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Core53 min4 ordered modules2 related modules

Liquidity and exits

Repurchase programs, tender offers, caps, proration, gates, queues, and the practical exit timeline.

Question routedWhat happens when a client asks for cash back?
4Modules5Concepts3Tools4Controlled examples2Output packets

Ordered Modules

Move through the mechanics in advisor order.

01Liquidity / Start hereLiquidity and Redemptions: What Semi-Liquid Actually MeansHow repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.
Advisor jobExplain redemption limitsDistinguish scheduled liquidity from guaranteed liquidity.
Applied route
ConceptsRepurchase programTender offerProration
ToolsLiquidity SimulatorWrapper Matrix
EvidenceRepurchase program model scenarioTender offer model scenarioProration model scenario
ExamplesMODEL-CREDIT-LIQUIDITY: Repurchase programMODEL-PE-TENDER: Tender offer fund
02Structures / Start hereFund 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.
Advisor jobCompare wrappersSeparate legal wrapper from underlying asset class.
Applied route
01 / ConceptTender offer

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

Liquidity02 / ToolWrapper Matrix

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

Live03 / Model scenarioTender offer fund model scenario

Inspect controlled model events tied to this mechanic.

Educational example only04 / Controlled 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 fund05 / Advisor outputAsk what happens when demand exceeds capacity

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

Manager questions
ConceptsTender offerInterval fundNon-traded BDC
ToolsWrapper Matrix
EvidenceTender offer fund model scenario
ExamplesMODEL-PE-TENDER: Tender offer fund
03Risk / CoreRisks: What Can Go Wrong in Semi-Liquid Alternative FundsThe structural and manager-specific risks that matter most, from liquidity and valuation to leverage and incentives.
Advisor jobScreen structural riskSeparate structural risks from manager-specific risks.
Applied route
ConceptsRepurchase programProrationGate
ToolsLiquidity SimulatorWrapper Matrix
EvidenceGate model scenario
ExamplesMODEL-CREDIT-LIQUIDITY: Repurchase programMODEL-PE-TENDER: Tender offer fund
04Portfolio Construction / CorePortfolio Construction: How Alternatives Fit Into a PortfolioHow practitioners think about sizing, role definition, liquidity laddering, replacement risk, and second-order effects.
Advisor jobExplain role in portfolioDefine the job an allocation is meant to do.
Applied route
ToolsLiquidity SimulatorWrapper Matrix

What you can explain after this

Explain what happens when a client asks for cash back.

Why a stated repurchase cap is capacity, not a guaranteed exit.
How proration converts high demand into partial fills.
What a client may need to do after an unfilled redemption request.

Prerequisite Concepts

Terms the path assumes or teaches early.

LiquidityRepurchase programA fund policy that lets investors request redemptions on a schedule, usually subject to caps.LiquidityTender offerA formal offer by a fund to repurchase a stated amount of shares during a defined window.LiquidityProrationPartial fulfillment when investor requests exceed the fund's repurchase capacity.MetricFill rateThe accepted amount divided by the amount investors requested to redeem.LiquidityGateA partial or full restriction on redemptions beyond normal stated mechanics.

Related Tools

Use the controlled lab before interpreting a model scenario.

LiveLiquidity SimulatorShow proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.LiveWrapper MatrixUse before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.LiveFiling Trail DecoderRoute an advisor from a product question to the document type most likely to prove it.
Controlled examples2 model scenarios

Use this path against controlled model scenarios.

When the path touches liquidity mechanics, Learn connects the lesson to a hypothetical event: the model code, fill math, simplified filing-style language, and next education route.

Scenarios shown2
Document checks2
Constrained scenarios2
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 CreditMODEL-CREDIT-LIQUIDITYOpen scenario
Repurchase program / 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
Private EquityMODEL-PE-TENDEROpen scenario
Tender offer / 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

Where the education should stay in model scenarios.

Private CreditMODEL-CREDIT-LIQUIDITY
Repurchase program

Hypothetical liquidity window versus client cash need

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

  • Hypothetical repurchase cap and cadence.
  • Accepted versus requested amounts in the model window.
  • Board discretion or suspension language.
Open Learn example
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.

  • Offer window timing and pricing basis.
  • Maximum repurchase amount.
  • What the documents say happens when requests exceed the offer.
Open Learn example

Advisor Outputs

Leave with language and questions, not just reading.

Manager questionsAsk what happens when demand exceeds capacity

What was the worst recent fill rate, how were unfilled requests handled, and which document proves the current cap, cadence, and discretion language?

3 linked concepts / Manager diligenceClient-safe summaryExplain the wrapper before the return

This structure gives scheduled access to private-market exposure, but liquidity windows, fees, tax reporting, and source documents control the client experience.

1 linked concepts / Client meeting
Client-safe summary

The fund may offer periodic liquidity, but requests can exceed available capacity. In that case, investors may receive only part of the requested amount.

Prospectus check

Find the repurchase cap, board discretion language, timing, pricing basis, and any priority or resubmission rules.