Closed-end mutual funds (ZPIF) are the basis of the Russian collective investment market; this category, which amounts to 16.8 trillion rubles, accounts for about 90% of the assets of all Russian mutual funds. At the same time, most ZPIFs are funds in which companies or businessmen package their property.
Among these funds, there is a small but interesting segment that the Central Bank highlights — mass closed-end funds, the number of shareholders of which exceeds 20 people, while most ZPIFs have one or two shareholders. In the fourth quarter of 2024, the number of mass ZPIFs increased by five compared to the third — 93 units. And the number of their shareholders increased to 277,000 people.
In terms of volume, this segment is small — only about 4% of all ZPIF assets. But in 2024, it received an average of 27 billion rubles per quarter, or about 8% of all inflows into the ZPIF. And about three-quarters of the net inflow in the fourth quarter came from two funds that offer placement of funds in commercial real estate. The Central Bank believes that this is a category of real investments of large retail investors in commercial real estate, and this segment is growing.