New Stanger data offers deeper insight into redemption activity across credit interval funds
Shrewsbury, New Jersey, July 16, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q2 2026 edition of The Stanger Closed-End Fund Report. This edition highlights continued market growth, private equity and venture capital leadership in interval fund performance, and newly introduced fund-level redemption data for the 25 largest credit-focused interval funds.
Non-listed closed-end funds reached $261 billion in aggregate net asset value in Q2 2026, a 4.0% quarter-over-quarter increase. Interval funds accounted for $136.0 billion, up 2.2% from the prior quarter, while tender offer funds grew 6.1% to $125.1 billion. Stanger now tracks 308 effective closed-end funds, consisting of 173 interval funds and 135 tender offer funds.
Aggregate NAV by investment focus for interval funds and tender offer funds, as detailed in the Q2 2026 edition, is summarized below:
The newly introduced fund-level redemption data summarizes the most recently reported repurchase activity for the 25 largest credit interval funds by aggregate NAV. Across those funds, met redemptions equaled approximately 5.0% of the corresponding NAV basis for the most recently reported quarters, compared with 5.4% in immediately preceding quarters. Because funds report on varying schedules, this figure combines Q2 2026 results for six funds and Q1 2026 results for the remaining nineteen and should not be interpreted as a single-quarter market total. Based on most recently reported data, these 25 funds have returned nearly $6.4 billion to investors in 2026.
The most notable fund-level result came from Cliffwater Corporate Lending Fund, the largest interval fund by aggregate NAV at more than $30 billion. Based on Stanger estimates derived from industry reports and press coverage, the fund received repurchase requests equal to 17% of NAV in its most recent offer and repurchased 5% of NAV, or $1.6 billion, satisfying approximately 29% of requests. In its prior offer, Cliffwater expanded its standard 5% quarterly offer to 7%, returning $2.3 billion to investors and satisfying roughly half of total requests.
“The private credit liquidity cycle extends beyond BDCs,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Our new interval fund data shows meaningful investor demand for liquidity within credit-focused vehicles, but also substantial variation from fund to fund. Sponsors are continuing to return capital within defined program limits, while proration is occurring where requests exceed those limits. That is how semi-liquid structures are designed to function, and this expanded coverage gives greater visibility into where liquidity demand is concentrated and how individual funds are managing it.”
Gross fundraising across interval and tender offer funds totaled approximately $30.5 billion year-to-date through May 2026, essentially unchanged from $30.6 billion during the same period of 2025. Interval funds raised $14.2 billion through May 2026, with credit strategies contributing $8.4 billion, or 59% of gross sales. Tender offer funds raised $16.3 billion, led by private equity and venture capital strategies, which raised $8.7 billion and accounted for 54% of gross sales.
Private equity and venture capital strategies led interval fund performance across all three trailing periods. Funds in the category represented seven of the top 10 performers over three months and six of the top 10 over both six and twelve months. As published in the Q2 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 visit our website or contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
***
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
