Accessible Version
The Rise of Semiliquid Funds for Retail Investors, Accessible Data
Figure 1. Growth of Semiliquid Funds, by Fund Type
This figure consists of two charts, arranged vertically, showing the growth of three types of semiliquid funds from 2018 through 2025.
Panel A: Total Net Assets
This is a stacked area chart showing quarterly data from 2018 to 2025. The y-axis shows dollar values in billions, ranging from 0 to 450 billion. The chart displays the total net assets in billions of dollars for three fund types: "Tender Offer Funds" (gold area), "Interval Funds" (green area), and "Non-Traded BDCs" (blue area). Total net assets show consistent growth throughout the period, accelerating from 2020 onward. Starting at 15 billion dollars in 2018, the combined assets grow to 388 billion dollars by 2025. Non-Traded BDCs (blue) make up the largest portion, growing from minimal amounts in 2018 to 162 billion dollars by 2025. Interval Funds (green) represent the second largest category, increasing from about 10 billion dollars in 2018 to approximately 130 billion dollars by 2025. Tender Offer Funds (gold) show the smallest but still significant growth, increasing from minimal amounts to about 96 billion dollars by 2025.
Panel B: Total Number of Funds
This is a stacked bar chart showing quarterly data from 2018 to 2025. The y-axis displays number of funds, ranging from 0 to 450. The same three fund types are represented: "Tender Offer Funds" (gold), "Interval Funds" (green), and "Non-Traded BDCs" (blue). The total number of funds increases steadily from 86 in 2018 to 324 by 2025. Non-Traded BDCs (blue) start with 1 fund in 2018 and grow to 52 funds in 2025. Interval Funds (green) show significant growth, increasing from 42 funds in 2018 to 150 funds by 2025. Tender Offer Funds (gold) also increase steadily, starting at 43 funds in 2018 and growing to 122 funds by 2025.
Note: The top chart plots total net assets (total assets under management minus total debt) of each vehicle type. Total AUM for non-traded BDCs was approximately $307B as of 2025Q4. For interval and tender offer funds, this chart provides a lower bound estimate of total fund net assets due to exclusion of some funds with missing total net asset data in Morningstar. The first non-traded perpetual-life BDC appears in our sample in 2018, and all values are reported through 2025Q4. Key identifies the series in order from top to bottom. Source: Morningstar and LSEG Data & Analytics BDC Collateral.
Figure 2. Aggregate Portfolio Allocation to Private Credit by Interval and Tender Offer Funds
This line chart illustrates the diverging trends in aggregate portfolio allocation to private credit between interval funds and tender offer funds from 2020 Q1 to 2026 Q1, measured as a share of total net assets. Interval funds, shown as a solid line, began at approximately 15% in early 2020 and demonstrated consistent growth throughout the period, rising to nearly 50% by 2026 Q1 despite some fluctuations between 2020 and 2023. In contrast, tender offer funds, represented by a dashed line, started higher at around 25% in 2020 Q1, peaked at approximately 40% in 2022 Q1, and then declined steadily to approximately 15% by 2026 Q1. The data reveals a clear shift in market preference, with interval funds significantly increasing portfolio share in private credit while tender offer funds reduced it after 2022. The source data comes from N-PORT and Morningstar, noting that a phased regulatory compliance period for N-PORT began in 2019 Q3 and finished in 2020 Q2, when the data became more complete.
Source: N-PORT and Morningstar. A phased regulatory compliance period for N-PORT began in 2019Q3 and finished in 2020Q2, which is the first reporting quarter that contains the full universe of filers.