Shrewsbury, New Jersey, April 16, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q1 2026 edition of The Stanger Closed-End Fund Report. This edition introduces revised investment focus categories across all interval and tender offer fund coverage, providing greater clarity into sponsor offerings by investment strategy.
Non-traded closed-end funds reached $251 billion in aggregate net asset value in Q1 2026, crossing the quarter-trillion threshold for the first time after a 6.0% quarter-over-quarter increase. Interval funds accounted for $133 billion, up 4.7% from the prior quarter, while tender offer funds grew 7.6% to $118 billion. Stanger now tracks 293 effective closed-end funds, consisting of 157 interval funds and 136 tender offer funds.
Through February 2026, gross fundraising across both vehicles totaled approximately $12.1 billion, with interval funds raising $6.2 billion and tender offer funds raising $5.8 billion. Credit strategies continue to lead interval fund capital formation, raising $4.2 billion and accounting for 68% of total gross sales. Meanwhile, private equity and venture capital strategies dominated tender offer fund inflows at $3.1 billion, or 53% of gross sales.
“A quarter-trillion dollars in aggregate NAV reflects how firmly interval and tender offer funds have become core allocation vehicles for private wealth,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Credit’s dominance within interval funds is moderating, and private equity and venture capital strategies now represent more than half of tender offer fund assets. Within interval funds, private equity and real estate credit funds are seeing year-over-year growth in sales as sponsors respond to investor demand with a broader mix of offerings.”
The Q1 2026 edition reflects a comprehensive review of the investment objectives and holdings of all closed-end funds tracked by Stanger. That review resulted in a more granular set of investment focus categories, replacing broader groupings used in prior editions, to provide additional precision in evaluating allocation trends and shifts in capital flows over time.
Aggregate NAV by investment focus for interval funds and tender offer funds, as detailed in the Q1 2026 edition, is summarized below:
“Private credit redemption activity has become one of the most closely watched metrics in the non-listed alternatives market,” said Michael S. Covello, Executive Managing Director at Stanger. “BDCs have dominated the conversation but represent only a portion of the broader market. Cliffwater Corporate Lending Fund, for example, reported Q1 2026 redemption requests of approximately 14% of NAV and fulfilled about 7%, or $2.4 billion, expanding its standard 5% quarterly repurchase offer within program limits. To provide a more complete view of liquidity dynamics across the private credit landscape, Stanger expects to expand its coverage of redemption data in next quarter’s edition of The Stanger Closed-End Fund Report.”
As published in the Q1 2026 edition of The Stanger Closed-End Fund Report, interval fund performance leaders across key time periods are summarized in the table below:
To request a copy of The Stanger Closed-End Fund Report or for further information on all available Stanger Publications, please contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
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About Robert A. Stanger & Co., Inc.
Robert A. Stanger & Co., Inc., founded in 1978, is a nationally recognized 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, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
Stanger is also well known for its industry leading publications: The Stanger Report, a nationally recognized comprehensive report focused on non-traded REIT and BDC investing, including aggregate market statistics, total returns by company and total return indices, fee structure comparisons, and profiles of current offerings; The Stanger Market Pulse, a monthly deep-dive into alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Closed-End Fund Report, focused on non-traded interval fund and tender offer fund investing; Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs exclusively available to Stanger Institutional Access subscribers; and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
For More Information:
Kevin T. Gannon | Chairman & CEO | (732) 389-3600
Robert A. Stanger & Co., Inc.
1129 Broad Street, Suite 201
Shrewsbury, NJ 07702
www.rastanger.com
Member: SIPC
