- Through 3Q25, 33 interval funds and 17 tender-offer funds have launched—just two shy of 2024’s total. At the current pace, launches are on track to surpass 65 by year-end.
- With launches far outpacing liquidations, fund offerings have increased significantly. As of 3Q25, there are 154 interval funds ($116B AUM) and 115 tender-offer funds ($91B AUM) in the market.
- Rising competition is pushing managers, both established and new, to deliver more differentiated, competitively priced products. Private credit continues to dominate, accounting for over half of all new launches this year.
