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Evergreen fund assets hit $233bn following record 2025

By Kimberly Flynn, CFA
President, XA Investments
January X, 2026

The interval and tender offer fund market continued its upward trajectory in 2025, reaching a new high with 308 total funds and $233 billion in net assets as of 12/31/25 ($275 billion in total managed assets inclusive of leverage). Market-wide net assets increased by $61 billionover the year, reflecting sustained advisor and investor demand for semi-liquid alternative investment vehicles. A total of 67 new funds launched in 2025, exceeding the 50 funds brought to market in 2024.

Credit strategies remained the primary driver of market growth. Of the 67 funds launched during the year, 28 were credit-oriented, reinforcing private credit’s position as the dominant category within the interval and tender offer fund universe. The continued proliferation of income-focused and evergreen credit products underscores the role these structures play in addressing yield-oriented objectives within the private wealth channel. Some of the credit funds launched in 2025 include the two strategies launched by Capital Group and KKR, the Capital Group KKR Core Plus+ and the Capital Group KKR Multi-Sector+ funds.

Table 1: Growth in Credit Sub-Categories

Within the credit category, asset-backed lending funds emerged as a notable area of expansion in 2025 as fund sponsors and investors sought differentiation from direct lending and multi-strategy credit funds. The asset-based lending category grew from 15 funds in Q4 2024 to 25 funds in Q4 2025, representing a 67% increase. The category assets grew alongside the number of funds by $6.6 billion during the year, from $11.7bn to $18.3bn. Some of the new asset-backed lending funds in 2025 include the Blue Owl Alternative Credit Fund, the TCW Private Assets Income Fund, and the Oaktree Asset-Backed Income Fund. Additional asset-backed lending and more specialized credit funds are expected to file and launch in 2026 as fund sponsors work to overcome saturation in the credit interval fund market.

Specialty Structure funds also continued to gain traction, reflecting growing sponsor interest in differentiated strategies and customized portfolio construction within flexible fund wrappers. Specialty Structures, which include Operating Companies and Retail 3(c)(7) funds, are continuously offered evergreen funds that offer periodic liquidity and are designed to be sold into the private wealth marketplace. With the 20 Specialty Structures now in the market, XAI has observed both large private equity and infrastructure managers entering the space along with smaller, boutique managers now considering launching these strategies.

Market participation continued to broaden out, with 159 unique fund sponsorsactive in the interval and tender offer fund space at year-end, up from 146 sponsors at the end of 2024. New entrants accounted for 36% of funds launched in 2025, contributing to ongoing diversification across the fund sponsor landscape. Notable new entrants to the non-listed CEF market included Blue Owl, Coatue, and Adams Street.

Following a record number of SEC filings in prior years, the number of funds in the registration pipeline moderated slightly in 2025. The market ended the year with 50 funds in the SEC registration process, down from 53 at the end of 2024, showing the consistent momentum in the market for new fund launches from fund sponsors. Registration timelines lengthened during the fourth quarter, as the Federal government shutdown created processing backlogs. Newly launched non-listed CEFs spent approximately seven months in registration, with asset class continuing to be the primary determinant of SEC review duration.

Capital raising and performance trends remained constructive across much of the market in 2025. Several funds experienced strong net inflows and meaningful asset growth, including the market leading Cliffwater Corporate Lending Fund, which led the interval fund market in net flows during the first three quarters of the year, as well as the StepStone Private Credit Income Fund, which had net flows of over $700mm in the first three quarters of 2025, and the Coatue Innovative Strategies Fund, which launched in May 2025 with $1bn in seed capital and has experienced high growth since launch.  XAI has also observed innovative structural features in funds launched by Oaktree and Blue Owl in 2025. Both fund sponsors offered private placements to accredited investors alongside their interval fund filings to immediately begin raising capital as the interval funds went through the SEC registration process.

Table 2: XAI 2025 Award Winners: Top Growth Leaders

As XAI predicted in our Citywire column last year, investor accessibility continued to be an important driver of asset growth. Funds without suitability restrictions accounted for$166.5 billion in managed assets, representing 60% of total market assets, and continued to raise more capital on average than funds with higher suitability thresholds. Looking ahead, suitability requirements are expected to continue to ease as sponsors seek to broaden distribution and address advisor demand for more accessible alternative investment solutions.

Table 3: Interval / Tender Offer Fund Suitability Breakdown

As the non‑listed CEF market continues to expand in 2026, XAI expects momentum toward broader investor access to accelerate, with more funds both removing accredited‑investor restrictions and launching with daily NAV strikes to support electronic ticketing. At the same time, the landscape is drawing increased participation from smaller traditional and alternative asset managers, further diversifying the market and enabling greater specialization across fund strategies.

For more information on the interval fund market and to access the full quarterly report on non-listed closed-end funds, please visit the CEF Market Research page and click ‘Subscribe’ for access to XA Investments’ online research portal and pricing information. Questions may also be directed to info@xainvestments.com or 888-903-3358.

Sources: XA Investments; CEFData.com; SEC Filings.

Notes: All information as of 12/31/2025 unless otherwise noted. Total managed assets are inclusive of leverage. The non-listed CEF market is subject to reporting lags and limited data availability. Asset levels, net flows, and performance data may be delayed up to 90 days after quarter-end. All data shown is the most current available.

Kimberly Flynn, CFA is President of XA Investments, a Chicago-based firm that provides investment fund structuring and consulting services focused on registered closed-end funds, among other things. The firm publishes daily interval fund market observations on LinkedIn and produces an in-depth quarterly report on that market, which can be found at www.xainvestments.com

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