Shrewsbury, New Jersey, January 14, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q4 2025 edition of The Stanger Closed-End Fund Report, now expanded to include performance data for public offerings of tender offer funds exceeding $100 million in aggregate net asset value (NAV).
Interval and tender offer funds closed 2025 on a high note, with combined aggregate NAV reaching $237 billion after a 6.6% quarter-over-quarter increase. Powered by more than $67 billion in gross fundraising year-to-date through November – a 34% jump from the $50 billion raised in full-year 2024 – these vehicles have quickly become a portfolio staple for retail investors seeking access to private markets. Private credit strategies continue to dominate closed-end fund flows, accounting for more than 44% of the $67 billion total raised.
“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. “The market has seen surging demand for private credit and private equity exposure, with nearly $42 billion flowing into closed-end funds focused on these strategies. With no signs of slowing down, investors continue to show a strong appetite for illiquid assets wrapped in accessible, semi-liquid formats.”
Interval fund net assets climbed 3.8% in the fourth quarter to $127.2 billion, with more than 64% of that dedicated to debt and fixed income strategies. Tender-offer funds surged even faster – up more than 10% quarter-over-quarter – with private-equity funds accounting for nearly 42% of the total $109.6 billion.
As published in the Q4 2025 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
