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BlackRock has launched the BlackRock Municipal Credit Alpha Portfolio (MUNEX), an interval fund focusing on municipal securities with a 5.75% tax-exempt yield. The fund launches with approximately $565 million in managed assets, positioning it as one of the largest municipal interval funds.
The interval fund structure enables BlackRock's team to invest in specialized areas of the high yield market, including special situations, while maintaining larger positions in high-conviction investments compared to traditional high yield municipal funds. The fund benefits from BlackRock's extensive municipal bond investment expertise, supported by $182 billion in municipal bond investments and a team of 59 investment professionals.
