Tender offer fund describes the legal and operational wrapper, not just the assets inside the fund.
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Wrapper3 modules1 tools2 controlled examples1 document routes
Tender offer fund
A closed-end structure that may conduct board-approved tender offers.
Why it matters
Liquidity is available only when the board authorizes an offer and may be discretionary.
What this means on AltHarbor
Use tender-offer concepts when reading PE and infrastructure wrappers with quarterly offer cycles.
Product-page application
Use this when reviewing tender offer cadence, board discretion, offer amount as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.
Source checklist
- Find whether tenders are required or board-discretionary.
- Check the maximum offer amount and pricing basis.
- Review how oversubscription is handled.
Tooltip / inline use
Find whether tenders are required or board-discretionary.
Source proof desks
Apply this concept
Definition to source check to tool, model scenario, controlled example, and learning path.
ToolWrapper Matrix
Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.
LiveModel scenarioSee tender offer fund in controlled examplesOpen 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 riskUse a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.
Tender offer fundLearning pathMarket foundationsExplain what semi-liquid alternatives are and where they fit.
Intro / 38 minReference graph packet
One concept entry now routes to the full Learn system.
3Modules
1Tools
1Wrappers
1Examples
0Outputs
Model scenarioTender offer fund model scenario
Inspect controlled model events tied to this mechanic.
Educational example onlyToolWrapper MatrixUse before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.
LiveControlled exampleMODEL-PE-TENDER: Model tender-offer cycle and partial exit riskUse a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.
Tender offer fundWrapperTender offer fundLiquidity exists when the board authorizes a tender offer.
TenderModuleFund Structures: How Semi-Liquid Alternative Funds Are BuiltThe legal wrapper determines liquidity rights, tax treatment, oversight, and investor protections before a manager ever picks an asset.
StructuresModuleLiquidity and Redemptions: What Semi-Liquid Actually MeansHow repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.
LiquidityConceptTender offerA formal offer by a fund to repurchase a stated amount of shares during a defined window.
Shared module: LiquidityConceptInterval fundA closed-end fund that must offer periodic repurchases under Rule 23c-3.
Shared module: StructuresRelated modules
StructuresFund Structures: How Semi-Liquid Alternative Funds Are BuiltLiquidityLiquidity and Redemptions: What Semi-Liquid Actually MeansRegulationRegulation: The Rules Governing Semi-Liquid Alternative FundsRelated tools
LiveWrapper MatrixRelated wrappers
TenderTender offer fundAdvisor outputs
Leave with language and diligence prompts.
Confirm liquidity rights, tax form, access channel, fee layers, source documents, and whether the board or manager can change the program.
Start with the wrapper because it controls how the client enters, exits, receives tax reporting, and experiences costs.
Concept graph
Neighboring terms to inspect next.
LiquidityTender offerShared module: Liquidity / Shared module: StructuresWrapperInterval fundShared module: Structures / Shared module: LiquidityWrapperNon-traded BDCShared module: Structures / Shared module: LiquidityWrapperNon-traded REITShared module: Structures / Shared module: LiquidityMetricFill rateShared module: Liquidity / Same controlled example: MODEL-PE-TENDERLiquidityProrationShared module: Liquidity / Same controlled example: MODEL-PE-TENDER
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 deskScenarios shown1
Document checks1
Constrained scenarios1
Scenario dateJun 30, 2026
Inspection workflow
- Start with the definition and source checklist.
- Model the mechanic in the related tool or simulator.
- Inspect the model scenario, fill math, and generic document family.
- 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
Open Learn exampleModel 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.