• Despite a pullback in the markets during the first quarter of 2022, unlisted closed-end fund (unlisted CEF) assets have continued to increase. During the first quarter, assets grew from $93.4 billion to $101 billion, an increase of 8.13% that brought total assets across the $100B mark for the first time.
• Growth in the unlisted CEF market has largely been driven by interval funds, which have seen assets more than double since 2018 from $27.0 billion to $59.2 billion. By category, asset growth has been fairly evenly spread between Alternative, Credit, and Sector funds.
• FUSE believes growth in the unlisted CEF market is far from finished, and we forecast assets will be approximately $120 billion by year-end 2022. With higher fees and the ability to be insulated from the market, the vehicle is attractive to both investors and asset managers looking to launch new funds.

Source: SEC filings, FUSE Research analysis