Semi-liquid funds add $61B in 2025 as sponsors pile in

Interval and tender-offer funds ended 2025 with $233 billion in net assets, according to XA Investments' fourth-quarter report. That total spans 308 vehicles and marks a record for the non-listed closed-end complex. The market added $61 billion during the year. Kimberly Flynn, XA's president, says the trajectory stayed positive through 2025 and is expected to remain strong into 2026.

The split between formats tilts interval. XA counts 158 interval funds. They hold $156.1 billion, which the firm pegs at 57% of the market. Tender-offer funds number 150. They manage $119.9 billion. XA assigns them the remaining 43%. There is a wrinkle in the bookkeeping: the two asset figures sum to $276 billion. The report's headline says $233 billion. The update does not reconcile the difference.

Launch activity reads cleaner. Sixty-seven funds entered the market in 2025. That compares with 50 a year earlier. The sponsor count reached 159. XA counted 146 sponsors at the end of 2024. A little over a third of last year's launches — 36% — came from sponsors new to the market. XA names Blue Owl, Coatue, and Adams Street among those newcomers.

That roster fits XA's forecast. Flynn expects strong demand for evergreen products, a market that becomes more accessible to investors, and greater specialization in the strategies sponsors launch. The firm also anticipates more Specialty Structures — continuously offered evergreen funds with periodic liquidity, built for the private-wealth marketplace. In short, XA expects the supply spree to continue.

The supply side is moving faster than the bookkeeping. More funds, more sponsors, more strategies — all of it needs distribution on RIA platforms. Before repeating the $233 billion figure, read the components in the same report: they add to $276 billion. The count of 308 funds is the cleaner number to carry into 2026.