CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced today that its Non-Listed Closed-End Funds Second Quarter 2025 Market Update shows accelerated growth in the market, a surge in fund launches, and a shift toward greater investor accessibility.
“The non-listed CEF market continues to show record growth with 17% or 50 funds in the market reaching over $1 billion in assets under management and seven of those funds hitting the $1 billion milestone this quarter” stated Kimberly Flynn, the president of XAI. “As more assets continue to flow into the interval / tender offer fund market, we believe the market’s trajectory will remain positive, with significant opportunities for expansion throughout the rest of the year,” she added.
The market update is a comprehensive research report detailing current market trends and industry highlights. The non-listed closed-end fund (CEF) market includes all interval and tender offer funds. The report highlights the removal of accredited investor suitability restrictions, divergence of positioning in the market, dominance of interval funds with a daily NAV and no suitability restrictions, increased performance coverage, and coverage of Specialty Structures.
The non-listed CEF market reached a new peak with 288 interval and tender offer funds with a total of $196 billion in net assets and $227 billion in total managed assets, inclusive of leverage, as of June 30, 2025. The market includes 144 interval funds which comprise 59% of the total managed assets at $132.8 billion and 144 tender offer funds which comprise the other 41% with $93.9 billion in total managed assets.
This is a significant change from previous quarters, as the number of interval funds has caught up to the total number of tender funds. In Q2 2025, 23 new funds entered the market, representing an increase of 13 funds compared to the 10 funds launched in Q2 2024. Market-wide net assets increased $15 billion in Q2 2025 from the prior quarter.
In total, there are 150 unique fund sponsors in the interval and tender offer fund space, with 54 fund sponsors that have two or more interval and/or tender offer funds currently in the market. Additionally, there are 22 funds currently in the Securities and Exchange Commission registration process from fund sponsors looking to launch another fund.
Displaying the growth of new funds in the …