Quarterly Updates

• Total Interval fund AUM has declined slightly in the most recent quarter, based on most recent SEC filings. Outflows were concentrated in a small group, and the majority of funds reported AUM growth.
• Losses and oversubscribed redemptions at reinsurance focused interval funds offset new fund launches. Additionally late 2018 equity market volatility also impacted some funds.
• Funds focused on lending and real estate continue to grow rapidly, both through asset price increases, and new investors.
• BlackRock, Cliffwater, Lord Abbett, and One William Street all launched new funds in 2019Q1.
• RiverNorth announced its plan to list its interval fund on NYSE. This is a positive development for the interval fund space.

AUM Growth

Total interval fund net assets equaled $27.3 billion as of the most recent public filings, up 27.1% compared to the prior year, but down 0.8% compared to the prior quarter. In late 2018 and early 2019, new fund launches were offset by stock market volatility, and redemptions at funds focused on reinsurance and insurance linked securities.

In the most recent quarter, 34 active interval funds reported net asset increases, and 20 reported net asset declines. Additionally, 11 funds recently launched and have not yet filed their first financial statements. Click here for current AUM data on all 64 active interval funds. Premium members also have access to historical AUM data

Fastest Growing Interval Funds

The following list shows the five fastest growing interval funds, based on net asset growth in the most recent reported quarter:

• Interval fund net assets increased 41% in 2018, reaching $27.5 billion.
• A record number of new funds launched in 2018.
• Interval fund performance has been generally positive for funds with track records.
• The government shutdown is temporarily delaying SEC review of pending interval fund registration statements.

Asset Growth and Fund Launches

Total net assets in interval funds increased 41% in 2018, reaching approximately $27.5 billion based on filings available at the end of the year. The SEC declared effective 16 interval fund registrations statements in 2018, including three in Q4.  Additionally, two privately offered interval funds launched in 2018. Overall 2018 was another year of historic growth for interval funds.

Although there are 60 active funds, the five largest alone account for 65% of total net assets. Many funds recently launched and are yet to gain fundraising momentum. Click here for AUM data on active interval funds.

Note All data in this post is based on SEC filings available as of  January 1, 2019 unless otherwise indicated. To access data and code behind this article, see Interval Fund Tracker’s Bitbucket repository.

Fastest Growing Interval Funds

Thirty-five active interval funds reported net asset growth in the most recent quarter,  and fifteen reported a decrease. In general, large asset managers continue to dominate fundraising.  The following list shows the five fastest growing interval funds, based on net asset growth in the most recent reported quarter

• Net assets in the interval fund sector have increased 50% in the past year. The majority of growth is concentrated in the largest funds.
• BlackRock filed an initial registration statement, joining PIMCO, Blackstone, Nuveen, and several other major asset managers in providing an interval fund solution. BlackRock’s interval fund will implement a diversified credit strategy.
• Detailed competitive intelligence on fund structures and investment strategies is available through Interval Fund Tracker’s premium data product.

Interval Fund Asset Growth

Interval fund asset growth accelerated slightly in 2018Q3. Total interval fund net assets equalled $26.2 billion as of the most recent public filings, up 50% compared to the prior year, and 13% compared to the prior quarter.

Although new entrants are gaining share, interval fund assets remain highly concentrated. The five largest alone account for 65% of total net assets. Click here for AUM data on active interval funds.

Note All data in this post is based on SEC filings available as of October 1, 2018, unless otherwise indicated.  To access data and code behind this article, see Interval Fund Tracker’s Bitbucket repository.

Fastest Growing Interval Funds

Thirty-six active interval funds reported net asset growth in the most recent quarter, twelve reported a decrease. Additionally, eight recently launched funds have still not yet filed their first financial statements. In general, large asset managers continue to dominate fundraising. The following list shows the ten fastest growing interval funds, based on net asset growth in the most recent reported quarter.