×
Subscribe to Quarterly Research
×
Payment To XAI
×
Log In
Forgot Password?
×
Change Password
Show
Show
Please email info@xainvestments for questions or issues.
XA Investments LLC (“XAI”) SUBSCRIPTION SERVICE TERMS AND CONDITIONS

These XAI Subscription Service Terms and Conditions (the “Terms”) together with the applicable subscription order form or invoice (the “Order Form”, collectively with the Terms, the “Agreement”), set forth the terms and conditions governing the access to and use of the Service by the licensee entity set forth in the Order Form (the “Licensee”). The term “Service” means certain compiled data, content, and information, documentation, and functionality provided by XAI to Licensee through a subscription service and further described in the Order Form. The term “Order Form” includes any electronic order form made available to Licensee by XAI for the Service.

BY EITHER EXECUTING AN ORDER FORM THAT REFERENCES these terms OR ELECTRONICALLY ACCEPTING THIS AGREEMENT BY CLICKING A BOX INDICATING ACCEPTANCE, LICENSEE AGREES TO THE TERMS OF THIS AGREEMENT and REPRESENTS AND WARRANTS THAT (a) THEY ARE OF LEGAL AGE AND CAPACITY TO ENTER INTO A BINDING AGREEMENT; AND (b) IF LICENSEE IS A LEGAL ENTITY, THAT THEY HAVE THE RIGHT, POWER, AND AUTHORITY TO ENTER INTO THIS AGREEMENT ON BEHALF OF LICENSEE AND BIND LICENSEE TO ITS TERMS. IF LICENSEE DOES NOT AGREE WITH THE TERMS OF THE AGREEMENT, LICENSEE MAY NOT ACCEPT THIS AGREEMENT AND MAY NOT USE THE SERVICES.

  1. ACCESS RIGHTS. During the Term, and subject to and conditioned on Licensee's payment of the applicable license fee and compliance with these Terms, XAI hereby grants Licensee a non-exclusive, non-sublicensable, and non-transferable right to access and use the Service solely for Licensee’s internal business purposes (the “Permitted Use”). Access to the Service may be subject to registration of a username and password by Licensee and its end users through XAI’s online registration systems. Licensee shall protect and keep confidential such access credentials and ensure that its end users do not share any access credentials with any other user or any other third party. Licensee is responsible for all activity occurring under such access credentials of Licensee and its end users.
  2. USE RESTRICTIONS. Except as provided herein, Licensee shall only use the Service for the Permitted Use and shall not disclose, release, distribute, or deliver the Service, or any contents, materials, or portion thereof, to any third party. Should Licensee wish to do any of the foregoing, Licensee may contact XAI to seek written permission for such use (which permission shall not be unreasonably withheld or delayed). Without limiting the foregoing and except as otherwise expressly set forth in this Agreement, Licensee shall not at any time, directly or indirectly: (a) copy, modify, or create derivative works of the Service, in whole or in part; (b) rent, lease, lend, sell, sublicense, assign, distribute, publish, transfer, or otherwise make available the Service; (c) reverse engineer, disassemble, decompile, decode, adapt, or otherwise attempt to derive or gain access to the source of the underlying data or content or methods used to compile the Service, in whole or in part; (d) remove any proprietary notices included within the Service; or (e) use the Service in any manner or for any purpose that infringes, misappropriates, or otherwise violates any intellectual property right or other right of any person, or that violates any applicable law. Licensee understands and agrees that any use of the Service outside the scope of the Permitted Use (or as otherwise prohibited under this Agreement), including but not limited to, any use requiring publication, distribution, or disclosure of any component of the Service by Licensee requires, in each case, the prior written consent of XAI and attribution to XAI.
  3. LICENSE FEES. Licensee shall pay XAI the fees set forth in the Order Form (“Subscription Fees”) in accordance with the Order Form. If Licensee fails to make any payment when due, in addition to all other remedies that may be available: XAI may charge interest on the past due amount at the highest rate permitted under applicable law; and/or suspend access to the Service until all past due amounts and interest thereon have been paid (without incurring any obligation or liability to Licensee or any other person by reason of such suspension).
  4. TERM; TERMINATION.

    1. Term. This Agreement will commence on the Effective Date as set forth in the Order Form and shall remain in force and effect and renew automatically as set forth in the Order Form the (“Term”) unless and until terminated by either party earlier in accordance with these Terms.
    2. Termination. Either party may terminate this Agreement by providing written notice of non-renewal to the other party at least thirty (30) days prior to the expiration of the Term. Either party may terminate this Agreement (including any Order Form), effective on written notice to the other party, if the other party materially breaches this Agreement, and such breach remains uncured thirty (30) days after the non-breaching party provides the breaching party with written notice of such breach. In addition, XAI may terminate this Agreement, effective immediately upon written notice to Licensee, if Licensee breaches any of the following Sections: 2 (“Use Restrictions”), Section 5 (“Intellectual Property”), or Section 6 (“Confidentiality”).
    3. Effect of Termination. Upon termination or expiration of this Agreement, the license granted herein will also terminate, and Licensee shall (a) cease using the Service, (b) delete, destroy, or return all Confidential Information of XAI; and (c) certify such return or destruction upon request by XAI. Except where otherwise indicated in this Agreement, no expiration or termination will affect Licensee's obligation to pay all Subscription Fees that may have become due before such expiration or termination or entitle Licensee to any refund. Any rights, obligations, or required performance of the parties in this Agreement which, by their express terms or nature and context are intended to survive termination or expiration of this Agreement, will survive any such termination or expiration, including the rights and obligations set forth in this Section 4.3, Section 3 and Sections 5-9.
  5. INTELLECTUAL PROPERTY RIGHTS.

    1. Licensee acknowledges and agrees that, as between XAI and Licensee, XAI owns and shall own all right, title, and interest, including any and all intellectual property rights thereto, the Service and the Confidential Information, and all of their component data, information and materials (and all copies thereof made by Licensee or its end users hereunder). Licensee further acknowledges that: (a) the Service is an original compilation protected by United States copyright laws; (b) XAI has dedicated substantial resources to collect, manage, and compile the Service and its component data, information and materials; and (c) the Service constitutes trade secrets of XAI. Except for the limited rights and licenses expressly granted under this Agreement, nothing in this Agreement grants, by implication, waiver, estoppel, or otherwise, to Licensee or any third party any intellectual property rights or other right, title, or interest in or to the Service. XAI reserves all rights not expressly granted to Licensee in this Agreement.
    2. Except as otherwise set forth in this Section, Licensee is, and shall be, the sole and exclusive owner of all right, title, all documents, work product, and other materials that are delivered to Licensee hereunder or prepared by or on behalf of XAI in the course of performing custom services (“Custom Services”) as described in the Custom Service Scope of Work of the applicable Order Form (“Deliverables”). To the extent that any of the Deliverables do not constitute a "work made for hire" as such is defined in the U.S. Copyright Act, XAI hereby irrevocably assigns all right, title, and interest in and to the Deliverables, including all intellectual property rights therein, to Licensee. Deliverables shall not include the documents, data, know-how, methodologies, software, and other materials provided or used by XAI in connection with the Custom Services to the extent that such materials were developed or otherwise acquired before or outside the scope of the Custom Services under this Agreement (which shall constitute “XAI Background IP”). XAI hereby grants Licensee a limited, irrevocable license to any XAI Background IP to the extent incorporated in, combined with, or otherwise necessary for the use of the Deliverables.
  6. CONFIDENTIALITY. Licensee and XAI acknowledge that, in connection with the performance of this Agreement, they may each receive or be exposed to proprietary or confidential information of the other party (together with the data, information and materials that are provide as part of the Service, the “Confidential Information”). The restrictions of this Section will not apply when, and to the extent that, Confidential Information (a) is publicly known at the time of a proposed disclosure without a breach of these Terms, (b) is provided on a non-confidential basis by a third party that is not itself under any confidentiality obligation with respect to the Confidential Information, (c) is previously known by the receiving party free of any obligation to keep it confidential, or (d) is independently developed by the receiving party without use of or reference to the Confidential Information. The parties will maintain and protect the confidentiality of the Confidential Information and will not disclose the Confidential Information or use it for any purpose not expressly authorized hereunder. The parties shall use reasonable legal, organizational, physical, administrative, and technical measures and security procedures to safeguard and ensure the security of the Confidential Information and to protect it from unauthorized access, disclosure, duplication, use, modification, or loss.
  7. INDEMNIFICATION. Licensee will indemnify and hold harmless XAI and its agents from and against any and all losses, liabilities, damages and claims, and all related costs and expenses (including without limitation reasonable legal fees and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties), arising from or in connection with Licensee’s negligence, willful misconduct, or breach of any representation or warranty under this Agreement Licensee’s or its end users’ use of the Service. Licensee will pay or reimburse all costs that may be incurred by XAI in enforcing this indemnity, including (without limitation) attorneys’ fees.
  8. DISCLAIMERS; LIMITATION OF LIABILITY.THE SERVICE IS PROVIDED "AS IS" AND ON AN “AS AVAILABLE” BASIS. XAI HEREBY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE. XAI SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT, AND ALL WARRANTIES ARISING FROM COURSE OF DEALING, USAGE, OR TRADE PRACTICE. XAI MAKES NO WARRANTY OF ANY KIND AND ASSUMED NO OBLIGATION TO ENSURE THAT THE SERVICE, OR ANY DATA, INFORMATION AND MATERIALS, OR RESULTS OF ITS USE, WILL MEET LICENSEE'S OR ANY OTHER PERSON'S REQUIREMENTS, OPERATE WITHOUT INTERRUPTION, ACHIEVE ANY INTENDED RESULT, BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM, OR OTHER SERVICES, OR BE SECURE, UP-TO-DATE, ACCURATE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR FREE. LICENSEE UNDERSTANDS THAT THE SERVICE (AND ALL DATA, INFORMATION AND MATERIALS PROVIDED IN CONNECTION WITH THE SERVICE) ARE BEING PROVIDED FOR INFORMATIONAL PURPOSES ONLY. LICENSEE AGREES THAT XAI IS NOT PROVIDING THE SERVICE OR ANY SUCH DATA, INFORMATION OR MATERIALS AS, AND NO COMPONENT OF THE SERVICE SHALL NOT CONSTITUTE ANY, LEGAL, TAX, INVESTMENT, FINANCIAL OR OTHER PROFESSIONAL OR NON-PROFESSIONAL ADVICE. ALL USE OF THE SERVICE, AND SUCH DATA, INFORMATION AND MATERIALS IS AT LICENSEE’S SOLE RISK. IN NO EVENT WILL XAI BE LIABLE UNDER OR IN CONNECTION WITH THIS AGREEMENT FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, ENHANCED, OR PUNITIVE DAMAGES, REGARDLESS OF WHETHER XAI WAS ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES OR SUCH LOSSES OR DAMAGES WERE OTHERWISE FORESEEABLE. IN NO EVENT WILL XAI'S AGGREGATE LIABILITY HEREUNDER EXCEED THE TOTAL AMOUNTS PAID TO XAI UNDER THIS AGREEMENT IN THE SIX (6) MONTH PERIOD PRECEDING THE EVENT GIVING RISE TO THE CLAIM.
  9. MISCELLANEOUS. XAI may update or otherwise modify these Terms from time to time at its sole discretion; provided, however, that XAI shall provide Licensee with advance notice of material changes. The current version of the Terms as published at www.xainvestments.com shall be effective and shall supersede any prior versions. No failure to exercise, or delay in exercising, any rights, remedy, power, or privilege arising herefrom will operate or be construed as a waiver thereof. If any provision of this Agreement is held invalid by a court with jurisdiction over the parties to this Agreement, such provision will be deemed to be restated to reflect as nearly as possible the original intentions of the parties in accordance with applicable law, and the remainder of this Agreement will remain in full force and effect. This Agreement does not appoint either party the agent of the other party, or create a partnership, joint venture or similar relationship between the parties, and neither party will have the power to obligate or bind the other party in any manner whatsoever. This Agreement will be governed by and construed under the laws of the State of Illinois, without reference to or application of the conflicts of law principles the application of which would cause the substantive laws of another jurisdiction to apply. Any and all disputes between the parties that cannot be settled by mutual agreement will be resolved solely and exclusively in the state and federal courts with jurisdiction over Chicago, Illinois. Any notice required or permitted by this Agreement shall be transmitted by personal service by hand, or certified mail, return receipt requested, to the other party at the applicable address set forth in the Order Form. This Agreement may not be assigned by Licensee without the express written approval of XAI. Licensee shall not, directly or indirectly, export, re-export, or release the Service or any component thereof to, or make the Service accessible from, any jurisdiction or country to which export, re-export, or release is prohibited by law, rule, or regulation.
I confirm that have read and accept the terms and conditions above.
Menu

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, January 15, 2025 – 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.


“The number of funds in the SEC registration process decreased by three funds from 53 at the end of
2024 to 50 at the end of 2025. This shows the consistent momentum of the market from fund sponsors,”
Flynn noted. “Both new fund registrations and fund launches were slower than expected in Q4 2025 with
the recent government shutdown creating a backlog of funds,” she added. Newly launched non-listed
CEFs spent around seven months in the SEC registration process, with the fund’s asset class continuing
to be the main driver of time spent in the SEC review process. Specialty / Other funds were the quickest
to launch in 2025, at 137 days on average spent in registration.


There are 55 fund sponsors that have two or more interval and/or tender offer funds currently in the
market. Additionally, there are 21 funds in the Securities and Exchange Commission (SEC) registration
process from fund sponsors looking to launch another fund and 29 sponsors looking to launch their first
fund. Only two fund sponsors have more than one fund on the top 20 funds (three Cliffwater funds and
two StepStone funds), displaying the diversity in the interval fund market. In aggregate, the top 20 largest
interval and tender offer funds accounted for 44% of total net flows including many of the market
leaders such as the Cliffwater Corporate Lending Fund, Partners Group Private Equity, LLC, and ACAP
Strategic Fund.


Many interval and tender offer funds delivered strong results in 2025 with positive net flows and large
increases in fund assets. Some of these include the Cliffwater Corporate Lending Fund, which led the
interval fund market in net flows during the first three quarters of 2025, as well as the StepStone Private
Credit Income Fund and Coatue Innovative Strategies Fund, which experienced significant asset growth
following their launches. The new XAI Interval Fund Awards also recognized innovative offerings from
managers such as Oaktree and Blue Owl, along with top-performing funds across manager size
categories.


According to Flynn, “Each Interval Fund Award given out is based on the extensive research XAI has done
throughout 2025. These awards are a valuable insight into the growth and performance of the interval
fund market as they are backed by our data, keeping the titles impartial.”


For more information on the interval fund market and to read our full quarterly report on non-listed
CEFs, please visit the CEF Market research page linked here and click ‘Subscribe’ for access to XA
Investments’ online research portal and pricing information. In addition, please contact
info@xainvestments.com or 888-903-3358 with questions.


About XA Investments
XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI
serves as the investment adviser for two listed closed-end funds and an interval closed-end fund,
respectively the XAI Octagon Floating Rate & Alternative Income Trust, the XAI Madison Equity Premium
Income Fund, and the Octagon XAI CLO Income Fund. In addition to investment advisory services, the
firm also provides investment fund structuring and consulting services focused on registered closed
end funds to meet institutional client needs. XAI offers custom product build and consulting services,
including product development and market research, marketing and fund management. XAI believes
that the investing public can benefit from new vehicles to access a broad range of alternative
investment strategies and managers. For more information, please visit www.xainvestments.com.


CONTACT:
Kim Shepherd
kshepherd@xainvestments.com
312-623-5123


Sources: XA Investments; CEFData.com; SEC Filings.
Notes: All information as of 12/31/2025 unless otherwise noted. Total managed assets is inclusive of leverage. The non-listed CEF market
is subject to lags in reporting and limited data availability. Data such as asset levels, net flows, and performance are delayed up to 90
days after quarter-end and are not available for all funds. All data in the report is the most current available. Please contact our team if
you have any questions about the non-listed CEF marketplace.

cont
  • Back to Top