XA Investments Finds Strong Start to 2025 in Fund Launches and Asset Gathering Among Non-Listed Closed End Funds in its First Quarter 2025 Market Update
XA Investments reports strong growth in non-listed closed-end funds (CEFs) during Q1 2025. The market reached a new peak with 270 interval and tender offer funds, managing total assets of $220 billion. The quarter saw 14 new fund launches, up from 10 in Q1 2024, with market-wide net assets increasing by $9 billion.
Key highlights include the launch of the XAI Interval Fund Index™ (INTVL), the first index tracking the interval and tender offer fund market. The market now comprises 134 interval funds ($132.1B in managed assets) and 136 tender offer funds ($88.3B). In 2024, funds recorded positive net flows of over $38 billion, with 67% of funds showing positive performance. Private Credit funds led capital raising with over $20 billion in net assets.
The sector shows continued momentum with 58 funds in SEC registration, representing a 53% increase in new filings compared to Q1 2024. Notably, 49% of interval and tender offer funds have no suitability restrictions for investors at the fund level.
XA Investments segnala una forte crescita nei fondi chiusi non quotati (CEFs) nel primo trimestre del 2025. Il mercato ha raggiunto un nuovo picco con 270 fondi a intervallo e offerta di acquisto, gestendo un patrimonio totale di 220 miliardi di dollari. Nel trimestre sono stati lanciati 14 nuovi fondi, rispetto ai 10 del primo trimestre 2024, con un aumento dei patrimoni netti complessivi di 9 miliardi di dollari.
Tra i punti salienti, il lancio del XAI Interval Fund Index™ (INTVL), il primo indice che traccia il mercato dei fondi a intervallo e offerta di acquisto. Il mercato comprende ora 134 fondi a intervallo (132,1 miliardi di dollari in asset gestiti) e 136 fondi a offerta di acquisto (88,3 miliardi). Nel 2024, i fondi hanno registrato flussi netti positivi superiori a 38 miliardi di dollari, con il 67% dei fondi che ha mostrato performance positive. I fondi di Private Credit hanno guidato la raccolta di capitali con oltre 20 miliardi di dollari in patrimoni netti.
Il settore mantiene un forte slancio con 58 fondi in fase di registrazione presso la SEC, segnando un aumento del 53% nelle nuove iscrizioni rispetto al primo trimestre 2024. Da notare che il 49% dei fondi a intervallo e offerta di acquisto non presenta restrizioni di idoneità per gli investitori a livello di fondo.
XA Investments reporta un fuerte crecimiento en fondos cerrados no cotizados (CEFs) durante el primer trimestre de 2025. El mercado alcanzó un nuevo máximo con 270 fondos de intervalo y oferta de compra, gestionando activos totales por 220 mil millones de dólares. En el trimestre se lanzaron 14 nuevos fondos, frente a 10 en el primer trimestre de 2024, con un aumento de los activos netos del mercado de 9 mil millones de dólares.
Entre los aspectos destacados está el lanzamiento del XAI Interval Fund Index™ (INTVL), el primer índice que sigue el mercado de fondos de intervalo y oferta de compra. El mercado ahora comprende 134 fondos de intervalo (132,1 mil millones de dólares en activos gestionados) y 136 fondos de oferta de compra (88,3 mil millones). En 2024, los fondos registraron flujos netos positivos superiores a 38 mil millones de dólares, con un 67% de fondos mostrando rendimiento positivo. Los fondos de Crédito Privado lideraron la captación de capital con más de 20 mil millones en activos netos.
El sector muestra un impulso continuo con 58 fondos en registro ante la SEC, representando un aumento del 53% en nuevas inscripciones respecto al primer trimestre de 2024. Cabe destacar que el 49% de los fondos de intervalo y oferta de compra no tiene restricciones de idoneidad para inversores a nivel de fondo.
XA Investments는 2025년 1분기 비상장 폐쇄형 펀드(CEFs)에서 강력한 성장을 보고했습니다. 시장은 270개의 인터벌 및 테너 오퍼 펀드로 새로운 최고치를 기록했으며, 총 자산은 2,200억 달러에 달합니다. 1분기에는 14개의 신규 펀드 출시가 있었으며, 이는 2024년 1분기의 10개에서 증가한 수치로, 시장 전체 순자산은 90억 달러 증가했습니다.
주요 하이라이트로는 인터벌 및 테너 오퍼 펀드 시장을 추적하는 최초의 지수인 XAI Interval Fund Index™ (INTVL)의 출시가 있습니다. 현재 시장은 134개의 인터벌 펀드(관리 자산 1,321억 달러)와 136개의 테너 오퍼 펀드(883억 달러)로 구성되어 있습니다. 2024년에는 380억 달러 이상의 순유입을 기록했으며, 67%의 펀드가 긍정적인 성과를 보였습니다. 프라이빗 크레딧 펀드가 200억 달러 이상의 순자산으로 자본 조달을 주도했습니다.
이 부문은 SEC 등록 중인 58개의 펀드를 보유하며 지속적인 모멘텀을 보여주고 있으며, 이는 2024년 1분기 대비 53% 증가한 신규 등록 건수입니다. 특히 인터벌 및 테너 오퍼 펀드의 49%는 펀드 수준에서 투자자 적합성 제한이 없습니다.
XA Investments annonce une forte croissance des fonds fermés non cotés (CEFs) au premier trimestre 2025. Le marché a atteint un nouveau sommet avec 270 fonds à intervalles et offres de rachat, gérant un actif total de 220 milliards de dollars. Le trimestre a vu le lancement de 14 nouveaux fonds, contre 10 au premier trimestre 2024, avec une augmentation des actifs nets de 9 milliards de dollars.
Parmi les points marquants, le lancement du XAI Interval Fund Index™ (INTVL), le premier indice suivant le marché des fonds à intervalles et offres de rachat. Le marché comprend désormais 134 fonds à intervalles (132,1 milliards de dollars d’actifs gérés) et 136 fonds d’offre de rachat (88,3 milliards). En 2024, les fonds ont enregistré des flux nets positifs de plus de 38 milliards de dollars, avec 67 % des fonds affichant une performance positive. Les fonds de crédit privé ont mené la collecte de capitaux avec plus de 20 milliards de dollars d’actifs nets.
Le secteur maintient son élan avec 58 fonds en cours d’enregistrement auprès de la SEC, soit une augmentation de 53 % des nouvelles inscriptions par rapport au premier trimestre 2024. Il est à noter que 49 % des fonds à intervalles et offres de rachat n’imposent aucune restriction d’éligibilité aux investisseurs au niveau du fonds.
XA Investments meldet ein starkes Wachstum bei nicht börsennotierten geschlossenen Fonds (CEFs) im ersten Quartal 2025. Der Markt erreichte mit 270 Intervall- und Rückkauffonds einen neuen Höchststand und verwaltete ein Gesamtvermögen von 220 Milliarden US-Dollar. Im Quartal wurden 14 neue Fonds aufgelegt, gegenüber 10 im ersten Quartal 2024, wobei die Nettovermögen des Gesamtmarktes um 9 Milliarden US-Dollar zunahmen.
Zu den wichtigsten Highlights zählt die Einführung des XAI Interval Fund Index™ (INTVL), des ersten Index, der den Markt für Intervall- und Rückkauffonds abbildet. Der Markt umfasst nun 134 Intervallfonds (132,1 Mrd. USD verwaltete Vermögen) und 136 Rückkauffonds (88,3 Mrd. USD). Im Jahr 2024 verzeichneten die Fonds positive Nettozuflüsse von über 38 Milliarden US-Dollar, wobei 67 % der Fonds positive Renditen erzielten. Private-Credit-Fonds führten die Kapitalbeschaffung mit über 20 Milliarden US-Dollar an Nettovermögen an.
Der Sektor zeigt weiterhin Dynamik mit 58 Fonds in der SEC-Registrierung, was einem Anstieg der Neuanmeldungen um 53 % gegenüber dem ersten Quartal 2024 entspricht. Bemerkenswert ist, dass 49 % der Intervall- und Rückkauffonds keine Eignungsbeschränkungen für Anleger auf Fondsebene haben.
- Market reached new peak with $220B in total managed assets
- 14 new fund launches in Q1 2025, up 40% YoY
- $9B increase in market-wide net assets in Q1
- Strong 2024 performance with $38B in positive net flows
- 53% increase in new SEC filings compared to Q1 2024
- 67% of funds reported positive net flows in 2024
- Top 20 funds market share decreased from 65% to 60%
- Increased SEC registration backlog by five funds from Q4 2024
CHICAGO, April 23, 2025 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced today that its Non-Listed Closed-End Funds First Quarter 2025 Market Update shows a strong start to 2025 in both fund launches and asset gathering. 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 introduces the XAI Interval Fund Index™ (INTVL), analyzes recent developments in co-investment relief, and reviews 2024 net flows across the market.
“The non-listed CEF market continues to grow after a record year in 2024, with many sponsors launching a second fund and new sponsors entering the market” stated Kimberly Flynn, the president of XAI. “Such robust growth is great for the interval / tender offer fund market. We believe the market's trajectory will remain positive, with significant opportunities for expansion throughout the rest of the year,” she added.
XAI recently launched their XAI Interval Fund Index™ (INTVL), a total return index that tracks the interval fund market, helping to address the lack of easily accessible information on the market. “The XAI Interval Fund Index gives asset managers and financial advisors an unprecedented level of clarity in a market that has been notoriously difficult to track,” Flynn noted. “The first index tracking the interval and tender offer fund market, INTVL serves as the sole barometer for the market, giving investors a snapshot of how interval funds as a whole are performing,” Flynn added.
The non-listed CEF market reached a new peak with 270 interval and tender offer funds with a total of
In total, there are 143 unique fund sponsors in the interval and tender offer fund space, with 50 fund sponsors that have two or more interval and/or tender offer funds currently in the market. Additionally, there are 27 funds currently in the Securities and Exchange Commission registration process from fund sponsors looking to launch another fund. Notably, the top 20 funds decreased their market share from
In this quarterly report, XAI covers the 2024-year end net flows which are lagged by reporting cycles. In 2024 funds had positive net flows, totaling over
“The non-listed CEF market continues to grow with a total of 58 funds in the SEC registration process at the end of the first quarter,” said Flynn. “The SEC backlog increased by five funds from the end of 2024 to the end of Q1 2025. So far in 2025, there have been 23 new SEC filings, compared to 15 new filings from Q1 2024, representing a
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.
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