• The unlisted closed-end fund (unlisted CEF) market continues to grow at a steady pace. Cumulative assets have grown 14.4% from 2020 through 2Q21.
• At the asset class level, Alternatives has surged in popularity over the years, along with improved accessibility for investors. Alternative strategies dominate all types of unlisted CEFs.
• We expect unlisted CEFs will continue to evolve with high-net-worth retail investors significantly contributing to asset growth. Advisors will continue to develop their knowledge of unlisted CEFs and build them into the portfolio construction process to achieve better diversification for their clients, which in turn, will drive higher capital commitments.

Unlisted CEF Market: Assets by Type ($ Millions)

Source: SEC Filings, FUSE Research Analysis