- Non-listed closed-end fund (CEF) market grows by $9 billion in Q1 2025, reaching $220 billion in total managed assets.
- 14 new funds launched in Q1 2025, up from 10 in the same period last year, indicating a 40% increase.
- XA Investments introduces XAI Interval Fund Indexâ„¢ (INTVL), the first index tracking interval and tender offer fund markets.
The non-listed closed-end fund (CEF) market has experienced significant growth in the first quarter of 2025, according to the latest market update from XA Investments. The market, which includes interval and tender offer funds, has expanded by $9 billion in net assets, reaching a total of $220 billion in managed assets as of March 31, 2025. A notable increase in new fund launches was observed, with 14 new funds entering the market, up from 10 in Q1 2024.
A significant development in the CEF market is the introduction of the XAI Interval Fund Indexâ„¢ (INTVL) by XA Investments. This index is the first of its kind to track the interval and tender offer fund markets, providing investors and asset managers with a clearer view of market performance. The market now comprises 134 interval funds with $132.1 billion in managed assets and 136 tender offer funds managing $88.3 billion.
2024 was also a strong year for the non-listed CEF market, with funds recording positive net flows exceeding $38 billion. This robust performance continued in Q1 2025, with a growing momentum reflected by a 53% increase in new SEC filings compared to the same period in 2024. Private Credit funds led in capital raising, bringing in over $20 billion in net assets, showcasing the sector's promising potential for expansion throughout the year.
XA Investments is committed to enhancing transparency and accessibility in the CEF market. The firm continues to support the growth of interval and tender offer funds, including those from new fund sponsors like HarbourVest, Gemcorp, and Pop Venture Advisers, which recently entered the market.
