litigation finance carrying case risk.
Lending to lenders
A June 2026 article on Pursuit’s site sets out how the firm approaches collateral. In many deals Pursuit lends to originators that hold the underlying loans and leases, through a credit facility or a bilateral structure. It underwrites the cash flows of a collateral pool placed in a bankruptcy-remote special purpose vehicle rather than the corporate credit of the borrower. Using aircraft as an example, the firm treats the lease payments as the primary collateral and the plane as the backstop. Positions are carried at amortized cost in normal conditions and moved to models tracking the underlying contracts if a position becomes distressed.
Seth Lowry, the firm’s deputy CIO, has argued in Pursuit’s commentary that capital concentrating in the largest private credit managers compresses returns and erodes covenant protection, and that smaller asset-based niches sit outside that crowding.
GOFOX terms and access
The predecessor, Pursuit Alternative Income Fund LP, launched October 11, 2024, and reorganized into the interval fund, which commenced operations October 1, 2025. The listed share class is institutional with a $1 million firm-level minimum. NAV is struck and subscriptions accepted daily, distributions are paid quarterly and reported on Form 1099-DIV, and repurchase offers run quarterly for no less than 5 percent of shares outstanding. Pursuit reports fund assets of $47 million and $145 million deployed since inception, including refinancings, both as of August 31, 2026. According to the firm, its founding team has invested $4 million of its own capital in the fund.
Advisors can buy GOFOX by ticker on custodial platforms that carry it, request it on Fidelity and Schwab through Pursuit, or invest directly by application. Distribution Services, LLC, which is unaffiliated with Pursuit, is the distributor. Percent, a private credit distribution and infrastructure platform, is a strategic partner, and its president, Prath Reddy, sits on the fund’s investment committee. Pursuit also offers the strategy through SMAs and custom portfolios, through tokenized on-chain structures, and as a structuring service for advisors and managers building feeder or proprietary vehicles or adding an asset-based sleeve to an existing mandate.
In October 2025 Pursuit, the fund, and an affiliate, Pursuit Investment Partners LLC, applied to the SEC for an order permitting co-investment among affiliated funds. The Commission published notice of the amended application in February 2026.
The team
Founder, chairman, and CIO Paul Ghaffari was chief investment officer of Vulcan Capital, the Seattle family office of Microsoft co-founder Paul Allen, from 2010 to 2014, where he ran a 30-person team across a multi-billion-dollar portfolio. He was earlier a founding partner of FrontPoint Partners, a multi-strategy hedge fund firm formed in 2000 and sold to Morgan Stanley in 2006 for $450 million, and before that a portfolio manager at Soros Fund Management. Most recently he was a founding partner and co-CIO of Wingspan Capital. Lowry and Liz Marie, CAIA, the chief operating officer, are Pursuit’s other co-founders. CFO Adam Stern and chief of risk James Monigan, CFA, complete the leadership group.
The June article also describes a deal Pursuit had in diligence at the time: financing a mobile game developer’s advertising invoices after the game’s revenue has already come in. Because the lender pays for spend that has already produced results, the firm treats the structure, including the first-loss cushion and overcollateralization, as the point of protection.
