Closed-End Funds Reach $237 Billion Net Asset Value in 2025, Says Stanger
Interval and tender offer funds closed 2025 on a high note, with combined aggregate net asset value reaching $237 billion after a 6.6% quarter-over-quarter increase. Powered by more than $67 billion in gross fundraising year-to-date through November – a 34% jump from the $50 billion raised in full-year 2024 – these vehicles have quickly become a portfolio staple for retail investors seeking access to private markets. This is according to the latest analysis from investment banking firm Robert A. Stanger & Company Inc.
Stanger’s data shows that private credit strategies continue to dominate closed-end fund flows, accounting for more than 44% of the $67 billion total raised.
“We’re seeing closed-end funds evolve from niche players to essential building blocks for diversified portfolios,” said Kevin T. Gannon, chairman and chief executive officer of Stanger. “The market has seen surging demand for private credit and private equity exposure, with nearly $42 billion flowing into closed-end funds focused on these strategies. With no signs of slowing down, investors continue to show a strong appetite for illiquid assets wrapped in accessible, semi-liquid formats.”
Interval fund net assets climbed 3.8% in the fourth quarter to $127.2 billion, with more than 64% of that dedicated to debt and fixed income strategies. Tender-offer funds surged even faster – up more than 10% quarter-over-quarter – with private equity funds accounting for nearly 42% of the total $109.6 billion.
Robert A. Stanger & Company founded in 1978, is an investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts, and real estate advisory and management companies in support of strategic planning and execution, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
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