XA Investments Non-Listed Closed End Funds Third Quarter 2024 Market Update
XA Investments has released its Non-Listed Closed-End Funds Third Quarter 2024 Market Update, revealing significant market growth. The report shows 235 interval and tender offer funds with $162 billion in net assets and $191 billion in total managed assets. The market saw a net increase of 5 funds from Q2, with total managed assets rising by $17 billion. Year-to-date, there's been an increase of 27 funds and $36 billion in net assets. The market is diversifying, with the top 20 funds' market share decreasing from 73% to 65%. There are currently 53 funds in SEC registration, with a record 21 new filings in Q3 2024, a 90% increase from Q3 2023.
XA Investments ha pubblicato l'aggiornamento di mercato del terzo trimestre 2024 per i suoi Fondi Chiusi Non Quotati, rivelando una significativa crescita del mercato. Il rapporto mostra 235 fondi a intervallo e di offerta di acquisto con 162 miliardi di dollari in attività nette e 191 miliardi di dollari in attività totali gestite. Il mercato ha registrato un aumento netto di 5 fondi rispetto al secondo trimestre, con le attività totali gestite che sono aumentate di 17 miliardi di dollari. Da inizio anno, c'è stato un incremento di 27 fondi e 36 miliardi di dollari in attività nette. Il mercato si sta diversificando, con la quota di mercato dei primi 20 fondi che è diminuita dal 73% al 65%. Attualmente ci sono 53 fondi in registrazione presso la SEC, con un record di 21 nuove domande nel terzo trimestre 2024, un aumento del 90% rispetto al terzo trimestre 2023.
XA Investments ha publicado su Actualización de Mercado del Tercer Trimestre de 2024 para sus Fondos Cerrados No Cotizados, revelando un crecimiento significativo del mercado. El informe muestra 235 fondos de intervalo y de oferta de compra con 162 mil millones de dólares en activos netos y 191 mil millones de dólares en activos totales gestionados. El mercado vio un aumento neto de 5 fondos desde el segundo trimestre, con los activos totales gestionados aumentando en 17 mil millones de dólares. Hasta la fecha, ha habido un aumento de 27 fondos y 36 mil millones de dólares en activos netos. El mercado se está diversificando, con la cuota de mercado de los 20 principales fondos disminuyendo del 73% al 65%. Actualmente, hay 53 fondos en registro ante la SEC, con un récord de 21 nuevos registros en el tercer trimestre de 2024, un aumento del 90% desde el tercer trimestre de 2023.
XA Investments는 비상장 클로즈드 엔드 펀드 2024년 3분기 시장 업데이트를 발표하며 상당한 시장 성장을 공개했습니다. 이 보고서는 235개의 인벌리 및 청산 제안 펀드가 1,620억 달러의 순 자산과 1,910억 달러의 총 관리 자산을 보유하고 있음을 보여줍니다. 시장은 2분기 대비 5개의 펀드가 순증가하여, 총 관리 자산이 170억 달러 증가했습니다. 올해 초부터 현재까지 27개의 펀드와 360억 달러의 순 자산이 증가했습니다. 시장은 다각화되고 있으며, 상위 20개 펀드의 시장 점유율은 73%에서 65%로 감소했습니다. 현재 SEC 등록에는 53개의 펀드가 있으며, 2024년 3분기에는 21개의 새로운 신청이 기록되어 2023년 3분기 대비 90% 증가했습니다.
XA Investments a publié sa mise à jour du marché du troisième trimestre 2024 pour ses fonds fermés non cotés, révélant une croissance significative du marché. Le rapport montre 235 fonds à intervalle et d'offre de rachat avec 162 milliards de dollars en actifs nets et 191 milliards de dollars en actifs totaux sous gestion. Le marché a connu une augmentation nette de 5 fonds par rapport au deuxième trimestre, avec des actifs sous gestion totaux augmentant de 17 milliards de dollars. Depuis le début de l'année, il y a eu une augmentation de 27 fonds et de 36 milliards de dollars en actifs nets. Le marché se diversifie, la part de marché des 20 premiers fonds passant de 73 % à 65 %. Actuellement, 53 fonds sont en cours d'enregistrement auprès de la SEC, avec un record de 21 nouvelles demandes au troisième trimestre 2024, soit une augmentation de 90 % par rapport au troisième trimestre 2023.
XA Investments hat sein Marktreport für nicht börsennotierte geschlossene Fonds im dritten Quartal 2024 veröffentlicht, der ein signifikantes Marktwachstum aufzeigt. Der Bericht zeigt 235 Intervall- und Rücknahmepauschalfonds mit 162 Milliarden Dollar an Nettoaktiva und 191 Milliarden Dollar an verwalteten Gesamtaktiva. Der Markt verzeichnete einen Nettounterschied von 5 Fonds zum zweiten Quartal, wobei die verwalteten Gesamtaktiva um 17 Milliarden Dollar gestiegen sind. Seit Jahresbeginn gab es einen Anstieg von 27 Fonds und 36 Milliarden Dollar an Nettoaktiva. Der Markt diversifiziert sich, wobei der Marktanteil der 20 größten Fonds von 73% auf 65% gesenkt wurde. Derzeit gibt es 53 Fonds, die bei der SEC registriert sind, mit einem Rekord von 21 neuen Anträgen im 3. Quartal 2024, was einer Steigerung von 90% im Vergleich zum 3. Quartal 2023 entspricht.
- Market growth with $17 billion increase in managed assets in Q3
- Year-to-date increase of 27 funds and $36 billion in net assets
- Record 21 new SEC filings in Q3, 90% increase YoY
- Market diversification with top 20 funds' share decreasing from 73% to 65%
- Strong net flows, particularly in credit and venture/private equity funds
- Higher net expense ratios in credit and venture/private equity categories
- Average net expense ratio of 2.42% including all fees
Insights
The non-listed CEF market shows remarkable expansion with 235 funds managing
Key growth drivers include:
- Strong demand for credit and private equity strategies
- Strategic partnerships between traditional and alternative asset managers
- Increased filing activity with 21 new registrations in Q3
- Reasonable fee structures averaging
1.19% for management fees
Shows Robust Growth and Diversification
“Overall, the non-listed CEF market continues to demonstrate robust growth and diversification, driven by innovative fund launches and increasing by advisors’ acceptance in the wealth management channel,” stated Kimberly Flynn, the President of XAI. “While challenges remain, particularly in educating investors and navigating regulatory complexities, we believe the market's trajectory remains positive, with significant opportunities for expansion in the coming quarters.”
XAI’s Market Update showed that as of September 30, 2024, there were 235 interval and tender offer funds with a total of
In total, there are 133 unique sponsors in the interval and tender offer fund space. The market has continued to diversify with the market share of the top 20 funds decreasing from
Demonstrating their attractiveness to investors, there are 44 sponsors that have two or more interval and/or tender offer funds. Additionally, there are 18 funds in the Securities and Exchange Commission (SEC) backlog from sponsors looking to launch another fund. Perhaps reflecting the activity in the investing marketplace, since 2020 the majority of funds launched are credit or private equity strategies with 74 credit funds and 47 private equity funds in the interval and tender offer categories.
One interesting development noted in the third quarter is the utilization of partnerships to bring alternative products to market. These partnerships, usually between a firm that is focused on traditionally public assets and firms that are usually focused on private assets, allows the firms to expand their product offerings and use the expertise of their partners to offer best-in-class solutions. Some of these partnerships that plan to have interval fund offerings include BlackRock and Partners Group, Capital Group and KKR, and Lord Abbett and Apollo.
Looking at the top 20 largest funds in the market, they all have over
The non-listed CEF market continues to grow with a total of 53 funds currently in the SEC registration process. In the third quarter, there were a record 21 new filings compared to the third quarter of 2023, when there were only 11 new fund filings, representing a
Most non-listed CEFs have management fees in the range of
Looking at fund performance, the top performing non-listed CEF funds for the one-year period ending June 30, 2024, in order of performance, were the Stone Ridge Reinsurance Risk Premium Interval Fund, the Skybridge Multi-Adviser Hedge Fund Portfolios LLC, and the Advantage Advisers Xanthus Fund, L.L.C. In addition, net expense ratios for non-listed CEFs average
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
Sources: XA Investments; CEFData.com; SEC Filings.
Notes: All information as of 9/30/2024 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024606178/en/
Kimberly Flynn, President
XA Investments LLC
Phone: 888-903-3358
Email: KFlynn@xainvestments.com
www.xainvestments.com
Source: XA Investments LLC
FAQ
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