Fundraising for alternative assets offered to retail investors has been on the rise and asset managers have been busy launching a slew 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. Some bands trace that universe to some extent. One of them is XA Investments, a Chicago-based investment manager that offers registered closed-end fund structuring and advisory.
XA closely monitors activity specifically for interval funds and tender offer funds and offers WealthManagement.com with a list of the top 20 asset managers in these 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. in the process of building their alternatives platform consisting of three evergreen funds with different strategies. Alternative investment boutiques topping the list include Partners Group and Pantheon, which have met the growing demand for access to private equity in an easy-to-use product structure.”
The gallery below includes the top fundraisers among asset managers offering interval funds and/or tender offers, according to XA Investments data. (The tickers listed in the gallery are for Class I shares of the respective funds.)
Net flows are reported on Form NPORT-P (NPORTs), which are filed quarterly with the SEC. NPORT filings are usually delayed 60 days from the end of the reporting period. The net flows data are dated 30.6.2024 and represent the latest publicly available data.