• Net assets in the interval and tender-offer market have increased by 25%, rising from $130.6 billion at the end of 2023 to $163.3 billion as of 3Q24. With the growth rate only accelerating, year-end 2024 net assets are likely to exceed $170 billion.
• Along with rising assets, the number of products entering the market has also increased, with a record 43 launches as of year-end 2024. Of these 43 launches, 29 were interval funds and 14 were tender-offer funds. Product development has been driven by persistent demand for private credit and other alternatives.
• Overall, interval funds have been slightly more popular than their tender-offer fund counterparts. This is due to the increased liquidity of the structure, making it more platform- and client-friendly. Additionally, interval funds are more commonly used for private credit, while tender-offer funds are often used for private equity, contributing to interval funds’ slightly faster growth.

Analyst Note: Launches are through year-end 2024