Interval Funds Raise $15.4B Through May, a 28% Increase Year-Over-Year
Year-to-date through May 2025, interval funds raised $15.4 billion, a 28.3% increase from $12 billion in the same period of 2024. The aggregate net asset value of interval funds reached $112.1 billion in the second quarter of 2025, a 4.1% quarter-over-quarter increase and a 29.7% year-over-year surge – all according to the latest analysis investment banking firm Robert A. Stanger & Company Inc.
Stanger reported that the aggregate NAV of interval funds reached $107.7 billion in the first quarter of 2025, a 37.8% year-over-year surge. At the same timestamp, Stanger projected that gross fundraising for interval funds could eclipse $37 billion this year.
Stanger recently expanded its coverage to track registrations and performance of tender offer funds, as well as interval funds. The change enables the firm to examine and report on the $198 billion non-traded closed-end fund landscape across a total of 268 covered closed-end funds.
Cliffwater-sponsored interval funds continue to lead the market, according to Stanger, capturing $6.3 billion, i.e., 41% market share, across its two funds. The aggregate NAV of tender offer funds reached $85.6 billion in Q2 2025 across 132 covered funds.
Among tender offer funds, Partners Group Private Equity (Master Fund) stands out as the largest, with a $15.8 billion aggregate NAV. The 10 largest tender offer funds account for 55%, ($47.3 billion), of the tender offer fund universe, with private equity-focused tender offer funds representing 43%, or $36.8 billion.
“We look forward to further enhancing our analysis with fee structures and fundraising data for tender offer funds…” said Kevin T. Gannon, chairman and chief executive officer of Stanger.
Stanger also noted 11 new interval fund registrations since its last reporting, including the notable WVB All Markets Fund, a Wellington-sponsored vehicle investing in Vanguard and Blackstone managed strategies without those firms serving as sponsors, promoters, advisers, or affiliates.
Other interval and tender offer funds reported on by AltsWire between April and June 2025 included:
- Interval Fund Watch: ABL Wealth Advisors, Russell Investments Register With SEC;
- Polen Interval Fund Broadens Strategy to Include CLOs;
- First Eagle Launches Interval Fund Focused on Private, Public Credit Opportunities;
- Janus Henerson Affiliate Launches Alternative Growth Tender Offer Fund; and
- Privacore and Victory Park Capital Register Asset-Backed Credit Interval Fund.
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