What is a tender offer fund?

Definition: A tender offer fund is a type of closed-end investment fund that provides periodic liquidity by offering to repurchase shares from investors at set intervals, with the timing, terms, and amount of each offer disclosed in advance but determined at the fund manager's discretion.

Like interval funds, tender offer funds are registered under the Investment Company Act of 1940 and are designed to hold illiquid private market assets. The key distinction is that tender offer funds have more discretion over when, how often, and how much they offer to repurchase, compared to the fixed schedule required of interval funds. If shares tendered exceed the amount offered, the fund accepts them on a pro-rated basis. Investors in tender offer funds should plan for a long-term investment horizon, as liquidity is periodic and not guaranteed.

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