Unlisted Closed-End Funds:
Continued Growth During Uncertain Markets

Growth in unlisted closed-end funds continues to accelerate even through unprecedented challenges the COVID-19 pandemic has created for the asset management space. Access the latest market update plus insight into regulatory changes, investment categories and asset managers influencing the category.

Key findings:

Interval funds are fast becoming the preferred unlisted closed-end fund (unlisted CEF) structure. Market share has grown from 19% at year-end 2014 to 53% as of March 2020. Interval funds are also the focus of product development, accounting for 84% of product launches over the last three years.

Strategies focused on accredited investors continue to account for the majority of unlisted CEF assets with 61% market share. 

Unlisted CEFs are an emerging product structure with $62B in AUM. Product manufacturers will need to actively market their products to manage reservations about the overall structure (limited liquidity, fees, track records).

Access the full report by UMB Fund Services 
and FUSE Research Network below:

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UMB Fund Services is a leader in unlisted closed-end fund servicing, offering a unique servicing technology and a start-up platform both designed specifically for unlisted CEFs. UMB Fund Services offers a broad array of services for mutual funds and alternative investments, including turnkey solutions, to help our clients not only bring new products
to market, but also to position themselves for future growth. Key services include fund accounting and administration, investor accounting and reporting, tax preparation, transfer agency, distribution*, custody** and cash management.**

At UMB, we excel at adapting in an ever-changing market environment. This agility positions our operation to meet
client needs now and in the future.

Industry leading expertise and experience in closed-end fund structures

Business insights

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VP/Business Banking 


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Steven Phillips 
VP/Business Banking 

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Analysis includes:

  • Investor profile
  • Changes in investor accreditation
  • Structure and strategies
  • Pricing and liquidity
  • Top funds and firms
  • Manager spotlight: Cliffwater
Learn more about UMB's solutions for unlisted closed-end funds.