- Interval and tender-offer fund net assets soared 33.2% in 2024, from $130.6 billion at the close of 2023 to $174.0 billion as of 4Q24.
- Since 2021, the market has grown at a robust 22.5% CAGR and is projected to surpass $210 billion by year-end 2025.
- Through the first quarter of 2025, the market saw 12 fund launches and 22 new registrations, signaling sustained investor interest.
- Market concentration remains high: the top 10 funds hold 45.5% of total net assets. Leading the pack is the Cliffwater Corporate Lending Fund, which alone accounts for 13.9%.
