Shrewsbury, New Jersey, July 15, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, today released the Q2 2025 edition of The Stanger Closed-End Fund Report. Formerly known as The Stanger Interval Fund Report, this inaugural edition marks a significant expansion of coverage to now include tender offer funds in addition to the previously covered interval funds, providing comprehensive insights into the $198 billion non-traded closed-end fund landscape across 268 covered closed-end funds.
The aggregate NAV of interval funds reached $112.1 billion in Q2 2025, a 4.1% quarter-over-quarter increase and a 29.7% year-over-year surge. Year-to-date through May 2025, interval funds raised $15.4 billion, a 28.3% increase from $12.0 billion in the same period of 2024. Cliffwater-sponsored interval funds continue to lead the market, capturing $6.3 billion (41% market share) across their two funds. The aggregate NAV of tender offer funds reached $85.6 billion in Q2 2025 across 132 covered funds.
Among tender offer funds, Partners Group Private Equity (Master Fund) stands out as the largest, with a $15.8 billion aggregate NAV. The ten largest tender offer funds account for 55% ($47.3 billion) of the tender offer fund universe, with private equity-focused tender offer funds representing 43% ($36.8 billion). The report also notes eleven new interval fund registrations since the last publication, including the notable WVB All Markets Fund, a Wellington-sponsored vehicle investing in Vanguard and Blackstone managed strategies without those firms serving as sponsors, promoters, advisers, or affiliates.
“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.”
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 flagship publication, 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, focused on public non-traded REIT, non-traded BDC and other 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 closed-end fund investing, and The Alt Street Journal, a newsletter providing a weekly update on industry activities.
Stanger’s newest publication, Stanger Privates, is a quarterly deep dive into over 100 Private Placement REITs and BDCs and available exclusively to Stanger Institutional Access subscribers.
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
