What is Fontris Alts?
An independent research and ratings service for perpetual alternative investment funds: the non-traded REITs, BDCs, interval funds, tender-offer funds, and operating companies that advisors are increasingly asked to put client money into. We track all 95 of them, fund by fund, and publish what the record actually shows. Fees. Performance. Whether investors who asked for their money back got it. Whether the distribution is earned or borrowed.
Who is it for?
Advisors doing diligence on a fund they've been pitched. Allocators comparing funds within a class. Researchers and journalists covering the space. And individual investors who want to see the record before they sign anything.
Where does the data come from?
The primary record. Every number on the site carries its citation, and the citation is specific: the document it came from, reachable from the number itself. Where a manager publishes figures the record doesn't yet cover, those appear with an explicit manager-source label, and only after we've checked them against overlapping disclosures. We never estimate and we never fill a blank with a guess. A value we can't source shows as “Not yet compiled.” That's it.
How does the leaderboard work?
Each fund is scored 0 to 10 on a set of components against disclosed peers in the same asset class: fees, performance, distribution quality, liquidity (including how the manager actually behaved under redemption pressure), and portfolio health for credit funds. The composite is a weighted summary, computed on a fixed, versioned rulebook, and it appears only when every scored component is present. We do not reweight partial coverage into a score that merely looks comparable. Hover any number for its plain-language evidence.
Why does a fund have no composite score?
Because at least one required component isn't scored yet. Usually the fund's own disclosures don't support it: a track record too short, a repurchase history too thin, or a peer group below our floor of eight disclosing funds. An unscored fund is not a bad fund. It's an insufficiently evidenced one, and we say which evidence is missing.
What do the red and yellow flags mean?
They are findings, not ratings. A red flag marks something that deserves attention today: redemptions prorated, a distribution cut, leverage moving hard against its cap. A yellow flag marks a standard interruption worth knowing about but not alarming on its own. Every flag links to the disclosure that triggered it, and flags age out as the record moves on.
Which share class do the numbers use?
Funds sell many share classes at different fee levels, and mixing them makes comparisons meaningless. For each fund we designate one canonical class, typically the institutional or broadest-offered class, and use it consistently for performance and fee figures. The fund page names the class in use, and where a figure comes from a different class or from the fund as a whole, it says so on the figure itself.
How current is the data?
The site moves with the disclosure calendar. When a fund reports, its pages and scores update within days, and every figure shows its as-of date.
Do managers pay to be covered or rated?
No. No fund, sponsor, or manager pays for coverage, placement, or scores, and none can. That independence is the point of the site.
What does a free account add?
The full leaderboard beyond the top of each class, a watchlist built from any funds you choose, and the in-depth liquidity, portfolio, and comparison tools. No card, no newsletter.
How should I use this research?
Fontris Alts reports and scores what the record shows. Rankings describe the stated metrics and comparison group; they are not buy lists or suitability assessments. The site does not assess your financial circumstances or recommend transactions for you. Funds covered here can lose money, restrict redemptions, and change their terms.
I found an error, or a fund you should cover.
Tell us: contact@fontrisalts.com. Corrections get handled against the source record, and we take them seriously.