Episode summary
Wealth Management Invest: Explore Interval & Tender Offer Funds with XA Investments’ Kimberly Flynn
Summary
Kimberly Flynn says XA Investments focuses on SEC-registered interval and tender offer funds and helps asset managers bring private-market strategies into the wealth channel without losing the integrity of the underlying strategy. She argues that the market has expanded quickly as advisors look for new ways to diversify stock-and-bond portfolios, with 67 new interval and tender offer funds entering the market in 2025 and roughly 308 funds now available.
A major theme is that adoption differs by channel. Flynn says RIAs were first movers, while wirehouses have increasingly onboarded funds as products gain size, scale, and track records. She notes that some platforms favor daily NAV private credit funds, while private equity often shows up in tender offer structures with monthly or quarterly NAVs. She also says public-private partnerships like Capital Group with KKR are helping broaden access, though they raise questions about fit, education, and whether advisors really need blended public-private products.
Flynn also highlights XA’s new interval fund and credit indices, plus its select lists, as tools to help advisors sort through a fast-growing universe. Her view is that the market is still early, with many funds launched recently and many managers still proving out their track records.
Key takeaways
- Kimberly Flynn says 67 new interval and tender offer funds entered the market in 2025, bringing the universe to about 308 funds.
- Flynn says wirehouses have caught up to RIAs, but usually require size, scale, and track record before onboarding a fund.
- She says private credit is often packaged in daily-NAV interval funds, while private equity more often appears in tender offer structures.
- Flynn says XA’s new credit index has north of 50 constituents and splits credit into direct lending, structured credit, asset-backed lending, and multistrat credit.
- She says public-private partnerships can expand access, but advisors still need to decide whether blended products are actually a fit for client portfolios.
Notable quotes
“we focus on SEC registered funds with with an emphasis on the growing interval and tender offer fund marketplace”
“we actually saw 67 new interval and tender offer funds enter the market. So, that in total is about 308 funds”
“private credit would be packaged up in a daily NAV interval fund”
“I think it surprises people that half the market in terms of fund counts are tender offer funds”
“the growth and the frankly the higher margin products has driven um not just these public private partnerships”
How the episode opens
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Hello and welcome to the Wealth Management Invest podcast. I'm your host David Bodimemer, editorial director with Wealth Management. Great to, you know, excited to have a conversation today with someone who I've interviewed a bunch of times had and have a big fan of the work that they do and the data they provide us as well as just her knowledge of the space.
So, I'm really excited to bring on Kimberly Flynn who's the president of XA Investments. Kimberly, welcome to the podcast. David, thanks so much for having me.
It's great to be with you.
So, I got a bunch of questions. You know, I I really love picking your brain, but before I get into that, I just wanted to give you an opportunity for, you know, to to tell listeners who maybe haven't heard of XA Investments, what your firm does and a little bit about your background.
Sure. So, we're Chicago based asset manager that was founded actually 10 years ago. We're celebrating our anniversary. Um, we focus on SEC registered funds with with an emphasis on the growing interval and tender offer fund marketplace and we do a lot of research tracking trends in the interval fund market. And we consult and advise with um many asset managers as they're trying to enter the private wealth space with new innovative private markets products.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- interval and tender offer funds
- private markets access
- private credit and private equity
- advisor adoption
- fund structures and platform requirements
Companies and tickers mentioned
- XA Investments
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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