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Intro38 min3 ordered modules3 related modules

Market foundations

The fastest route from zero context to the core map of wrappers, asset classes, and portfolio roles.

Question routedWhat are semi-liquid alternatives, and where do they fit?
3Modules4Concepts1Tools3Controlled examples1Output packets

Ordered Modules

Move through the mechanics in advisor order.

01Structures / 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 / ConceptNon-traded BDC

A business development company that is registered but not exchange listed.

Wrapper02 / 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-BDC-FEE: Model BDC wrapper and share-class economics

Use a controlled BDC scenario to connect wrapper structure, servicing fees, and share-class comparison before discussing performance.

Non-traded BDC / fee stack05 / Advisor outputExplain the wrapper before the return

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

Client-safe summary
ConceptsSemi-liquid alternativesNon-traded BDCInterval fund
ToolsWrapper Matrix
EvidenceTender offer fund model scenario
ExamplesMODEL-BDC-FEE: Non-traded BDC / fee stackMODEL-PE-TENDER: Tender offer fund
02Asset Classes / Start hereAsset Classes: What Each Alternative Category Does in a PortfolioA field guide to private credit, private equity, private real estate, private infrastructure, and hedge fund strategies in wealth-channel products.
Advisor jobExplain portfolio roleDefine the role each alternative sleeve usually plays.
Applied route
ConceptsSemi-liquid alternatives
ToolsWrapper Matrix
03Portfolio 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
ToolsWrapper Matrix

What you can explain after this

Explain what semi-liquid alternatives are and where they fit.

What makes a semi-liquid product different from a daily traded fund.
Why wrapper, asset class, and portfolio role are separate questions.
Where liquidity, tax, and fee mechanics enter the conversation.

Prerequisite Concepts

Terms the path assumes or teaches early.

WrapperSemi-liquid alternativesPrivate-market products with scheduled liquidity windows rather than daily exchange trading.WrapperNon-traded BDCA business development company that is registered but not exchange listed.WrapperInterval fundA closed-end fund that must offer periodic repurchases under Rule 23c-3.WrapperTender offer fundA closed-end structure that may conduct board-approved tender offers.

Related Tools

Use the controlled lab before interpreting a model scenario.

LiveWrapper MatrixUse before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.
Controlled examples1 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 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 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

Controlled Examples

Where the education should stay in model scenarios.

Private CreditMODEL-BDC-FEE
Non-traded BDC / fee stack

Model BDC wrapper and share-class economics

Use a controlled BDC scenario to connect wrapper structure, servicing fees, and share-class comparison before discussing performance.

  • Wrapper type before asset class.
  • Class-level servicing or distribution charges.
  • Illustrative fee table language before comparing returns.
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.

Client-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

Semi-liquid alternatives can provide private-market exposure, but the wrapper defines how investors enter, exit, receive tax forms, and absorb fees.

Diligence question

Before comparing returns, identify the wrapper, the repurchase mechanism, the share class, and the source document supporting each claim.