RiverNorth Capital Management

What RiverNorth Capital Management does

RiverNorth Capital Management, LLC is an independent, privately held investment management firm specializing in closed-end fund (CEF) arbitrage and related alternative and specialty fixed-income strategies. Founded in 2000 (per firmographic data, with the firm's foundational CEF arbitrage partnership dating to 2007), the firm manages approximately $5.1 billion in assets across a diversified product ecosystem that includes 8 listed closed-end funds, 2 mutual funds, 3 exchange-traded funds, 4 private funds, separately managed accounts, and a UCITS fund offered in partnership with Variety Capital Limited for non-US institutional investors. RiverNorth generates revenue primarily through recurring management fees calculated as a percentage of assets under management, supplemented by potential performance fees on private fund vehicles.

The firm's core technology platform centers on proprietary CEF discount statistics and two proprietary CEF indexes — the RiverNorth Municipal CEF Index (50 equal-weighted national municipal CEFs) and the RiverNorth Taxable CEF Index (75 asset-class-weighted taxable CEFs, rebalanced annually). RiverNorth's investment approach is market-agnostic, targeting alpha and uncorrelated return streams by exploiting inefficiencies in closed-end fund market pricing relative to NAV. The firm extends its capability set through sub-advisory partnerships with Oaktree Capital Management (high yield/senior loans), MacKay Shields (municipal bonds), and DoubleLine Capital (fixed income). Distribution is sales-led and advisory-centric, reaching institutional investors, high-net-worth accredited investors, and financial advisors via ALPS Distributors (FINRA member), exchange listings, advisor platforms, and a dedicated private fund investor portal. The firm has earned LSEG Lipper Fund Awards in both 2024 and 2025, and its CEF arbitrage strategy was recognized in the 2024 Global Investment Report Top 50 Hedge Funds survey.

Name

RiverNorth Capital Management

Legal name

RiverNorth Capital Management, LLC

Website

https://rivernorth.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

RiverNorth Capital Management is an independent, private investment manager specializing in closed-end fund arbitrage and alternative fixed-income strategies, managing approximately $5.1B across CEFs, mutual funds, ETFs, private funds, and UCITS vehicles for institutional investors, financial advisors, and accredited individuals.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

UCITS / Liquid Alternatives Fund of Funds (FSAHAKAE)

Keywords

• Closed-end fund management
• Alternative credit strategies
• Specialty finance funds
• CEF arbitrage investing
• Municipal bond portfolios

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Management Fees: RiverNorth earns management fees from managing closed-end funds, mutual funds, ETFs, and private funds. Fees are calculated as a percentage of assets under management across its $5.1 billion portfolio of registered and private funds.
2. Closed-End Fund Advisory Services: Provides investment management and advisory services to closed-end funds listed on major exchanges, generating fee income based on managed assets.
3. Private Fund Management: Manages private funds including hedge funds and SPAC arbitrage funds for accredited and qualified investors, earning management fees and potentially performance fees.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

RiverNorth Capital Management is an independent investment manager specializing in closed-end fund arbitrage and opportunistic alternative strategies. The firm manages a diversified product suite across multiple vehicles including 8 closed-end funds, 2 mutual funds, 4 private funds, 3 ETFs, separately managed accounts, and a UCITS fund, managing approximately $5.1 billion in assets across registered and private funds as of January 2026.

Product overview

RiverNorth Capital Management is an independent investment manager and closed-end fund specialist offering a comprehensive suite of investment vehicles across multiple structures. The firm's product ecosystem includes: 8 closed-end funds (RIV, RSF, OPP, RMI, RMM, RFM, RFMZ, RMMZ) focused on tactical allocation, credit, fixed income, and municipal bond strategies; 2 mutual funds (RNSIX/RNDLX with DoubleLine and RNHIX/RNOTX with Oaktree) providing tactical fixed income and high income exposure; 4 private funds (RNCP, RNIP, RNIPO, RNSAF) offering hedge fund arbitrage and SPAC strategies for accredited investors; 3 exchange-traded funds (FLDZ, SPCZ, CEFZ) covering impact, SPAC, and active income strategies; separately managed accounts; and a UCITS fund partnership. The firm specializes in exploiting market inefficiencies in closed-end funds through arbitrage strategies and tactical asset allocation.

Differentiator

Problem solved

Functional benefit

Brands

• MacKay Municipal Managers: Municipal bond management team within MacKay Shields LLC that RiverNorth partners with for municipal strategies
• Variety Capital Limited

Products and services

• RIV - RiverNorth Opportunities Fund, Inc. Tactical asset allocation closed-end fund that opportunistically invests in other closed-end funds and ETFs representing a wide array of underlying asset classes.
• RSF - RiverNorth Capital and Income Fund, Inc. Credit-focused portfolio closed-end fund including securities of specialty finance and other financial companies that offer attractive opportunities for income.
• OPP - RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
• RMI - RiverNorth Opportunistic Municipal Income Fund, Inc.
• RMM - RiverNorth Managed Duration Municipal Income Fund, Inc.
• RFM - RiverNorth Flexible Municipal Income Fund, Inc.
• RFMZ - RiverNorth Flexible Municipal Income Fund II, Inc.
• RMMZ - RiverNorth Managed Duration Municipal Income Fund II, Inc.
• RNSIX/RNDLX - RiverNorth/DoubleLine Strategic Income Fund
• RNHIX/RNOTX - RiverNorth/Oaktree High Income Fund
• RNCP - RiverNorth Capital Partners, L.P.
• RNIP - RiverNorth Institutional Partners, L.P.
• RNIPO - RiverNorth Institutional Partners Offshore, Ltd.
• RNSAF - RiverNorth SPAC Arbitrage Fund, L.P.
• FLDZ - RiverNorth Patriot ETF
• SPCZ - RiverNorth Enhanced Pre-Merger SPAC ETF
• CEFZ - RiverNorth Active Income ETF
• RiverNorth Separately Managed Accounts Custom portfolio management services for accredited investors, qualified clients and qualified purchasers, offering access to RiverNorth's investment strategies in separately managed account structures.
• Variety RiverNorth Relative Value Fund UCITS structure fund offered in partnership with Variety Capital Limited for non-US institutional investors seeking CEF arbitrage strategy exposure.

Quantifiable outcome

• RiverNorth/Oaktree High Income Fund (RNHIX) 1-year return of 6.18%, 3-year annualized return of 8.05%, 5-year annualized return of 4.46% (as of May 2026)
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• TrueMark Investments, LLCcoreStrategic or Co-development Partner · 4 August 2025TrueMark Investments, LLC is the investment advisor to the RiverNorth Active Income ETF (CEFZ), with RiverNorth Capital Management serving as sub-adviser. The fund was converted from the RiverNorth Core Opportunity Fund mutual fund to an ETF structure.
• Variety Capital LimitedcoreStrategic or Co-development PartnerRiverNorth partners with Variety Capital Limited to offer non-US institutional investors the CEF arbitrage strategy in a UCITS (Undertakings for Collective Investment in Transferable Securities) structure, enabling European and international distribution.
• Oaktree Capital Management, L.P.coreStrategic or Co-development PartnerOaktree Capital Management serves as sub-adviser for the RiverNorth/Oaktree High Income Fund, managing the High Yield Bond and Senior Loan strategies while RiverNorth manages the Tactical Closed-End Fund Strategy. This partnership provides first-time U.S. access to Oaktree's Senior Loan and High Yield Bond strategies in a daily priced vehicle.
• MacKay Shields LLCcoreStrategic or Co-development PartnerMacKay Shields LLC (specifically the MacKay Municipal Managers team) serves as sub-adviser for RiverNorth's municipal closed-end funds including RMM, RFM, RFMZ, and RMMZ, managing the Municipal Bond Income Strategy while RiverNorth manages the Tactical Municipal Closed-End Fund Strategy.
• DoubleLine Capital LPcoreStrategic or Co-development PartnerDoubleLine Capital LP partners with RiverNorth on the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. and RiverNorth/DoubleLine Strategic Income Fund, combining DoubleLine's Core Fixed Income and Opportunistic Income Strategies with RiverNorth's CEF strategy.
• ALPS Distributors, Inc.coreChannel Partner/ Reseller/ DistributorALPS Distributors, Inc. (FINRA Member) serves as the distributor for RiverNorth's mutual funds. ALPS is unaffiliated with RiverNorth, DoubleLine Capital LP, or Oaktree Capital Management, L.P.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• BlackRock: BlackRock is the world's largest asset manager with offerings spanning CEFs, ETFs, mutual funds, and alternatives. As the broad incumbent, it competes with RiverNorth for advisor and institutional mindshare in CEF-tilted and alternative-income allocations.
• Western Asset Management: Western Asset Management is a large fixed-income specialist sub-advisor used by numerous CEFs and mutual funds. As a potential sub-advisor partner or competitor for fixed-income sleeves, Western Asset is a comparable broader incumbent in the fixed-income CEF ecosystem.
• First Trust Advisors: First Trust Advisors is a large multi-product asset manager that sponsors numerous listed CEFs and ETFs across income, equity, and thematic categories. First Trust competes with RiverNorth across both CEF and ETF distribution channels with a much broader product lineup.
• Cohen & Steers: Cohen & Steers is a large, publicly-traded specialist asset manager focused on real assets and alternative income, with a deep CEF product shelf. While broader and larger than RiverNorth, it competes head-to-head for CEF-tilted allocations from advisors and institutional clients.
• AllianceBernstein (AB): AllianceBernstein is a global asset manager with a sizable closed-end fund family and significant income/credit capabilities. AB is a broad incumbent competing with RiverNorth in the CEF and alternative-income advisor channel.

Direct peers

• Saba Capital Management: Saba Capital Management is a well-known activist investor focused on closed-end fund discounts, directly competing with RiverNorth in the CEF arbitrage and tactical allocation space. Both firms operate hedge funds targeting CEF discount-to-NAV opportunities.
• Eagle Point Credit Company: Eagle Point Credit Company is a CEF focused on CLO equity and income-oriented credit strategies, with a sister manager (Eagle Point Management) operating similar listed CEF structures. Eagle Point is a direct peer in CEF-issuer and credit-income strategy spaces.
• Tortoise Capital Advisors: Tortoise Capital Advisors is a CEF-focused investment manager specializing in energy, infrastructure, and income strategies, running multiple listed CEFs. Tortoise is a comparable CEF issuer/manager competing with RiverNorth in advisor-sold CEF distribution channels.
• Bulldog Investors: Bulldog Investors is an activist investment manager known for engaging with CEF boards to close discounts, including via proxy contests and tender offers. Bulldog is a direct competitor to RiverNorth in CEF activism and tactical CEF allocation.
• Karpus Investment Management: Karpus Investment Management is an independent investment firm managing CEF-focused portfolios for institutional and individual clients. Karpus is a direct peer in CEF-tilted portfolio management, with overlapping strategies and client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/RiverNorthCap
• YouTubeyoutube.com/channel/UC6vMku_XzG081Dg3lgO_0yg
• LinkedInlinkedin.com/company/rivernorth-capital-management-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries17 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RiverNorth Capital Management