Explain it to a client

Private-market products with scheduled liquidity windows rather than daily exchange trading.

Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.

Inspect controlled model events tied to this mechanic.

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

Use when a client needs a concise explanation of what the wrapper controls before performance is discussed.

Private-market products with scheduled liquidity windows rather than daily exchange trading.

Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.

Use when a client needs a concise explanation of what the wrapper controls before performance is discussed.

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

Show proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.

Inspect controlled model events tied to this mechanic.

Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.

Use when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.

A distribution or shareholder-servicing charge often tied to retail share classes.

Make share-class selection visible before advisors compare net performance.

Use before comparing performance, yield, or peer rankings across classes or products.

The accepted amount divided by the amount investors requested to redeem.

Show proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.

Inspect controlled model events tied to this mechanic.

Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.

Use when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.