RiverNorth Capital Management
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.
- Company typePrivate
- Founded2007
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
RiverNorth Capital Management firmographics
Firmographics- 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
RiverNorth Capital Management industry classification
Industry- 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
Where RiverNorth Capital Management is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
RiverNorth Capital Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- 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.
- 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.
- 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
RiverNorth Capital Management product offering
Product offeringCore 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
Companies that use RiverNorth Capital Management
Customer profileSegments3 records
Ideal customer profiles3 records
RiverNorth Capital Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
RiverNorth Capital Management partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- TrueMark Investments, LLCcoreTrueMark 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 LimitedcoreRiverNorth 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.coreOaktree 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 LLCcoreMacKay 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 LPcoreDoubleLine 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.coreALPS 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
RiverNorth Capital Management competitors and assessment
Company assessmentBroad 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
RiverNorth Capital Management social profiles
Digital presenceRiverNorth Capital Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
RiverNorth Capital Management leadership team
Management profileNumber of profiles
Profiles7 records
RiverNorth Capital Management subsidiaries and ownership
Company hierarchySubsidiaries17 records
RiverNorth Capital Management funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
RiverNorth Capital Management M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about RiverNorth Capital Management
What does RiverNorth Capital Management do?
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.
Is RiverNorth Capital Management a public or private company?
RiverNorth Capital Management is a private company. It is classified as private equity controlled and is currently operating.
When was RiverNorth Capital Management founded?
RiverNorth Capital Management was founded in 2007. It employs 11 to 50 people.
Where is RiverNorth Capital Management based?
RiverNorth Capital Management is headquartered in Chicago, United States, in the North America region.
How does RiverNorth Capital Management make money?
Three revenue lines are on record. Investment Management Fees are the primary driver. The others are closed-End Fund Advisory Services and private Fund Management.
Who are RiverNorth Capital Management's main competitors?
Broad incumbents on record are BlackRock, Western Asset Management, First Trust Advisors, Cohen & Steers and AllianceBernstein (AB). Direct peers are Saba Capital Management, Eagle Point Credit Company, Tortoise Capital Advisors, Bulldog Investors and Karpus Investment Management.
Does RiverNorth Capital Management have an API?
No public API is recorded for RiverNorth Capital Management.
What industry is RiverNorth Capital Management in?
RiverNorth Capital Management's product category is Investment Management. Its primary akta.pro industry code is FSAHAKAE, UCITS / Liquid Alternatives Fund of Funds. Its NAICS code is 523940 and its SIC code is 6282.