XA Investments Reports Record $227 billion in Managed Assets in its Second Quarter 2025 Market Update
XA Investments (NYSE:XFLT) has released its Second Quarter 2025 Market Update, revealing significant growth in the non-listed closed-end fund (CEF) market. The report shows total managed assets reaching $227 billion, with 288 interval and tender offer funds in operation. Key highlights include a 17% increase in funds reaching over $1 billion in AUM, with 50 funds crossing this milestone.
The market now comprises 144 interval funds managing $132.8 billion (59% of total assets) and 144 tender offer funds managing $93.9 billion (41%). Q2 2025 saw 23 new fund launches, up from 10 in Q2 2024, with market-wide net assets increasing by $15 billion from the previous quarter. The report also highlights a trend toward reduced investor suitability restrictions and the emergence of Specialty Structures within the market.
XA Investments (NYSE:XFLT) ha pubblicato il suo aggiornamento di mercato per il secondo trimestre 2025, evidenziando una crescita significativa nel mercato dei fondi chiusi non quotati (CEF). Il rapporto mostra un totale di asset gestiti pari a 227 miliardi di dollari, con 288 fondi a intervallo e fondi con offerta di rimborso attivi. Tra i punti salienti, si registra un aumento del 17% dei fondi che superano 1 miliardo di dollari in asset under management (AUM), con 50 fondi che hanno raggiunto questa soglia.
Il mercato è ora composto da 144 fondi a intervallo che gestiscono 132,8 miliardi di dollari (59% del totale degli asset) e 144 fondi con offerta di rimborso che gestiscono 93,9 miliardi di dollari (41%). Nel secondo trimestre 2025 sono stati lanciati 23 nuovi fondi, rispetto ai 10 del secondo trimestre 2024, con un incremento delle attività nette di mercato di 15 miliardi di dollari rispetto al trimestre precedente. Il rapporto evidenzia inoltre una tendenza verso una riduzione delle restrizioni di idoneità per gli investitori e l'emergere di Strutture Speciali all'interno del mercato.
XA Investments (NYSE:XFLT) ha publicado su actualización del mercado para el segundo trimestre de 2025, revelando un crecimiento significativo en el mercado de fondos cerrados no cotizados (CEF). El informe muestra activos totales gestionados que alcanzan 227 mil millones de dólares, con 288 fondos de intervalo y de oferta de compra en operación. Entre los aspectos destacados, se observa un aumento del 17% en los fondos que superan los 1.000 millones de dólares en activos bajo gestión (AUM), con 50 fondos que han cruzado este hito.
El mercado ahora comprende 144 fondos de intervalo que gestionan 132,8 mil millones de dólares (59% del total de activos) y 144 fondos de oferta de compra que gestionan 93,9 mil millones de dólares (41%). En el segundo trimestre de 2025 se lanzaron 23 nuevos fondos, frente a 10 en el segundo trimestre de 2024, con un aumento de activos netos en todo el mercado de 15 mil millones de dólares respecto al trimestre anterior. El informe también destaca una tendencia hacia la reducción de las restricciones de idoneidad para los inversores y la aparición de Estructuras Especializadas dentro del mercado.
XA Investments (NYSE:XFLT)는 2025년 2분기 시장 업데이트를 발표하며 비상장 폐쇄형 펀드(CEF) 시장에서 상당한 성장을 보였습니다. 보고서에 따르면 총 운용 자산이 2,270억 달러에 달하며 288개의 인터벌 및 테너 오퍼 펀드가 운영 중입니다. 주요 내용으로는 AUM이 10억 달러를 초과하는 펀드가 17% 증가하여 50개의 펀드가 이 기준을 넘었다는 점이 포함됩니다.
현재 시장은 144개의 인터벌 펀드가 1,328억 달러(총 자산의 59%)를, 144개의 테너 오퍼 펀드가 939억 달러(41%)를 운용하고 있습니다. 2025년 2분기에는 23개의 신규 펀드 출시가 있었으며, 이는 2024년 2분기의 10개에서 증가한 수치입니다. 시장 전체 순자산은 전 분기 대비 150억 달러 증가했습니다. 보고서는 또한 투자자 적합성 제한 완화와 시장 내 전문 구조물의 등장 추세를 강조합니다.
XA Investments (NYSE:XFLT) a publié sa mise à jour du marché pour le deuxième trimestre 2025, révélant une croissance significative du marché des fonds fermés non cotés (CEF). Le rapport indique un total d'actifs gérés atteignant 227 milliards de dollars, avec 288 fonds à intervalles et fonds à offre de rachat en activité. Parmi les points clés, on note une augmentation de 17% des fonds dépassant 1 milliard de dollars d'actifs sous gestion (AUM), avec 50 fonds ayant franchi ce cap.
Le marché se compose désormais de 144 fonds à intervalles gérant 132,8 milliards de dollars (59 % du total des actifs) et de 144 fonds à offre de rachat gérant 93,9 milliards de dollars (41 %). Le deuxième trimestre 2025 a vu le lancement de 23 nouveaux fonds, contre 10 au deuxième trimestre 2024, avec une augmentation des actifs nets du marché de 15 milliards de dollars par rapport au trimestre précédent. Le rapport souligne également une tendance à la réduction des restrictions d'éligibilité des investisseurs et l'émergence de structures spécialisées sur le marché.
XA Investments (NYSE:XFLT) hat sein Marktupdate für das zweite Quartal 2025 veröffentlicht und dabei ein signifikantes Wachstum im Markt der nicht börsennotierten geschlossenen Fonds (CEF) aufgezeigt. Der Bericht zeigt ein verwaltetes Gesamtvermögen von 227 Milliarden US-Dollar mit 288 Intervall- und Tender-Offer-Fonds im Betrieb. Zu den wichtigsten Highlights gehört ein 17%iger Anstieg der Fonds, die über 1 Milliarde US-Dollar an verwaltetem Vermögen (AUM) erreichen, wobei 50 Fonds diese Marke überschritten haben.
Der Markt besteht nun aus 144 Intervallfonds, die 132,8 Milliarden US-Dollar verwalten (59 % des Gesamtvermögens), und 144 Tender-Offer-Fonds, die 93,9 Milliarden US-Dollar verwalten (41 %). Im zweiten Quartal 2025 wurden 23 neue Fonds aufgelegt, gegenüber 10 im zweiten Quartal 2024, wobei die marktweiten Nettovermögenswerte im Vergleich zum Vorquartal um 15 Milliarden US-Dollar gestiegen sind. Der Bericht hebt zudem einen Trend zu weniger Eignungsbeschränkungen für Anleger und das Aufkommen von Spezialstrukturen im Markt hervor.
- Record growth with total managed assets reaching $227 billion
- 50 funds (17%) reached over $1 billion in assets under management
- 23 new funds launched in Q2 2025, up from 10 in Q2 2024
- $15 billion increase in market-wide net assets from previous quarter
- Positive net flows of $13 billion in Q1 2025, with 67% of funds reporting positive flows
- 70% increase in new SEC filings compared to 2024
- Decreasing market share of top 20 funds, falling to 59% from 65% in Q4 2024
- Extended SEC registration process averaging 6 months for new funds
Insights
XA Investments reports strong industry growth with interval/tender offer funds reaching $227B in managed assets, showing democratization of alternative investments.
XA Investments' Q2 2025 market update reveals impressive growth in the non-listed closed-end fund (CEF) market, with total managed assets reaching
The acceleration in new fund launches is particularly noteworthy, with 23 new funds entering the market in Q2 2025—a
The most significant market evolution is the democratization of alternative investments through reduced investor restrictions. Following recent SEC staff position changes,
The emergence of "Specialty Structures"—continuously offered, evergreen, semi-liquid private funds—represents a parallel development in the alternative investment landscape. Though exempt from the Investment Company Act of 1940, these structures provide another avenue for accessing alternative strategies while offering limited liquidity, predominantly led by major private equity firms.
With 51 funds in SEC registration and a
Interval and Tender Offer Fund Market Experiences Accelerated Growth, Surge in Fund Launches, and Shift Toward Greater Investor Accessibility
CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced today that its Non-Listed Closed-End Funds Second Quarter 2025 Market Update shows accelerated growth in the market, a surge in fund launches, and a shift toward greater investor accessibility.
“The non-listed CEF market continues to show record growth with
The 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 the removal of accredited investor suitability restrictions, divergence of positioning in the market, dominance of interval funds with a daily NAV and no suitability restrictions, increased performance coverage, and coverage of Specialty Structures.
The non-listed CEF market reached a new peak with 288 interval and tender offer funds with a total of
This is a significant change from previous quarters, as the number of interval funds has caught up to the total number of tender funds. In Q2 2025, 23 new funds entered the market, representing an increase of 13 funds compared to the 10 funds launched in Q2 2024. Market-wide net assets increased
In total, there are 150 unique fund sponsors in the interval and tender offer fund space, with 54 fund sponsors that have two or more interval and/or tender offer funds currently in the market. Additionally, there are 22 funds currently in the Securities and Exchange Commission registration process from fund sponsors looking to launch another fund.
Displaying the growth of new funds in the market, the market share of the top 20 funds continues to decrease, falling to
XAI also noted the emergence of Specialty Structures within the market. These funds are continuously offered, evergreen, semi-liquid private funds designed for accredited investors and qualified purchasers. They are exempt from the Investment Company Act of 1940 but still governed by federal securities laws. These evergreen funds provide access to alternative strategies while offering limited liquidity and reduced reporting obligations for the manager compared to registered funds.
The current landscape of 13 Specialty Structures funds is dominated by large private equity firms including Blackstone, KKR, and Apollo. While Specialty Structures and interval / tender offer funds have some similarities, the fund structures differ in how they handle liquidity, investor eligibility, reporting obligations, and tax treatment.
“Understanding Specialty Structures helps managers better align product design with strategy and audience, which is increasingly critical in a growing and competitive market” Flynn said.
In this quarterly report, XAI covers the Q1 2025 net flows which are lagged by reporting cycles. In Q1 2025 funds had positive net flows, totaling over
Two-thirds or
“The non-listed CEF market continues to grow with a total of 51 funds in the SEC registration process at the end of the first quarter,” Flynn noted. “While the SEC backlog decreased by seven funds from the end of Q1 2025 to the end of Q2 2025, we believe there will still be significant growth in the market this year. So far in 2025, there have been 46 new SEC filings, compared to 27 new filings from this point in 2024, representing a
Newly launched non-listed CEFs spent around six 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. Tax-Free Bond funds were the quickest to launch, at 150 days on average spent in registration.
At
According to Flynn, “We expect more funds to reduce their suitability requirements in the near future and for many new funds to forgo accredited investor requirements.” Alternative funds without suitability restrictions also prove to be more accessible and have gathered more assets at
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.
Note: Net flows are reported in Form NPORT-P (“NPORTs”), which are filed quarterly with the SEC. NPORT filings are typically lagged 60 days from the end of the reporting period. The net flows data in this report is as of 3/31/2025 and represents the latest publicly available data.
Sources: XA Investments; CEFData.com; SEC Filings.
Notes: All information as of 6/30/2025 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.
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