BasisRoute my position

Eaton Vance (Morgan Stanley)

Private exchange funds (Bel* and Clear*)

OpenBelnova (2024 vintage) reported continued sales in its 2026-03 Form D amendment. Sold through Morgan Stanley and other wealth platforms.

Claim this listingManager's website
Assets
≈$73.2B
Fee a year
Not disclosed
Minimum
$1M
Tracking error
≈2.4–2.8%
Investors
14,290
Open to
Qualified purchasers
Lock-up
7 years for the full tax deferral
New money gets in
Periodic closings within each multi-year vintage
Illiquid sleeve
Real estate (structure for current vintages not public)
Holdings
106
Benchmark
S&P 500 / S&P 1500
Custodians
Not disclosed
Access
Through an advisor
Launched
Not disclosed
Assets, in detail
As of 2026-03. Sum of Form ADV gross asset values for 20 Eaton Vance exchange funds (14 Bel* funds, 4 Clear* funds, 2 Diversified Exchange Funds), $71.92B. The sum also includes the Form D amount sold for the new Belmere Capital Fund ($1.26B, 482 investors, first sale 2026-06-25), which is not yet in the ADV. Source: Form ADV annual amendment of Boston Management and Research (an Eaton Vance adviser), filed 2026-03-29. Gross asset value can include borrowing and the real estate sleeve, so it is above net asset value. The masters Belvedere Capital Fund Company ($268.4M) and Tax-Managed Multi-Cap Portfolio ($0.2M) are not added, to avoid double counting. The earlier figure ($9.81B) was the Form D amount sold for four funds only.
Fee schedule
Not published. Form D sales commissions: Belhurst $17.4M on $5.65B sold (about 0.31%), Belnova $14.7M on $3.96B (about 0.37%).
Other costs
Cache's generic comparison (not specific to Eaton Vance): 1.5%-2.0% placement fee, 0.54%-0.70% management fee, 0.25% servicing fee.
Tracking error, method
Equity sleeve only. Derived from R-squared 97.5 vs SPY of the public feeder EXTGX, which invests in the same master portfolio (36 monthly returns): residual TE = sigma_p*sqrt(1-R^2), sigma_p = 15%-18%. Fund-level tracking is looser because of the real estate sleeve and borrowing. The master portfolio held 106 stocks (top 10 = 48%).
Capacity and queue
Recent vintages average about $2.6M-$2.9M per investor (Form D amount sold / investors).

Assets over time

$0$25B$50B$75B$100B2025-032026-062025-03: $52.5B. Form ADV gross asset value, sum of 20 exchange funds (2025 annual ADV, values rounded by privatefunddata)2026-03: $71.9B. Form ADV gross asset value, sum of 20 exchange funds (BMR ADV filed 2026-03-29)2026-06: $73.2B. Form ADV gross asset value of 20 funds, plus the amount sold for Belmere (2026-06)$73.2B

Funds 23

FundYearAmountNote
Belair Capital Fund LLCNot disclosed$480M2026-03Form ADV gross asset value (BMR, 2026-03-29); 63 beneficial owners; minimum $1,000,000. First EDGAR filing (Form 10) 1999. Feeder into Belvedere Capital Fund Company LLC.
Belcrest Capital Fund LLCNot disclosed$1.48B2026-03Form ADV gross asset value (BMR, 2026-03-29); 173 beneficial owners; minimum $1,000,000. First EDGAR filing (Form 10) 2000. Feeder into Belvedere Capital Fund Company LLC.
Belmar Capital Fund LLCNot disclosed$841M2026-03Form ADV gross asset value (BMR, 2026-03-29); 96 beneficial owners; minimum $1,000,000. First EDGAR filing (Form 10) 2001. Feeder into Belvedere Capital Fund Company LLC.
Belport Capital Fund LLCNot disclosed$1.21B2026-03Form ADV gross asset value (BMR, 2026-03-29); 129 beneficial owners; minimum $1,000,000. First EDGAR filing (Form 10) 2002. Feeder into Belvedere Capital Fund Company LLC.
Belrose Capital Fund LLC2002$1.36B2026-03Form ADV gross asset value (BMR, 2026-03-29); 129 beneficial owners; minimum $1,000,000. Year of first Reg D notice. Feeder into Belvedere Capital Fund Company LLC.
Belshire Capital Fund LLC2003$932M2026-03Form ADV gross asset value (BMR, 2026-03-29); 114 beneficial owners; minimum $1,000,000. Year of first Reg D notice. Feeder into Belvedere Capital Fund Company LLC.
Belterra Capital Fund LLC2004$970M2026-03Form ADV gross asset value (BMR, 2026-03-29); 143 beneficial owners; minimum $1,000,000. Year of first Reg D notice. Feeder into Belvedere Capital Fund Company LLC.
Belwater Capital Fund LLC2005$1.71B2026-03Form ADV gross asset value (BMR, 2026-03-29); 158 beneficial owners; minimum $1,000,000. Year of first Reg D notice. Feeder into Belvedere Capital Fund Company LLC.
Belvedere Equity Fund LLCNot disclosed$360M2026-03Form ADV gross asset value (BMR, 2026-03-29); 56 beneficial owners; minimum $1,000,000. Feeder into Belvedere Capital Fund Company LLC.
Clearwood Capital Fund LLC2005$541M2026-03Form ADV gross asset value (BMR, 2026-03-29); 147 beneficial owners; minimum $500,000. Year of first Reg D notice. Feeder into Tax-Managed Multi-Cap Portfolio LLC.
Belbrook Capital Fund LLC2006$1.15B2026-03Form ADV gross asset value (BMR, 2026-03-29); 176 beneficial owners; minimum $1,000,000. Year of first Reg D notice.
Beldore Capital Fund LLC2007$15.5B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,574 beneficial owners; minimum $1,000,000. First sale 2007-08-21 (Form D).
Clearfork Capital Fund LLC2007$7.08B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,648 beneficial owners; minimum $500,000. First sale 2007-06-21. Last Form D (2020-03): $2.18B sold to 2,542 investors.
Belgard Capital Fund LLC2018$14.3B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,847 beneficial owners; minimum $1,000,000. Organized 2018 (Form D 2018-09). Last Form D/A (2021-10): $7.00B sold to 1,905 investors.
Clearisle Capital Fund LLC2019$5.30B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,939 beneficial owners; minimum $500,000. First sale 2019-12-05. Last Form D/A (2023-04): $2.43B sold to 1,607 investors.
Belhurst Capital Fund LLC2021$9.76B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,899 beneficial owners; minimum $1,000,000. CIK 1886309. Form D (2026-04): $5.65B sold to 1,921 investors.
Diversified Exchange Fund All-Cap, LLC2022$131M2026-03Form ADV gross asset value (BMR, 2026-03-29); 45 beneficial owners; minimum $500,000. CIK 1949939. Form D (2026-03): $144.7M sold to 48 investors.
Diversified Exchange Fund Large-Cap, LLC2023$7.75M2026-03Form ADV gross asset value (BMR, 2026-03-29); 2 beneficial owners; minimum $500,000. CIK 1970767. Form D (2026-03): $54.5M sold to 23 investors.
Clearlane Capital Fund LLC2024$3.51B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,925 beneficial owners; minimum $500,000. First sale 2024-02-15. Form D/A (2025-03): $1.26B sold to 1,038 investors. Not on the 2023 Eaton Vance exchange fund list (it launched later). It has a sister Clearlane Realty Corp, as the other exchange funds do.
Belnova Capital Fund LLC2024$5.33B2026-03Form ADV gross asset value (BMR, 2026-03-29); 1,545 beneficial owners; minimum $1,000,000. CIK 2030239. Form D (2026-03): $3.96B sold to 1,534 investors.
Belvedere Capital Fund Company LLCNot disclosed$268M2026-03Master fund for nine Bel* feeders. Form ADV gross asset value; 27 beneficial owners. Not added to the total, to avoid double counting with the feeders. The ADV data shown by privatefunddata before 2025-03 gave $33.42B for this master.
Tax-Managed Multi-Cap Portfolio LLCNot disclosed$172K2026-03Master fund for Clearwood. Not added to the total.
Belmere Capital Fund LLC2026$1.26B2026-06Form D amount sold, 482 investors (filed 2026-06-30); first sale 2026-06-25; minimum $1,000,000. Placement agents include J.P. Morgan Securities, LPL Financial, Morgan Stanley, and Oppenheimer. Not yet in the Form ADV.

Sources

Checked 2026-10. Confidence: high. Basis estimated the assets, investors, tracking error from public data.

Where to get it

The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.

ThroughTheir feeAll-in feeMinimumOnboarding and queueStatus
Morgan Stanley Wealth ManagementWirehouseNot disclosedNot disclosed$1MEaton Vance does not publish closing dates.Unknown

Other exchange funds