XA Investments Launches the XAI Interval Fund Credit Index™ (INTVL-C)
CHICAGO, Jan. 08, 2026 (GLOBE NEWSWIRE) — XA Investments LLC (“XAI”), a frontrunner in closed-end interval and tender offer fund research, has announced the launch of the XAI Interval Fund Credit Index™ (“INTVL-C”). This innovative index aims to track the performance of non-listed closed-end interval funds and tender offer funds, primarily those registered under the Investment Company Act of 1940, which allocate the majority of their investments to alternative credit.
Overview of the XAI Interval Fund Credit Index™
The INTVL-C index is calculated on a daily basis, assuming a total return including the reinvestment of distributions. As of December 31, 2025, the index comprises 58 constituents with a combined total net asset value exceeding $79 billion. The index uses a base date of January 1, 2023, offering akin performance comparisons among interval funds sharing similar investment profiles and operational constraints.
“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 – it’s the only available credit index focused on credit interval and tender offer funds.”
Significance of INTVL-C in the Financial Market
INTVL-C is part of XA Investments’ comprehensive suite of interval fund indices. Following the launch of the XAI Interval Fund Index® (INTVL) in April 2025, this new addition emphasizes XA Investments' dedication to enhancing research and data accessibility within the closed-end interval and tender offer fund markets. In turn, this helps cultivate greater investor engagement and confidence in this swiftly growing investment sector.
The index includes leading funds from notable managers such as Cliffwater, CION, Carlyle, PIMCO, Lord Abbett, Variant, Stone Ridge, Apollo, and Federated Hermes, which are considered pivotal players in the credit fund performance segment.
Expert Opinions on INTVL-C Launch
“The launch of INTVL-C is a landmark moment for the alternative credit fund landscape,” stated Robert Stark, President and Deputy CEO of Nomura Asset Management International and CEO of Nomura Capital Management. “By providing asset managers with a transparent and comprehensive view of leading credit interval and tender offer funds, INTVL-C will serve as a valuable benchmarking tool for peer comparison.”
Details of the Index Composition
The XAI Interval Fund Credit Index™ focuses on alternative credit non-listed closed-end interval and tender offer funds that primarily employ credit strategies—such as direct lending, multi-strategy, asset-backed lending, and structured credit. Currently, it contains 58 constituents.
In addition to the XAI Interval Fund Credit Index™, the XAI Interval Fund Index® tracks a wider universe of interval and tender offer funds, boasting more than $100 million in net assets and offering exposure across seven different asset classes, including credit, real estate/real assets, hedge funds, specialty, multi-asset, tax-free bonds, and venture/private equity.
Additional Information About XA Investments
Founded by XMS Capital Partners in 2016, XA Investments LLC (“XAI”) is headquartered in Chicago. The firm acts as the investment adviser for two listed closed-end funds and an interval closed-end fund: the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), XAI Madison Equity Premium Income Fund (NYSE: MCN), and The Octagon XAI CLO Income Fund (OCTIX). In addition to investment advisory services, XAI provides fund structuring and consulting services tailored for registered closed-end funds.
For more information about the XAI Interval Fund Index® suite, please visit xainvestments.com/indices. For inquiries regarding licensing of INTVL and INTVL-C, you can contact info@xainvestments.com or call 888-903-3358. On Bloomberg, the Index is accessible under the ticker INTVL-C.
Contact Information
For media inquiries, please contact Joanna Sowajsowa at Joanna Sowajsowa@xainvestments.com or call 312-374-6938.