美国投资公司协会（ICI）：2025年美国封闭式基金（CEF）市场研究报告（英文版）（30页）.pdf

1、WASHINGTON,DC|BRUSSELS|LONDON|WWW.ICI.ORGICI Research PerspectiveAPRIL 2026 /VOL.32,NO.3The Closed-End Fund Market,2025Key Findings Total closed-end fund(CEF)assets were$791 billion at year-end 2025.Traditional CEFs had total assets of$257 billion,interval funds had total assets of$131 billion,tende

2、r offer funds had total assets of$116billion,and business development companies(BDCs)had total net assets of$286 billion.The number of traditional CEFs continued to fall,from 393 funds at year-end 2024 to 364 funds by year-end 2025.The number of traditional CEFs has fallen for 14 consecutive years a

3、nd is down 43%from year-end 2011.Average traditional CEF discounts fluctuated throughout 2025 and ended the year close to where they began.Traditional CEF discounts have persisted over time,and the majority of traditional CEFs generally trade at a discount.Total assets in interval funds,tender offer

4、 funds,and BDCs continued to climb in 2025.Total assets in these vehicles nearly quadrupled from$140 billion at year-end 2020 to$534 billion at year-end 2025.Interval funds,tender offer funds,and BDCs continue to provide investors with access to alternative investments.64%of interval fund assetsas w

5、ell as BDCs generallyare invested in private credit strategies such as direct lending,while 69%of tender offer fund assets are invested in funds that invest in private equity,private funds,or hedge funds.Unlisted CEFs continued their rapid expansion,with 58 new interval funds,tender offer funds,and

6、BDCs launching in 2025.Many of these CEFs are managed by new sponsors,bringing diversity and competition to the market.CEF investors differ from mutual fund investors in that CEF investors tend to express more willingness to take financial risk.An estimated 4.4 million US households held CEFs in 202