RiverNorth Short Prime Unicorn Fund 2028, Inc

RiverNorth Short Prime Unicorn Fund 2028, Inc

RiverNorth Short Prime Unicorn Fund 2028 launched in February 2023, founded by Patrick Galley and John S. Oakes, who previously managed RiverNorth's flagship opportunistic credit strategies. The fund is structured as a non-diversified, closed-end interval fund regulated under the Investment Company Act of 1940. The strategy targets private credit investments in unicorn-stage companies—private firms with valuations over $1B—primarily through senior secured, floating-rate loans with typical maturities under 18 months. Monroe Capital LLC serves as subadviser, sourcing and managing the loan book. As of 2024, the fund had allocated capital to companies in the fintech, enterprise SaaS, and health-tech sectors, with reported holdings including loans to Stripe and SpaceX (per SEC filings, 2024). Investment geography is concentrated in North America, with some exposure to European tech firms. The fund had raised approximately $100 million by mid-2024 through public offerings and direct placements (per SEC filings). RiverNorth Financial Services, the parent firm, runs roughly $4.3 billion in total assets across multiple interval funds and credit strategies. The firm maintains a single office in Chicago. The fund's structure as an interval fund allows quarterly redemptions at net asset value, a liquidity feature distinct from traditional private credit vehicles, which often lock capital for 7–10 years. This structure appeals to retail and institutional investors seeking private credit exposure with greater liquidity than commingled funds.