- As of 4Q25, interval and tender-offer fund assets grew 37.1%, from $174B (end-2024) to $239B. Tender-offer funds outpaced interval funds, rising 46.8% vs. 29.8% YTD.
- The growth gap widened in recent quarters: in 4Q25, interval fund assets increased 1.1% vs. 8.2% for tender-offer funds.
- Interval fund growth has been constrained by heavy exposure to private credit amid rising concerns, while tender-offer funds—with greater private equity allocation—have been less affected.
- Through 2026, tender offer funds are expected to continue leading growth. Despite ongoing product development, interval funds may face near-term fundraising headwinds from negative private credit sentiment and increased pro-rata redemptions.
