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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.
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    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.
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Established Alts Players Line up Evergreen Funds Following Record 2024

By Kimberly Flynn, CFA

President, XA Investments

January 23, 2025

Published by CityWire on February 4, 2025

It was a record year for tender offer and interval fund launches, with 50 new offerings coming to market and notable new entrants awaiting approval from the Securities and Exchange Commission (SEC). Many of these are from established private market managers, including Ardian, Coatue, Coller Capital and Stonepeak. 

This is a sign of a maturing market and is perhaps in part due to the continued success of Blackstone’s registered funds in the private wealth channel. Other alternative investment managers appear to now have proof of concept sufficient to proceed with their own initiatives to launch proprietary funds for non-institutional investors.  

The distinguished pedigree of these new market entrants is likely to attract capital and help broaden out the buyer base for interval and tender offer funds. With short fund-specific track records, both distribution efforts and investor education remain a formidable challenge for any new entrant to the interval and tender offer fund marketplace. But large, well-established private market players are well positioned to meet it. 

The interval and tender offer fund market ended 2024 with a record 257 funds and a combined $172bn in net assets ($208bn in total managed assets when leverage is included).  

This breaks down as 124 interval funds, which comprise 60% of the total managed assets at $124.3bn, and 133 tender offer funds, which comprise the other 40% with $83.3bn. Market-wide assets increased $37 billion in 2024, while the 50 new funds launched was an increase on 28 in 2023.

The credit segment is the largest category of the interval and tender offer fund market with 84 total funds and $90.6bn in managed assets, or 44% of the market. A total of 22 new private credit funds launched in 2024 with 10 of those coming to market in the fourth quarter. The private credit category is positioned for further growth, with 19 additional credit funds currently in the SEC registration process including new market entrants such as Capital Group, Columbia Management and Virtus. 

There were 53 funds in the SEC registration process at year end. In 2024, there was a record 80 SEC filings, compared to 45 in 2023, representing a 73% increase in registrations.

Gaining SEC approval is, of course, only one step of the process. The next being raising capital. And those interval and tender offer funds that come to market without suitability restrictions are — on average — raising more capital than those with higher suitability thresholds. Close to half of all interval and tender offer funds (47%) do not have any suitability restrictions for investors imposed at the fund level. Just under a third (32%) are only available to accredited investors and 21% are only available to qualified clients.

Other features can also help make these funds more attractive to advisors and their clients. For interval or tender offer funds that strike daily net asset values, they may sell shares electronically via the NSCC Fund/SERV ticketing platform and so avoid the hassle of sub docs with client signatures.  

While there is a strong pipeline of interval and tender offer funds, these products do have lengthy investment and operational due diligence timetables, so it will be a challenge for gatekeepers to usher multiple products through the process on current pathways. But we expect the market to continue to grow in 2025 following a record-breaking 2024.    

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.

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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