XA Investments Reports Record Growth in 2025 in its Fourth Quarter 2025 Market Update

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

CHICAGO, Jan. 15, 2026 (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 Fourth Quarter 2025 Market Update. The report covers interval fund market trends and recent developments, with expanded coverage of the XAI Interval Fund Awards recognizing notable funds and managers across the market in 2025.

“The interval and tender offer fund market has reached a new peak with 308 funds and $233 billion in net assets, showing the increased popularity of interval and tender offer funds in recent years,” stated Kimberly Flynn, the president of XAI. “The market’s trajectory was positive throughout 2025 and is expected to remain strong into 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.

“For 2026, XAI predicts strong demand for evergreen products, the market becoming more accessible to investors, and increased specialization in the fund strategies sponsors are launching,” Flynn said. Additionally, “XAI anticipates more Specialty Structures, continuously offered evergreen fund that offer periodic liquidity and are designed to be sold into the private wealth marketplace, to be launched, allowing the market to continue at an accelerated pace of growth in 2026.”

The non-listed CEF market includes 158 interval funds which comprise 57% of the total managed assets at $156.1 billion and 150 tender offer funds which comprise the other 43% with $119.9 billion in total managed assets. In 2025, 67 new funds entered the market, representing an increase of 17 funds compared to the 50 funds launched in 2024. Market-wide net assets increased $61 billion in 2025.

In total, there are 159 unique fund sponsors in the interval and tender offer fund space, which is an increase of 13 new fund sponsors from 146 unique sponsors at the end of 2024. The market has continued to diversify with 36% of the funds launched in 2025 sponsored by new entrants. Some of these new fund sponsors in the non-listed CEF market include Blue Owl, Coatue, and Adams Street.