• During 2022 unlisted interval fund assets grew to nearly $64 billion primarily through funds focused on Credit/Income and Real Assets strategies. The launch of 10 new unlisted interval funds contributed to this growth, adding over $1.1 billion in AUM and bringing the total number of unlisted interval funds currently offered to 75 as of year-end 2022.
• As fee compression continues to adversely impact asset managers, interval funds have been able to maintain fee levels and provide managers with an opportunity to differentiate themselves. This, combined with investor demand for products uncorrelated to broad markets and 15 funds in registration, indicates strong growth prospects for interval funds throughout 2023.
• With continued growth also comes the creation of new and unique strategies that use the interval structure. A prime example of this is the Stone Ridge Art Risk Premiums Fund, which invests either directly in art or through equity interests in legal entities formed by Masterworks.

Interval Unlisted CEFs: Assets by Broad Category ($B)

Source: SEC Filings, FUSE Research Analysis