Key Takeaways
- • Pursuit Fund Advisers launched the Pursuit Asset-Based Income Fund (GOFOX) on October 1, 2025 as a continuously offered, closed-end interval fund, upon reorganization of its private predecessor fund.
- • The predecessor fund delivered 13.58% net returns since its October 11, 2024 inception, as of September 30, 2025, per the company; the figures are unaudited.
- • The fund has deployed over $50 million across 95 asset-based deals originated by Percent, a private credit marketplace with over $2 billion in transaction volume.
- • GOFOX offers daily subscriptions, daily NAV and quarterly repurchase offers of 5% to 25% of outstanding shares, targeting collateral-backed niche credit such as specialty finance, trade finance, royalties and sports and media rights.
- • The launch is led by Founder and CIO Paul Ghaffari, former CIO of Vulcan Capital, and is supported by a joint venture with Percent, which will provide technology and servicing.
Summary
Pursuit Fund Advisers, LLC ("Pursuit Funds"), an asset manager focused on differentiated alternative investments, announced the launch of the Pursuit Asset-Based Income Fund (GOFOX), a continuously offered, closed-end interval fund. The fund commenced operations on October 1, 2025, simultaneous with the reorganization of its private predecessor, Pursuit Alternative Income Fund, LP, into the registered vehicle. According to the company, the predecessor's strategy, investment policies and restrictions were in all material respects equivalent to those of the fund, and the same adviser and portfolio managers remain in place.
Performance figures cited by the firm reflect the predecessor fund. As of September 30, 2025, the predecessor had delivered 13.58% net total returns since its October 11, 2024 inception, calculated on a cumulative monthly realized net income basis divided by contributed capital. The company notes these results are unaudited and that future results may differ. The predecessor was not registered under the Investment Company Act of 1940 and was therefore not subject to the Act's investment limitations and diversification requirements.
The fund targets high current income through asset-based investments in niche markets where capital is scarce due to complexity, capacity or cost. Stated exposures include specialty finance, capital relief, trade finance, real assets, royalties, sports and media rights, and other niche asset-based strategies. The fund is structured to offer daily subscriptions, daily NAV and periodic liquidity via quarterly repurchase offers of not less than 5% and not more than 25% of outstanding shares at per-class NAV. The company expects its initial repurchase offer in the third quarter following commencement. Shareholders have no right to require redemption, and the fund is non-diversified and may use leverage.
Pursuit Funds is led by Founder and Chief Investment Officer Paul Ghaffari, who previously served as CIO of Vulcan Capital, the family office of Microsoft co-founder Paul Allen, and co-founded FrontPoint Partners. Co-founders also include Seth Lowry, CFA, and Liz Marie. The launch follows a strategic joint venture with Percent, a New York-based fintech, FINRA-registered broker-dealer and SEC exempt reporting advisor. Under the arrangement, Percent serves as technology and servicing partner covering origination, documentation, servicing and portfolio data. To date, the fund has deployed over $50 million across 95 asset-based deals originated by Percent. Prath Reddy, President of Percent and a member of the fund's investment committee, described the partnership as enhancing Pursuit's competitive position in asset-based lending.
The company's materials carry substantial risk disclosures. The fund is new with no significant operating history, shares are illiquid and not exchange-listed, and investors may not be able to tender all shares requested during repurchase windows. Asset-based investments may be sensitive to interest rate changes, prepayments and collateral recovery uncertainty, and valuations of illiquid holdings involve subjective judgment.
Performance figures cited by the firm reflect the predecessor fund. As of September 30, 2025, the predecessor had delivered 13.58% net total returns since its October 11, 2024 inception, calculated on a cumulative monthly realized net income basis divided by contributed capital. The company notes these results are unaudited and that future results may differ. The predecessor was not registered under the Investment Company Act of 1940 and was therefore not subject to the Act's investment limitations and diversification requirements.
The fund targets high current income through asset-based investments in niche markets where capital is scarce due to complexity, capacity or cost. Stated exposures include specialty finance, capital relief, trade finance, real assets, royalties, sports and media rights, and other niche asset-based strategies. The fund is structured to offer daily subscriptions, daily NAV and periodic liquidity via quarterly repurchase offers of not less than 5% and not more than 25% of outstanding shares at per-class NAV. The company expects its initial repurchase offer in the third quarter following commencement. Shareholders have no right to require redemption, and the fund is non-diversified and may use leverage.
Pursuit Funds is led by Founder and Chief Investment Officer Paul Ghaffari, who previously served as CIO of Vulcan Capital, the family office of Microsoft co-founder Paul Allen, and co-founded FrontPoint Partners. Co-founders also include Seth Lowry, CFA, and Liz Marie. The launch follows a strategic joint venture with Percent, a New York-based fintech, FINRA-registered broker-dealer and SEC exempt reporting advisor. Under the arrangement, Percent serves as technology and servicing partner covering origination, documentation, servicing and portfolio data. To date, the fund has deployed over $50 million across 95 asset-based deals originated by Percent. Prath Reddy, President of Percent and a member of the fund's investment committee, described the partnership as enhancing Pursuit's competitive position in asset-based lending.
The company's materials carry substantial risk disclosures. The fund is new with no significant operating history, shares are illiquid and not exchange-listed, and investors may not be able to tender all shares requested during repurchase windows. Asset-based investments may be sensitive to interest rate changes, prepayments and collateral recovery uncertainty, and valuations of illiquid holdings involve subjective judgment.
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