White Paper: Interval and Tender Offer Funds


Andrew Jones, Sonja Formato

Publish Date



  • Distribution

Non-traditional closed-end interval and tender offer funds constitute an important segment of the investment industry. Closed-end funds’ regulatory and investment features straddle between private funds (e.g., private equity and hedge funds) and open-end funds (e.g., mutual funds and exchange-traded products). Their unique structure allows asset managers to deliver alternative and illiquid investment strategies to a broad investor base.

This white paper distills closed-end funds’ regulatory framework and operational considerations for existing and prospective closed-end fund asset managers. It will guide you through regulatory intricacies, offering comparisons between interval funds and tender offer funds along the way. It will also connect their structure with an examination of how closed-end funds should be approached from a distribution perspective.


How we help

Since our launch in 2005, we have been working with asset management firms throughout the world to facilitate compliance and product distribution through legal underwriting, registered rep licensing and chaperoning, and DTCC/NSCC fund sponsorship. 

ACA Foreside can support products in either a standalone fund model or a Series Trust and will work with your firm to establish NSCC connectivity and dealer agreements, review marketing materials for registered reps, provide fund officers, and provide a 38a-1 compliance program, as well as consult with you to design an effective distribution strategy for your product.

Contact us today to find out how we can help your firm launch a new fund or convert an existing fund.