Interval Funds' NAV Reaches $86.4 Billion in Q2 2024

Interval funds are projected to achieve $27 billion in capital formation for 2024, with a combined NAV of $86.4 billion at the end of Q2, reflecting a 10.9% increase from the previous quarter.

July 17, 2024

Interval funds reached a combined net asset value (NAV) of $86.4 billion at the end of Q2 2024, up 10.9% from the previous quarter. Nine new funds became effective, and 11 more filed new registration statements, bringing the total pending registrations to nearly 40.

“Following a robust beginning to the year, we anticipate interval funds will achieve capital formation totaling $27 billion in 2024, a 35% increase from the $20 billion raised in 2023. As of May 2024, 28 funds have already surpassed the $100 million mark in fundraising,” said Kevin T. Gannon, chairman and CEO of Robert A. Stanger & Co., Inc. “Notably, Cliffwater-sponsored interval funds remain at the forefront, having amassed an impressive $4.9 billion, accounting for approximately 43% of the $11.4 billion in total gross sales year-to-date through May 2024.”

Infrastructure-focused funds are gaining traction, with year-to-date gross sales over $144 million and redemptions below $1 million through May. Gannon added, “Stanger anticipates ongoing expansion in assets under management and new market participants for these funds. Reflecting this trend, we have introduced a dedicated “infrastructure” category in The Stanger Interval Fund Report, encompassing five funds with a cumulative NAV now surpassing $3.2 billion.”

In Q2 2024, Stone Ridge Trust II was the top performer among interval funds, with total returns of 5.4% over three months and 39.4% over 12 months, leading the 12-month return rankings for the second consecutive quarter.

The ACAP Strategic Fund led with a 25.1% total return over six months, continuing its strong performance from Stanger’s Q1 2024 report, where it topped the three-month and 12-month rankings.

These results, along with individual performance data, profiles on effective and newly registered interval fund offerings, and fee structure comparisons for 106 interval funds, are detailed in the Q2 2024 edition of The Stanger Interval Fund Report.

Founded in 1978, Robert A. Stanger & Co., Inc. is an investment banking firm providing services in investment banking, financial advisory, fairness opinion, and asset and securities valuation to partnerships, REITs, and real estate advisory and management companies. The firm supports strategic planning, capital formation, financings, mergers, acquisitions, reorganizations, and consolidations.