The unlisted closed end fund market continues to grow rapidly. At the end of 2024, there were $75.6 million in net assets in tender offer funds, up 32.9% from the prior year. Fund launch trends indicate that this growth is likely to continue in 2025. In fact, this most recent year was record setting in […]
Morgan Creek Global Equity Long/Short Fund launched in 2011. It is an unlisted closed end fund(tender offer fund) that invests in a diversified portfolio of hedge funds and other private funds, mainly following long/short equity strategies, including both US and foreign stocks. They invested in many of the largest brand name hedge fund franchises including […]
SkyBridge is a famous, some would say infamous alternative asset manager. It is one of the largest sponsors of hedge fund vehicles that use the transparent 40 act fund structure known as a tender offer fund. SkyBridge Multi Adviser Hedge Fund Portfolios and SkyBridge G II Fund LLC each offer exposure to some of the […]
Alternative investments are increasingly essential components of any prudent asset allocation plan. By allocating to alternative asset classes such as private equity, venture capital, real estate, hedge funds and private credit, investors can achieve better long term risk adjusted returns. Unlisted closed end funds, including both tender and interval funds, have proven to be an […]
Unlisted closed end funds can seem opaque. It can be hard to get basic information, let alone detailed research. Part of our motivation for launching Interval Fund Tracker and Tender Offer Fund websites was to increase transparency in the sector, and help investors get access to the information they need to make informed decisions. We […]
Tender offer funds are an investment vehicle that can be used to access a wide range of asset classes and investment strategies. In this post we discuss different categories of tender offer funds available in the market. Hedge funds of funds are the most popular strategy, followed by private equity, accounting for a combined ⅔ […]
Foreside recently released a new whitepaper: Product Spotlight: Interval and Tender Offer Funds. It is a valuable resource for any investment professional working with or considering launching an unlisted closed end fund. The paper integrates different perspectives on launching and running a fund including product design, portfolio management, regulatory, legal, and distribution. The paper covers […]
BlackRock has launched a new unlisted closed end fund. The BlackRock Hedge Fund Guided Portfolio Solution filed an initial registration statement on December 29, 2020, and followed up with an amended version on March 18, 2021. The SEC declared the fund effective on March 22. Let’s take at the new fund’s strategy and structure. […]
Aspiriant recently launched a new unlisted closed end fund. The Aspiriant Risk-Managed Capital Appreciation Fund filed an initial registration statement on November 16, 2020 and followed up with amended versions on March 1, 2021 and March 26, 2021. The SEC declared the fund effective on March 30. This post examines the new fund’s strategy and […]
Interval Fund Tracker recently published a Premium Report: Fee Structures for Unlisted Closed End Funds. Asset managers considering launching an unlisted CEF can use this report to better understand the competitive landscape for tender offer funds and interval funds. Allocators and investors can use this report in their due diligence process to ensure that they […]