Shrewsbury, New Jersey, October 10, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q3 2025 edition of The Stanger Closed-End Fund Report, now expanded to include fundraising data for more than 135 tender offer funds.
Interval and tender offer funds, once niche vehicles, have exploded past $222 billion in net assets after a 12.4% quarter-over-quarter increase. Powered by over $21 billion of capital attracted by private-credit strategies, these closed-end funds have raised nearly $47 billion year-to-date through August.
“We’re watching the mainstreaming of private credit happen in real time,” said Kevin T. Gannon, Chairman and CEO of Stanger. “What used to be an institutional backwater is now driving record inflows from retail channels.”
Interval fund net assets climbed 9.4% in the third quarter to $122.6 billion, with more than 63% of that dedicated to debt and fixed income strategies. Tender-offer funds surged even faster – up more than 16% quarter-over-quarter – with private-equity funds accounting for nearly 42% of the total $99.5 billion. “These structures are redefining the way capital moves through private markets,” Gannon added. “It’s a structural shift with lasting implications for both managers and investors.”
Real estate strategies – historically the engine of retail alternatives – continue to face headwinds as higher rates pressure valuations and liquidity.
“Real estate is recalibrating,” noted Michael S. Covello, Executive Managing Director at Stanger. “Funds like Bluerock Total Income+ are adapting to this environment by pursuing a listed closed-end fund structure, a move that underscores both the challenges and resilience of the sector. We’re seeing capital rotate from traditional property vehicles into credit and multi-asset solutions that offer flexibility, yield, and more responsive liquidity features.”
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
