Fundraising for alternative assets offered to retail investors has been on the rise and asset managers have been busy launching a flurry of new products seemingly on a daily basis.
The world of evergreen investments includes interval funds, tender offer funds, non-traded REITs and business development companies. Several groups track that universe to some degree. One of those is XA Investments, a Chicago-based investment manager that provides registered closed-end fund structuring and consulting.
XA closely tracks activity specifically for interval funds and tender offer funds and provided WealthManagement.com with a list of the top 20 asset managers in those two structures to date in 2024.
“Leading the pack in terms of fundraising this year are two institutional consultants that have recently expanded into wealth management, Cliffwater and StepStone," said XA Investments President Kimberly Flynn. "Cliffwater also happens to be the overall interval fund market leader by AUM and is in the process of building out their alternatives platform comprised of three evergreen funds with distinct strategies. Alternative investment boutiques topping the list include Partners Group and Pantheon, which have met the increasing demand for access to private equity in an easy-to-use product structure.”
The following gallery includes the top fundraisers among asset managers offering interval and/or tender offer funds, according to XA Investments data. (The tickers listed in the gallery are for Class-I shares of the respective funds.)
Net flows are reported in Form NPORT-P (NPORTs), which are filed quarterly with the SEC. NPORT filings are typically lagged 60 days from the end of the reporting period. The net flows data is as of 6/30/2024 and represents the latest publicly available data.
