• As high-net-worth investors continue to search for enhanced risk-adjusted returns with low-correlation to traditional assets, unlisted closed-end funds have continued to reach new records, surpassing $105 billion in assets at the end of 3Q22.
• For the first three quarters of 2022, total assets rose at a CAGR of 19% while total assets rose 34% for the same period in 2021. Although growth is still strong, marginal increases have begun to slow to a more moderate pace as the unlisted closed-end fund market continues to mature.
• As firms continue to refine which asset classes work best for certain vehicles, interval funds have continued to attract a larger share of assets over tender-offer funds. The structure has favorable distribution strategies and attractive asset classes, such as private credit which holds nearly half of all interval fund assets and has seen strong investor demand in current market conditions.

Unlisted Closed-End Fund Assets, 2018 – 3Q22 ($B)