Core Insights - The interval and tender offer fund market has reached a significant milestone with a total of 304 funds, indicating a growing popularity and demand for these investment vehicles [2][4] - The market is expected to continue its positive trajectory with substantial opportunities for expansion in the remainder of 2025 and into 2026 [2][4] Market Overview - The non-listed closed-end fund market has a combined net asset value of $215 billion and total managed assets of $252 billion as of September 30, 2025 [4] - Interval funds account for 58% of total managed assets, amounting to $145.9 billion, while tender offer funds represent 42% with $105.7 billion [4] Fund Launch Activity - In Q3 2025, 20 new funds were launched, with 70% being interval funds, reflecting strong investor preference for this type of fund [5][6] - The interval fund market is dominated by alternative investment firms, holding a 69% market share [6] Regulatory Environment - The number of funds in the SEC registration process decreased from 51 to 41 in Q3 2025, attributed to a high number of fund launches and a slowdown in new registrations [7] - The recent government shutdown may further delay the SEC registration process for new funds [7] Market Dynamics - The market share of the top 20 funds has decreased to 58% in Q3 2025 from 59% in Q2 2025, indicating a diversification in the market [8] - Interval and tender offer funds experienced positive net flows totaling over $13 billion in Q2 2025, with 63% of funds reporting positive net flows [9] Investor Accessibility - 55% of interval and tender offer funds do not impose suitability restrictions at the fund level, enhancing accessibility for investors [10] - Following a change in SEC staff position, 16 funds have removed accredited investor requirements, suggesting a trend towards greater accessibility [10][11] Future Expectations - The expectation is for more funds to reduce suitability requirements in the next six months, with alternative funds without restrictions gathering significant assets [12]