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The Top 10 Interval Fund Raisers of 2023

The limited liquidity vehicle is becoming increasingly popular as a tool for individual investors looking for some exposure to private assets.

An interval fund is a type of closed-end mutual fund that doesn’t trade on public exchanges, but they do have ticker symbols. Interval funds are among a broader class of limited liquidity structures—including business development companies, tender offer funds and non-traded REITs—that are meant to be more accessible to retail investors with lower minimums, no drawdowns, simplified tax reporting and regular liquidity windows.

Year-to-date, alternative investment fundraising totaled $57.8 billion through October, according to data from Robert A. Stanger & Co. Non-traded BDCs have led the way at $15.8 billion, followed by interval funds at $15.4 billion and non-traded REITs at $9.4 billion. That compares with full year figures in 2022 in which interval funds raised $23.5 billion compared with $23.8 billion for non-traded BDCs and $33.3 billion for non-traded REITs, according to Stanger. The volume on interval funds in 2022 was nearly triple the funds raised in 2020. 

Interval funds have investment minimums as low as $25,000 to $50,000 and are open to accredited investors. They typically provide redemptions up to 5% per quarter. Most carry some cash reserves or a liquidity sleeve alongside their core investment strategy in order to make that liquidity available.

Interval funds are popular as a vehicle for debt and fixed income strategies. As of 2022, about 60% of interval funds fit into this bucket. Real estate is another popular asset class for interval funds.

Here is a look at the asset managers that have raised the most money so far in 2023 on interval funds.

TAGS: Mutual Funds
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