Morningstar, Inc. Commentaries
Dec 20, 2013
Click here to access A Recap of 2013's CEF IPO Market
The first half of 2013 was a promising start to the year for closed-end fund initial public offerings. There were 13 launches, two of which each raised more than $2 billion in proceeds, topping the $1 billion raised for 2012's most talked about new fund, PIMCO Dynamic Income (PDI). Although "taper talk" in May brought the IPO market to a halt for a few months, fund launches picked back up in the fall, closing the year (as of Dec. 13) with 23 new funds launched. Net proceeds for the year were a healthy $14 billion, though much of this is attributed to a handful of $1 billion-plus funds launched in the first half of the year.