Tender offer and interval funds have become the structure of choice for alternative asset managers. Nonetheless, a small group of REITs and BDCS continues to raise capital and play an important role in investor’s portfolios.

(Note: this chart includes only new funds registering shares for the first time, and excludes follow-on offerings. Additionally, tender offer funds that offer multiple share classes via a master feeder structure are treated as a single fund).

Fundraising in Non-traded REITs and BDCs has mainly consisted of a small group of legacy funds, rather than newly launched funds. NT REIT fundraising has been dominated by Blackstone, which as over 50% market share. Many legacy NT REITs and BDCs have also continued to raise capital through follow on offerings. Yet new fund’s have been few and far between. In contrast, more and more asset managers are launching tender offer and interval funds. As more financial advisers and asset allocators get comfortable with these structures, the trend is likely to continue.

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