Back to tools
Live5 concepts4 modules
Wrapper Matrix
Compare interval funds, tender-offer funds, non-traded BDCs, NAV REITs, unregistered perpetual vehicles, and drawdown funds by liquidity mechanism, source hierarchy, tax form, fees, and misconception risk.
Interactive Tool
Wrapper Matrix
Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.| Wrapper | Liquidity rights | Legal floor | Tax | Core risk |
|---|---|---|---|---|
| Commonly quarterly repurchase policy, often up to 5% of shares or NAV. | No interval-fund-style legal minimum; board policy can change. | 1099 | Credit losses, leverage, incentive alignment, and redemption pressure in stress. | |
| Usually monthly or quarterly share repurchase program with stated caps. | No legal minimum; programs can be reduced, prorated, or suspended. | 1099 | Property valuation lag, leverage, redemption concentration, and appraisal timing. | |
| Mandatory repurchase offers every 3, 6, or 12 months, commonly quarterly. | Rule 23c-3 offer amount is generally 5% to 25% of outstanding shares. | 1099 | Repurchase limits, valuation marks, portfolio liquidity mismatch, and expense layering. | |
| Liquidity exists when the board authorizes a tender offer. | No standing statutory minimum comparable to interval-fund rules. | 1099 or K-1 | Discretionary liquidity, private valuation, tender timing, and lockup friction. | |
| Manager-defined, lockup-based, discretionary, or periodic depending on agreement. | No general statutory liquidity floor. | Usually K-1 | Illiquidity, valuation discretion, vintage mixing, tax complexity, and document-specific liquidity discretion. | |
| Agreement-defined windows, lockups, queues, gates, or manager discretion. | No general statutory liquidity floor. | Usually K-1 | Credit losses, leverage, liquidity mismatch, valuation marks, and document-specific exit discretion. | |
| Agreement-defined repurchase, tender, or withdrawal windows; may include queues, gates, or suspensions. | No general statutory liquidity floor. | Usually K-1 | Appraisal lag, leverage, cap-rate shifts, redemption pressure, and property concentration. | |
| Generally no periodic redemption right; transfers are restricted and secondary sales are negotiated. | No general statutory liquidity floor. | Usually K-1 | Capital-call timing, blind-pool risk, interim valuation limits, long duration, and J-curve interpretation. |
Operating-system handoffUse the lab, then route into concepts, controlled examples, document checks, and advisor language.
See all tools