Skip to main content
Back to reference desk
Liquidity2 modules1 tools2 controlled examples1 document routes

Tender offer

A formal offer by a fund to repurchase a stated amount of shares during a defined window.

Why it matters

Tender timing, pricing, and caps determine whether an exit is practical.

What this means on AltHarbor

Tender documents are core sources for the liquidity and filing-trail views.

Product-page application

Use this when reviewing tender window, offer amount, expiration date as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.

Source checklist
  • Check the offer open and close dates.
  • Find maximum repurchase amount and pricing basis.
  • Read final results for accepted versus requested amounts.
Tooltip / inline use

Check the offer open and close dates.

Apply this concept

Definition to source check to tool, model scenario, controlled example, and learning path.

ToolFiling Trail Decoder

Route an advisor from a product question to the document type most likely to prove it.

LiveModel scenarioSee tender offer in controlled examples

Open model events, fill math, simplified filing-style language, and advisor interpretation for this mechanic.

Educational example onlyControlled exampleMODEL-PE-TENDER: Model tender-offer cycle and partial exit risk

Use a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.

Tender offer fundLearning pathLiquidity and exits

Explain what happens when a client asks for cash back.

Core / 53 min

Reference graph packet

One concept entry now routes to the full Learn system.

2Modules
1Tools
1Wrappers
1Examples
0Outputs
Model scenarioTender offer model scenario

Inspect controlled model events tied to this mechanic.

Educational example onlyToolFiling Trail Decoder

Route an advisor from a product question to the document type most likely to prove it.

LiveControlled exampleMODEL-PE-TENDER: Model tender-offer cycle and partial exit risk

Use a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.

Tender offer fundWrapperTender offer fund

Liquidity exists when the board authorizes a tender offer.

TenderModuleLiquidity and Redemptions: What Semi-Liquid Actually Means

How repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.

LiquidityModuleFund Structures: How Semi-Liquid Alternative Funds Are Built

The legal wrapper determines liquidity rights, tax treatment, oversight, and investor protections before a manager ever picks an asset.

StructuresConceptProration

Partial fulfillment when investor requests exceed the fund's repurchase capacity.

Shared module: LiquidityConceptTender offer fund

A closed-end structure that may conduct board-approved tender offers.

Shared module: Structures

Related modules

LiquidityLiquidity and Redemptions: What Semi-Liquid Actually MeansStructuresFund Structures: How Semi-Liquid Alternative Funds Are Built

Related tools

LiveFiling Trail Decoder

Related wrappers

TenderTender offer fund

Advisor outputs

Leave with language and diligence prompts.

Client-safe summary

Tender offer affects how and when a client can turn shares back into cash.

What to check

Review cadence, cap, notice window, pricing basis, source document, and what happens when requests exceed capacity.

Manager question

What has actually happened in recent high-demand windows, and how were unfilled requests handled?

Concept graph

Neighboring terms to inspect next.

LiquidityProrationShared module: Liquidity / Shared tool: Filing Trail DecoderWrapperTender offer fundShared module: Structures / Shared module: LiquidityMetricFill rateShared module: Liquidity / Shared tool: Filing Trail DecoderTaxK-1Shared module: Structures / Shared tool: Filing Trail DecoderLiquidityRepurchase programShared module: Liquidity / Shared tool: Filing Trail DecoderTax1099Shared module: Structures / Shared tool: Filing Trail Decoder
Controlled examples1 model scenarios

Connect the definition to controlled model scenarios.

See this concept in hypothetical events: the event shape, fill math, simplified filing-style language, and advisor-readable takeaway.

Open full evidence desk
Scenarios shown1
Document checks1
Constrained scenarios1
Scenario dateJun 30, 2026
Inspection workflow
  1. Start with the definition and source checklist.
  2. Model the mechanic in the related tool or simulator.
  3. Inspect the model scenario, fill math, and generic document family.
  4. Open the controlled example or advisor output when the mechanic changes the explanation.
Private EquityMODEL-PE-TENDEROpen scenario
Tender-offer window

Model tender window with partial exit risk

The model tender cycle separates a scheduled exit process from daily liquidity and shows where proration language belongs.

Offer window
Quarterly model cycle
Offer cap
3% NAV
Demand pressure
2.4x
Unfilled handling
Resubmit next window

Controlled Examples

Use the concept, then inspect the model scenario.

Private EquityMODEL-PE-TENDER
Tender offer fund

Model tender-offer cycle and partial exit risk

Use a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.

Open Learn example