Inspect This Model
Use the scenario to isolate the mechanic. Use MODEL-PE-TENDER to move from Tender offer fund, to controlled lab, to document-route check, to advisor language. Mechanic in focus Tender offer fund Use a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.
Controlled educational example. Not based on any specific fund.
What to check Offer window timing and pricing basis. Maximum repurchase amount. What the documents say happens when requests exceed the offer. Inspection workflow Concept to lab to document route to advisor language.
01 Concept
Define the mechanic Start with the canonical Tender offer fund entry so the model scenario is read through the right mechanic.
Tender offer fund 02 Tool
Run the controlled lab Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.
Wrapper Matrix 03 Document route
Find the document family Prospectus, tender offer statements, board authorization language, and shareholder communications.
Tender offer fund model scenario 04 Controlled example
Inspect the model scenario Offer window timing and pricing basis. Maximum repurchase amount. What the documents say happens when requests exceed the offer.
MODEL-PE-TENDER scenario 05 Advisor output
Leave with usable language Use when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.
Manager questions Concept Graph
The canonical terms this example teaches. Wrapper Tender offer fund A closed-end structure that may conduct board-approved tender offers. Document proof Prospectus, tender offer statements, board authorization language, and shareholder communications.
Mechanic fields Tender offer cadence Board discretion Offer amount Tender documents Liquidity Tender offer A formal offer by a fund to repurchase a stated amount of shares during a defined window. Document proof Tender offer statement, offer notice, expiration notice, pricing supplement, and shareholder report.
Mechanic fields Tender window Offer amount Expiration date Pricing basis Liquidity Proration Partial fulfillment when investor requests exceed the fund's repurchase capacity. Document proof Repurchase policy, tender offer, or repurchase results showing requested amounts, accepted amounts, proration factor, or capped fill.
Mechanic fields Fill rate Proration factor Requested / accepted Unfilled demand Metric Fill rate The accepted amount divided by the amount investors requested to redeem. Document proof Tender or repurchase result data with accepted and requested amounts, shares, dollars, or reported percentage.
Mechanic fields Fill rate Accepted / requested Repurchase event Demand pressure Related Modules
Read the background if the example exposes a gap. 01 Structures / Start here Fund 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. 02 Liquidity / Start here Liquidity and Redemptions: What Semi-Liquid Actually Means How repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience. 03 Regulation / Advanced Regulation: The Rules Governing Semi-Liquid Alternative Funds The federal, state, ERISA, suitability, and best-interest frameworks behind the product structures. 04 Risk / Core Risks: What Can Go Wrong in Semi-Liquid Alternative Funds The structural and manager-specific risks that matter most, from liquidity and valuation to leverage and incentives. Learning Paths
Use this case inside a broader advisor workflow. Wrapper Context
Compare the structure before comparing performance. Controlled examples 2 model scenarios
Connect this example to model document checks. The scenario shows the event, math, simplified filing-style language, and advisor interpretation without using live fund rows.
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. Tender offer fund / 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 model Simplified tender-offer notice language Educational example only; not based on a specific sponsor document. Proration / 43% model fill Hypothetical liquidity window with oversubscription The model window shows how a stated repurchase program can deliver partial liquidity when requests exceed capacity.
Window close 31 Mar 2026
Fill rate 43% Accepted amount divided by requested amount
Cap applied 5% NAV
Accepted / requested $50M / $116M model Simplified tender-result language Educational example only; not copied from any filing row. Advisor Outputs
Leave with language, questions, and document checks. Controlled educational example. Not based on any specific fund. Product pages remain the place where AltHarbor applies these mechanics to source-backed product facts.