DLP Access Fund (DLPAX): $5,000 Interval Fund, Fees Still Blank

What this fund is, and what it is not

DLP Capital, the St. Augustine, Florida sponsor, runs the five private real estate funds this filing names. Its fact sheets for two of them, the Housing and Lending funds, say “Accredited investors only” with a $500,000 minimum. DLP Access Fund is a way to hold all five for $5,000. It is a Delaware statutory trust, organized on August 7, 2026, and is described as “a continuously offered, non-diversified, closed-end management investment company that operates as an interval fund”. The adviser is OneAscent Capital LLC of Birmingham, Alabama, not DLP. The filing says DLP Capital “did not organize the Fund and is not a promoter of the Fund”, will own no shares, and holds no office with it.

Three things to keep straight:

• It is proposed. The N-2/A says the securities may not be sold until the registration statement is effective, and the share price, fee table and several dates are still blank. Everything below is what the draft says, not what an investor can buy today.
• It is not a DLP fund with a new wrapper. The adviser picks how much goes into each of five DLP funds, and DLP Capital controls what those funds report, charge and allow you to withdraw.
• It is not the older “DLP Access Fund” entities. Earlier Form D filers carry similar names; our DLP Capital review lists them and explains why they are not part of the DLP family. This page is about the registered trust with CIK 2152022.

For the sponsor's record (the Form D totals for its funds, the adviser registration that ended in 2019, DLP Bank), read our DLP Capital review. For the lawsuits, state orders and public allegations about DLP and a review of its Housing Fund, read our DLP Housing Fund review. Neither is repeated here.

What changed between August 26 and October 28

The first N-2 was thin: 102 placeholders in the text, including the ticker, the minimum and the starting NAV. The October amendment fills much of that in, and several changes matter to a buyer.

The cap is the change a buyer feels. The lower number means the adviser would absorb more of the Fund's own costs for the first year, and the filing says DLP Capital reimburses the adviser for that. It also means the draft is still moving: the Fund's own fee table, the line a buyer would read first, has not been completed.

What it costs: two layers, one of them blank

The prospectus says holders “will bear two layers of fees and expenses”: the Fund's, and the asset-based fees, incentive allocations and expenses of the five private funds.

Adding the two filled-in layers gives 0.75%, or $75 a year on $10,000 (our arithmetic). The cap adds a ceiling of about 1.74% for the Fund's own costs excluding the five funds' fees, $174 on $10,000 (1.49% plus the 0.25% servicing that sits outside the cap; our arithmetic), for at least one year. The adviser can later be repaid for what it waived within three years, if the Board approves, so the waiver can be recovered by the adviser.

The missing line is the one that would show the cost of DLP's funds. The filing does not say what the Fund would pay them. DLP's own fact sheets for direct investors list, for the Housing Fund, an asset management fee of 2.00% a year (with rebates of 0.50% at $1M+, 1.00% at $10M+ and 1.25% at $25M+) and a performance fee of “20% of total distributions”, and for the Lending Fund 2.0% and 20% of total distributions. The Housing sheet is titled for the first quarter of 2026 and the Lending sheet for June 2026. Whether the Access Fund would pay those rates, lower ones or something else is exactly what the blank acquired-fund-fees line has to answer. An illustration with an explicit assumption: if $10,000 sat in the Housing Fund at the sheet's 2.00% rate, the management fee alone would be $200 a year, before the 20% performance fee (our arithmetic; the N-2/A does not say the Fund pays this rate).

The five funds it would hold

All five are sponsored by DLP Capital, and the filing says none is registered under the 1940 Act, so the Fund “will not have the benefit of the protections” of that law with respect to them. The “preferred return” column is a distribution priority as represented by DLP Capital, not what the Access Fund would earn.

The adviser also expects a cash and short-term sleeve of 5% to 10%. The five “up to” weights add to 115% (our arithmetic), so they are ceilings, not a recipe; the filing expects the first proceeds to go into about four of the funds, with none above 25% of total assets. The filing also discusses a tax limit for regulated investment companies, no more than 25% of total assets in one issuer, and says allocations will be constrained by it. “Attainable housing” is DLP's term for rental housing with rents below 30% of the area median income; the filing says that definition is DLP's and not an investment policy of the Fund.

The direct-investor minimums in these funds are given as “$100,000 to $500,000”. A $5,000 minimum is 1% to 5% of that range (our arithmetic). What the Access Fund buys is the same exposure with the sponsor's structure around it, plus the Fund's own layer of fees and a different exit.

Getting out: a 5% door in front of slow rooms

Liquidity is the part of the draft that most needs reading twice. The Fund's offers are quarterly, at NAV, for “no less than 5% and no more than 25%” of outstanding shares. The 5% floor is a fundamental policy, but the prospectus tells investors not to “rely on repurchase offers being made in amounts in excess of 5%”. If holders tender more than the offer, the Fund may buy up to 2% more and otherwise prorates. Holders of 100 shares or fewer who tender all may be filled first; at the $10.00 starting NAV that is $1,000, below the $5,000 minimum (our arithmetic), so the rule would help only after losses or partial sales.

The timing, from the filing: notice goes out 21 to 42 days (typically 30) before the request deadline; the repurchase is priced at NAV up to 14 days after the deadline; payment follows within seven days. That is about 51 days from notice to cash with a 30-day notice and up to 63 days at the longest (our arithmetic), and holders carry the risk that NAV falls between tendering and pricing.

Now set that against what the Fund holds:

For a hypothetical fund with $10 million of assets (our arithmetic, for scale only; the Fund has no assets yet): a 5% offer is $500,000, which is exactly a 5% cash sleeve and half of a 10% one; a 25% offer would be $2.5 million, 2.5 times the largest sleeve. The filing is direct about it: “the Fund’s ability to fund its quarterly repurchase offers depends significantly on its liquidity sleeve, its allocation among Underlying Funds, and any borrowing capacity.” Borrowing is allowed up to 33 1/3% of total assets, but the adviser does not expect any in the first year, and unused credit lines do not count toward the liquidity the Fund must hold. The five funds' own terms allow DLP to “suspend, gate, delay, or satisfy in-kind redemption requests”.

None of this says the Fund would fail to meet an offer. It says the first test is a quarter in which holders ask for more than the cash on hand. Compare with how other real estate interval funds have handled their windows in our list of interval funds and our NAV REIT versus interval fund comparison.

Who sets the NAV

Every share is bought and sold at NAV, and for this Fund NAV depends mostly on prices that DLP produces. The filing explains that the adviser, as the Board's valuation designee, will usually value each fund at “the most recent net asset value or interest valuation reported by the applicable Underlying Fund or DLP Capital”, adjusted for cash flows since that date. It adds that the funds' valuations are “generally unaudited when reported” and that the adviser “will not always be able to confirm independently” them. DLP Capital, in the filing's words, “determines, or controls the determination of, the valuations, distribution policies, and redemption terms of the Underlying Funds”.

The incentives are spelled out too. DLP Capital reimburses the adviser for the expense cap and offering costs under an agreement the Fund is not party to, and the filing says the adviser “is therefore reimbursed by the sponsor of the vehicles it selects for the Fund”, which it calls a conflict of interest. The filing adds that DLP Capital has no vote over the Fund's strategy and that the payments do not depend on how much the Fund invests in DLP's funds. Both are statements by the adviser and the sponsor, not findings.

The adviser's size

OneAscent Capital reports about $57.7 million under management at June 30, 2026 in the prospectus. Its Form ADV annual amendment of March 19, 2026 shows $55,629,669 of regulatory assets, all discretionary, in 3 accounts: one investment company ($31,529,669) and two pooled vehicles ($24,100,000). DLP Housing Fund LLC alone reports $717,502,822 sold to 1,871 investors on its April 6, 2026 Form D/A, which makes the adviser's whole book 7.8% of that one fund's cumulative sales (our arithmetic; a Form D total is cumulative sales, not current assets). DLP Capital describes itself, in the same filing, as having “approximately $5.5 billion” of assets under management at December 31, 2025. The point is not that a small adviser is a weak one. It is that the party choosing among DLP's funds, valuing the Fund's holdings and deciding on repurchase sizes has so far managed a small fraction of what it would be allocating to.

What the draft does not say

• No track record to read. The prospectus says the Fund has “no history of operations” and gives no performance table for the five funds, only their stated preferred returns, which it calls “not the returns of the Fund”.
• No legal-history section. The words “lawsuit”, “consent order” and “legal proceedings” do not appear anywhere in the N-2/A text we saved (our search). The dockets and state orders involving DLP entities are collected in our DLP Housing Fund review. A buyer who reads only the prospectus would not find them there.
• No fund-level numbers for the five funds. Their financial statements “will not be made available to shareholders”. The Fund's fiscal year ends March 31.
• No cost for the five funds' fees, as above.

What a reader can do with this

• If you cannot invest in DLP directly: this is the route the draft creates, so the question is whether the final terms differ from the draft. Wait for the effective prospectus and read its fee table first: the acquired fund fees line and the total after waiver.
• If you already hold a DLP fund directly: the Access Fund does not change your own exit, which is set by that fund's terms (annual for the Housing Fund, 90 days' notice for Lending and Preferred Credit). Our DLP Capital review lists them.
• What to check when the fund goes effective: the total annual expense line, the first allocation across the five funds (the Fund's first Form N-PORT), the first quarterly repurchase notice (Form N-23C-3) and how large the offer is against the sleeve, and the first annual report for the year to March 31.
• If you are comparing wrappers: the same questions apply to any interval fund, namely what you can sell, how often, at what price and at what cost. Our list of interval funds and our page on real estate interval funds set out others; our page on non-accredited real estate options covers platforms.
• Taxes, as drafted: the Fund would report distributions to holders on Form 1099, and says that “a return of capital is not taxable to a shareholder unless it exceeds a shareholder’s tax basis”. It also says it may pay distributions “in significant part from sources that may not be available in the future”, including offering proceeds. Ask a tax professional about your own case.

FAQ

All figures are from documents read on October 31, 2026: DLP Access Fund's Form N-8A (accession 0001580642-26-005679) and Form N-2 (0001580642-26-005681), both filed August 26, 2026, its Form N-2/A (0001580642-26-007200) filed October 28, 2026, and the EDGAR filing index for CIK 2152022; OneAscent Capital's Form ADV annual amendment of March 19, 2026 (CRD 323220) and its SEC adviser record; DLP Housing Fund LLC's Form D/A of April 6, 2026 (0001566114-26-000031); and DLP Capital's Housing Fund and Lending Fund fact sheets (go.dlpcapital.com). Sums, ratios, the placeholder counts and the text searches are our arithmetic. Preferred returns, the $5.5 billion figure and the fact-sheet terms are statements by DLP Capital. This is analysis of public documents, not investment, legal or tax advice.