The total net asset value (NAV) of U.S. interval funds climbed to $112.1 billion in the second quarter of 2025, marking a 4.1% increase from Q1 and a sharp 29.7% year-over-year rise, according to newly released data from Robert A. Stanger & Company, Inc. This growth reflects continued momentum in the closed-end fund segment, as alternative structures like interval and tender offer funds attract growing investor interest. 

Through the first five months of 2025, interval funds raised $15.4 billion—up 28.3% from the $12.0 billion raised over the same period in 2024. Cliffwater-sponsored funds continued to dominate, raising $6.3 billion and securing a commanding 41% share of the market across their two offerings. 

Stanger’s latest edition of its report—now rebranded as The Stanger Closed-End Fund Report—also includes comprehensive coverage of tender offer funds for the first time. The aggregate NAV of tender offer funds reached $85.6 billion in Q2 2025 across 132 covered funds. The 10 largest funds in this category accounted for $47.3 billion (55%) of the total NAV, with the Partners Group Private Equity (Master Fund) leading the pack at $15.8 billion. Private equity-focused strategies represented a significant 43% ($36.8 billion) of the tender offer fund market. 

The firm noted 11 new interval fund registrations since the last report, including the WVB All Markets Fund—an innovative Wellington-sponsored product that invests in strategies managed by Vanguard and Blackstone, though neither firm is involved as a sponsor, promoter, adviser, or affiliate. 

“We’re thrilled to broaden our Q2 2025 report to now include tender offer funds, effectively doubling our coverage of the constantly growing closed-end fund space,” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “We look forward to further enhancing our analysis with fee structures and fundraising data for tender offer funds in future editions.”