XA Investments Reports a Record 300+ Interval / Tender Offer Funds in its Third Quarter 2025 Market Update

Interval and Tender Offer Fund Market Reaches New Milestones, Sees Interval Fund Dominance and Shift Toward Greater Investor Accessibility

CHICAGO, Oct. 16, 2025 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced the publication of its latest research report, the XAI Non-Listed Closed-End Fund Third Quarter 2025 Market Update. The report covers interval fund market trends and notes that marketwide fund counts exceed 300 funds, a milestone that shows the dominance of daily valued interval funds due to demand for greater investor accessibility.

“The interval and tender offer fund market reached a major milestone of 304 funds, showing the increased popularity of interval and tender offer funds in recent years,” 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 and in 2026,” she added.

XAI’s 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 new fund sponsors entering the interval fund market and gives a comprehensive market update.

The non-listed CEF market now stands at a combined net assets of $215 billion and $252 billion in total managed assets, inclusive of leverage, as of September 30, 2025. The market includes 158 interval funds which comprise 58% of the total managed assets at $145.9 billion and 146 tender offer funds which comprise the other 42% with $105.7 billion in total managed assets. Market-wide net assets increased $19 billion in Q3 2025 from the prior quarter.

Daily valued interval funds have now overtaken the number of tender offer funds in the market, because of strong investor preference for electronic ticketing. In Q3 2025, 20 new funds entered the market, 70% of which were interval funds. Among the new funds launched in Q3 2025, there were seven new fund sponsors, including Adams Street Partners, Blue Owl, and Coatue.

Alternative investment firms continue to dominate the interval fund market with 69% market share. In total, there are 157 unique fund sponsors in the interval and tender offer fund space, with 57 fund sponsors that have two or more interval and/or tender offer funds currently in the market. Twenty new funds launched this quarter, with the most, 11 funds, launching in the credit category. Newly launched non-listed CEFs spent around seven months in the SEC registration process.