CAZ Investments has officially launched the CAZ GP Stakes Fund, a registered interval fund structured to give a wider range of investors access to minority ownership stakes in private asset managers, a strategy commonly known as GP Stakes. The company said the vehicle is designed to combine private-markets exposure with features investors typically associate with registered products, including daily subscriptions, quarterly redemptions, 1099 tax reporting, and a management-fee-only structure with no performance fees.
The announcement was issued as a corrected release after the company said footnotes were inadvertently omitted in the original distribution and have now been added to the end of the release.
CAZ described itself as one of the world’s 120 largest private equity allocators with more than $11 billion in assets under management and a network of 8,700 investors spanning all 50 U.S. states and 41 countries. The firm said it expects the fund to become available through major custodians and platforms, including Schwab, Fidelity, CAIS, iCapital, and Pershing.
The new fund is launching as CAZ points to long-term growth expectations for private markets overall. The company cited estimates that global allocation to private markets totals roughly $15 trillion today and could expand to $60–$65 trillion by 2032, arguing that the largest beneficiaries of that expansion are likely to be top-performing managers that capture the bulk of new capital and gain from economies of scale.
CAZ positioned the fund as a way for wealth managers to offer GP Stakes exposure to clients regardless of accreditation status, emphasizing that the interval-fund structure provides limited liquidity through periodic repurchases rather than exchange listing. The release also outlines risks associated with the product, including limited operating history, the speculative nature of the investment, repurchase timing, potential return-of-capital distributions, and non-diversified portfolio concentration.
CAZ said it has pursued GP Stakes for years and has deployed more than $6 billion into the strategy, currently holding minority ownership positions in more than 100 private asset managers across private equity, private credit, and private real estate. The firm also described its broader platform as having partnered with investors through more than 100 private and registered funds across strategies, including GP Stakes, professional sports ownership, disruptive technology, energy, and real estate.
KEY QUOTES
“To our knowledge, this is the first time investors can participate in the growth and potential profitability of private asset managers with the simplicity and ease of a registered vehicle. The launch of the CAZ GP Stakes Fund is the latest milestone in our mission to provide access to these investments through our expanding network.”
Christopher Zook, Founder and Chief Investment Officer, CAZ Investments
