List of Interval Funds 2026: All 171 SEC-Registered Interval Funds, Ranked by Net Assets

How we built the list

An interval fund is a closed-end fund that has adopted a fundamental policy, under SEC Rule 23c-3, to offer to buy back its own shares at set intervals. The rule says the “periodic interval shall mean an interval of three, six, or twelve months”, and that “the repurchase offer amount shall not be less than five percent nor more than twenty-five percent of the common stock outstanding.” Before each offer the fund must notify holders and “file three copies of the notification with the Commission within three business days”. That notification is Form N-23C-3, and it is what makes interval funds countable.

So the list starts from the SEC's own filing indexes, not from a marketing database:

1. Universe. We took every Form N-23C3A, N-23C3A/A and N-23C3B line in the EDGAR quarterly form indexes from the third quarter of 2025 to October 2, 2026: 786 filings by 171 distinct funds. A fund that filed none in fifteen months is not making periodic offers; one that filed is.
2. Size. For each fund we read the latest Form N-PORT on EDGAR, the monthly portfolio report funds file quarterly, and took net assets, total assets, total liabilities and borrowings from Part B. Most report June 30 or July 31, 2026; a few report May 31 or March 31, 2026, and one, Voya Enhanced Securitized Income Fund, has nothing newer on EDGAR than November 30, 2025. The date is in every row.
3. No double counting. Two funds are feeders whose N-PORT shows a single holding, their own master fund (Wilshire Private Assets Fund and CION Grosvenor Infrastructure Fund). We list them but leave them out of the totals.
4. Categories are our own labels from each fund's name, plus the prospectus for ACAP Strategic Fund. They are a reading aid, not an SEC classification.

The 25 largest interval funds

Net assets from each fund's latest Form N-PORT. “Borrowings” is the sum of the lines in Item B.2.c (bank and other borrowings due within and after one year) divided by total assets, our arithmetic.

Three things stand out. First, Cliffwater Corporate Lending Fund is in a league of its own: at $30.38B it holds 21.6% of every interval-fund dollar on this list (our arithmetic). Its repurchase history is in our CCLFX repurchase tracker. Second, six of the ten largest are credit funds by our label, which is why the private credit redemption queue matters for this whole category; our private credit redemptions tracker follows the latest offers. Third, the number two is something else entirely.

ACAP Strategic Fund: the $11.9 billion outlier

ACAP Strategic Fund (CIK 1467631) reported $11.87B of net assets at June 30, 2026. Its January 2026 prospectus says “the Fund’s investment objective is to achieve maximum capital appreciation”, that it invests “primarily in publicly-traded equity securities”, that the adviser “is controlled by its sole member, Alkeon Capital Management, LLC”, and that the fund “may also seek maximum capital appreciation by effecting short sales of securities”. That explains a balance sheet unlike its neighbours: $6.65B of total liabilities against $18.52B of total assets, but zero borrowings in Item B.2.c. The liabilities are not bank debt.

Its repurchase offer is also the opposite of the 5% norm. The notice filed August 14, 2026 says the fund “is offering to repurchase up to twenty-five percent (25%) of its shares of beneficial interest”, the ceiling in Rule 23c-3, priced at NAV on September 30, 2026. A fund that offers 25% a quarter is much closer to quarterly liquidity than a credit fund offering 5%; a holder of a 5% fund who wants to sell everything in one quarter depends on few other holders asking at the same time.

By category

Our labels, from each fund's name; feeders excluded. Percentages are of the $140.37B total (our arithmetic).

“Credit” covers corporate direct lending, asset-based finance, CLO equity and debt, structured credit, loans and specialty lenders; it is the bulk of the market by count and by money. “Multi-strategy, hedged and equity” is dominated by ACAP Strategic. Private equity funds in this list (Cascade Private Capital, StepStone Private Equity Strategies, The Private Shares Fund, ARK Venture Fund and others) hold private funds, secondaries or pre-IPO shares, which are harder to value than loans; the N-PORT gives size, not quality.

Real estate interval funds

Eighteen funds by our label, $11.83B in total. Several are covered on this site in detail: Apollo Diversified Real Estate Fund, Clarion Partners Real Estate Income Fund, Harrison Street Real Estate Fund (formerly Versus Capital, VCMIX) and the Fundrise Flagship fund. For a ranking by whether holders actually get paid when they ask, see the best real estate interval funds by fill rate.

Ten of the eighteen report no borrowings in Item B.2.c; the most borrowed are Pender Real Estate Credit Fund and CIM Real Assets & Credit Fund. Borrowings are not the whole balance sheet: a fund that finances loans through repurchase agreements or has large payables can show total liabilities well above its B.2.c line, so the ratio here is a floor, not a full leverage measure. USQ Core Real Estate Fund is on the list because it filed a repurchase notice in October 2025; its liquidation is covered separately.

Repurchase offer sizes

From the latest Form N-23C-3 of the ten largest funds plus two exceptions. Under the rule a fund may buy up to 2% more than the offer when it is oversubscribed, and must otherwise prorate.

PIMCO files one notice for four funds: up to 5% “in the case of PFLEX and EMFLX, and 10%, in the case of PMFLX and CAFLX”. The rule caps any repurchase fee at 2% of proceeds (“not to exceed two percent of the proceeds”); separately, a fund can charge an early withdrawal charge disclosed in its prospectus, as PIMCO's notice does for some share classes.

Leverage: who borrows

70 of the 167 funds counted in the totals report borrowings above zero in Item B.2.c of Form N-PORT, $18.88B in all (our arithmetic). Among the 25 largest the highest ratios of borrowings to total assets are Stone Ridge Alternative Lending Risk Premium Fund (37.1%), PIMCO Flexible Credit Income Fund (30.2%), Apollo Diversified Credit Fund (25.4%), StepStone Private Credit Income Fund (20.0%) and CION Ares Diversified Credit Fund (18.7%); CION Ares and PIMCO Flexible Municipal Income Fund also report preferred shares outstanding. 7 of the 20 largest report no borrowings there at all. Total liabilities are a different number: they include payables for redemptions and trades and, at ACAP, short positions, so we do not use them as a leverage measure.

What a holder or buyer can do with this

• Check the size and the date. A fund's net assets in this list are as of its last N-PORT, usually June 30 or July 31, 2026. The next N-PORT reports will land in late November and December.
• Read the offer size before you buy. A 5% quarterly offer means that if a fifth of holders ask at once, each gets about a quarter of the request filled. ACAP's 25% and PIMCO's 10% municipal offer are different products in practice.
• Look at borrowings, not just yield. The borrowing ratio is in the table; a credit fund at 30% borrowings is a leveraged loan portfolio.
• Compare with the alternative wrapper. Non-traded REITs and BDCs promise less on paper and sometimes more in practice; interval funds vs NAV REITs compares the two.

The full list: all 169 interval funds with a Form N-PORT, by net assets

Every fund, its SEC CIK, net assets and the date of its latest N-PORT. Two newer funds that have filed a repurchase notice but no N-PORT yet are Alger Next Gen Growth Fund (CIK 2086532, first notice September 9, 2026) and Nuveen Enhanced Corporate Opportunities Fund (CIK 1998759, October 1, 2026).

FAQ

Sources: SEC EDGAR quarterly form indexes for 2025 Q3 through 2026 Q4 (as of October 2, 2026), filtered to Form N-23C3A, N-23C3A/A and N-23C3B; the latest Form N-PORT of each of the 169 funds (Parts A and B, accession numbers in the dataset; two feeder funds' Part C to confirm their master-fund holding); twelve Form N-23C-3 notices from July to October 2026; ACAP Strategic Fund's Form 486BPOS prospectus of January 15, 2026; and Rule 23c-3 (17 CFR 270.23c-3). Net assets are as each fund reported them; totals, shares, ratios and category labels are our arithmetic and our classification. This is analysis of public documents, not investment, legal or tax advice.