XA Investments Launches INTVL-C, an Extension to Its Interval Fund Index Suite Focused on Alternative Credit Interval & Tender Offer Funds
MWN-AI** Summary
XA Investments LLC has announced the launch of the XAI Interval Fund Credit Index™ (INTVL-C) on January 8, 2026. This groundbreaking index is designed to track the performance of non-listed closed-end interval and tender offer funds that allocate a majority of their assets to alternative credit investments, as registered under the Investment Company Act of 1940. With a base date of January 1, 2023, INTVL-C includes 58 constituents collectively holding over $79 billion in total net assets as of December 31, 2025.
The INTVL-C index is distinctive in that it enables fund managers and investors to benchmark credit interval funds against their true peers, thereby facilitating a more accurate performance comparison. Kimberly Flynn, President of XA Investments, emphasized that this index is the first of its kind in the industry dedicated specifically to credit interval and tender offer funds.
Alongside the XAI Interval Fund Index® (INTVL), introduced in April 2025 to cover the broader interval fund market, the INTVL-C underscores XA Investments’ commitment to advancing research in this rapidly evolving sector. Both indices are calculated daily on a total return basis, considering the reinvestment of distributions, and are maintained by Indxx, Inc.
The INTVL-C captures leading funds including offerings managed by Cliffwater, CION, Carlyle, PIMCO, and others, representing a significant segment of the alternative credit market. Robert Stark, President and Deputy CEO of Nomura Asset Management International, noted that the index will serve as a vital tool for transparency and benchmarking in the alternative credit fund landscape.
For more details on XA Investments and its index offerings, visit www.xainvestments.com.
MWN-AI** Analysis
The recent launch of the XAI Interval Fund Credit Index™ (INTVL-C) by XA Investments marks a significant development in the alternative credit sector, particularly for closed-end interval and tender offer funds. Designed to offer a comprehensive benchmark for funds with majority allocations to alternative credit investments, INTVL-C hits a crucial market need for performance transparency and peer comparison.
As the landscape of alternative credit evolves, the 58 constituents of INTVL-C, comprising over $79 billion in net assets, represent key players in this niche. The index’s total return calculation, which assumes the reinvestment of distributions, provides investors with a robust tool for evaluating fund performance against a set of true peers. This is particularly vital in an investment space that has faced scrutiny over opacity in fund structures and performance metrics.
Investors looking for exposure to credit strategies—such as direct lending and structured credit—will find the INTVL-C particularly useful. The index highlights market leaders, including respected names like PIMCO and Apollo, which assures investors of the index’s credibility and reliability. Moreover, the transparency that INTVL-C introduces can enhance investor confidence and engagement within this rapidly growing segment.
Market dynamics suggest that alternative credit could continue to attract attention, especially as interest rates fluctuate and traditional fixed-income markets face challenges. By leveraging the INTVL-C, fund managers and investors can navigate this complex landscape more effectively, ultimately aligning portfolios with current market conditions and risk appetites.
In conclusion, the launch of INTVL-C presents a timely opportunity for investors to deepen their engagement with alternative credit. With a focus on transparency, performance benchmarks, and access to leading funds, XA Investments has positioned itself strategically to support investor needs in this evolving market.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
CHICAGO, Jan. 08, 2026 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), a leader in closed-end interval and tender offer fund research, announces the launch of the XAI Interval Fund Credit Index™ (“INTVL-C”). INTVL-C is designed to track the performance of non-listed closed-end interval funds and tender offer funds registered under the Investment Company Act of 1940 (“1940 Act”) with majority allocations to alternative credit investments. The Index is calculated daily on a total return basis and assumes the reinvestment of distributions.
As of December 31, 2025, the Index’s 58 constituents combined for more than $79 billion in total net assets. INTVL-C has a January 1, 2023 base date. The Index allows for fair performance comparisons among interval funds with similar investment profiles and operational constraints, supporting more meaningful evaluation and informed decision-making.
“INTVL-C allows fund managers to benchmark credit interval funds against a true set of peers,” said Kimberly Flynn, President of XA Investments. “The Index is an industry first – the only available credit index which focuses on credit interval and tender offer funds.”
INTVL-C is part of the XA Investments suite of interval fund indices. In April 2025, the XAI Interval Fund Index® (INTVL) was launched to track all interval and tender offer funds in the market. This latest index further underscores XA Investments’ ongoing commitment to delivering innovative research and data to the closed-end interval and tender offer market, helping to foster greater investor engagement and confidence in this rapidly growing investment space.
The Index is comprised of constituents that represent a group of market leaders within the interval fund marketplace, capturing the credit funds that have emerged as primary drivers of performance within the segment. The top 10 leaders include funds from managers such as Cliffwater, CION, Carlyle, PIMCO, Lord Abbett, Variant, Stone Ridge, Apollo and Federated Hermes.
“The launch of INTVL-C marks a significant advancement for the alternative credit fund landscape,” said Robert Stark, President and Deputy CEO of Nomura Asset Management International, and CEO of Nomura Capital Management. “By offering asset managers a transparent and comprehensive view of leading credit interval and tender offer funds, INTVL-C will be a useful tool for benchmarking and peer comparison.”
The XAI Interval Fund Credit Index™ (INTVL-C), a total return sub-index of the XAI Interval Fund Index®, tracks the performance of alternative credit non-listed closed-end interval and tender offer funds registered under the Investment Company Act of 1940 with majority allocations to credit strategies, including direct lending, multi-strategy, asset-backed lending, and structured credit, and currently consists of 58 constituents. The XAI Interval Fund Index®, also a total return index, measures the broader interval and tender offer fund universe with more than $100 million in net assets, offering diversified exposure across seven asset classes—credit, real estate/real assets, hedge funds, specialty, multi-asset, tax-free bonds, and venture/private equity—and currently comprises 101 constituents. Both indexes include interval and tender offer funds with daily or weekly net asset values that meet minimum asset thresholds, are calculated daily, rebalanced quarterly, and are maintained by Indxx, Inc. as the index calculation agent.
For more information on the XAI Interval Fund Index® suite, please visit https://xainvestments.com/indices. If you would like to license INTVL, INTVL-C, or have any questions, please contact info@xainvestments.com or 888-903-3358. On Bloomberg, the Index is available under the ticker INTVL-C.
About XA Investments
XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), the XAI Madison Equity Premium Income Fund (NYSE: MCN), and the Octagon XAI CLO Income Fund (OCTIX). In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.
Media Contact:
Joanna Sowa
jsowa@xainvestments.com
312-374-6938
FAQ**
How does the performance of the XAI Octagon Floating Rate & Alternative Income Term Trust of Beneficial Interest XFLT compare to other constituents in the XAI Interval Fund Credit Index™ (INTVL-C)?
What impact does the launch of the XAI Interval Fund Credit Index™ (INTVL-C) have on the investment strategy for the XAI Octagon Floating Rate & Alternative Income Term Trust of Beneficial Interest XFLT?
In what ways can the XAI Octagon Floating Rate & Alternative Income Term Trust of Beneficial Interest XFLT benefit from the transparency provided by the INTVL-C index for investors?
Can you elaborate on how the XAI Octagon Floating Rate & Alternative Income Term Trust of Beneficial Interest XFLT aligns with the index criteria set by the XAI Interval Fund Credit Index™ (INTVL-C)?
**MWN-AI FAQ is based on asking OpenAI questions about Madison Covered Call & Equity Strategy Fund (NYSE: MCN).
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