Interval and tender offer funds closed 2025 with renewed momentum, cementing their role as core portfolio tools for retail investors seeking access to private markets. Combined aggregate net asset value reached $237 billion, up 6.6% quarter over quarter, according to The Stanger Closed-End Fund Report from Robert A. Stanger & Company. 

Growth was fueled by a surge in fundraising. Through November, closed-end vehicles pulled in more than $67 billion in gross capital, a 34% increase from the $50 billion raised in all of 2024. The data highlight how interval and tender offer structures—offering limited liquidity alongside access to less liquid strategies—have moved from niche offerings to staples in retail portfolios. 

Private credit once again led the charge, accounting for over 44% of total capital raised during the year. More broadly, private credit and private equity strategies attracted nearly $42 billion in combined flows, underscoring persistent investor demand for yield and diversification amid a shifting macro backdrop. 

“We’re seeing closed-end funds evolve from niche players to essential building blocks for diversified portfolios,” said Kevin T. Gannon, chairman and CEO of Stanger. “Demand for private credit and private equity exposure remains strong, and investors continue to embrace illiquid strategies packaged in more accessible, semi-liquid formats.” 

By structure, interval funds posted steady gains, with net assets rising 3.8% in the fourth quarter to $127.2 billion. More than 64% of interval fund assets are now allocated to debt and fixed income strategies, reflecting income-focused demand. 

Tender offer funds grew even faster, with assets jumping over 10% quarter over quarter to $109.6 billion. Private equity strategies accounted for nearly 42% of tender offer fund assets, highlighting investors’ willingness to accept constrained liquidity in exchange for long-term growth potential.