Interval and Tender Offer Funds

Interval and Tender Offer Funds offer retail and alternative asset managers an opportunity to differentiate their product lineup and open up new distribution opportunities by expanding access to non-correlated asset classes in a ’40 Act investment wrapper.

Both vehicles are unlisted closed-end funds that offer periodic liquidity to investors and can access through traditional mutual fund distribution channels. There has been a surge in interest from managers offering Real Estate, Credit, Private Equity, Fund of Funds and other alternative asset classes in these funds.

Unlisted Closed-End Funds
  • SEC regulated investment structures with lower investment minimums than traditional alternative investments
  • Flexibility to hold illiquid investments
  • Prospectus defined shareholder liquidity
  • Available through mutual fund platforms via NSCC FundServ and AIP
  • 1099 tax reporting

Key Considerations

When a manager or fund advisor considers expanding their product line by launching a interval or tender offer fund, there are questions to help determine if this is the right direction:

  • Is there demand for this strategy today?
  • Can offering an interval or tender offer fund create operational efficiencies? Could consolidating many accounts into one portfolio make it easier to manage?
  • How frequently can the NAV calculation be supported?
  • Are there resources to support product distribution efforts?

Ultimus’ experienced team of professionals are here to help you answer these questions.

Comprehensive Fund Administration Support

To support managers in bringing retail alternatives, including interval and tender offer funds, to market, Ultimus offers a comprehensive suite of solutions.


In addition, Ultimus provides operational expertise and services necessary to support non-exchange traded closed-end fund structures. Specifically, we:

  • Prepare and file registration statements
  • Coordinate board meetings
  • Provide periodic NAV calculations
  • Reconcile cash and positions
  • Conduct expense accrual analysis
  • Produce quarterly financial statements
  • Assist auditors with annual audit
  • Assist with regulatory filings
  • Provide unit-holder servicing and reporting
  • Provide Chief Compliance Officer (CCO) and compliance reporting and support

Contact us to learn more or click here to read about our services for registered funds, including interval and tender offer funds.

White Paper

White Paper

To assist advisers considering the unlisted closed end fund wrapper for new products our white paper examines predominant fee structure options and trends across various strategies in the interval fund marketplace targeted to retail and high-net-worth investors. Click here for access.



Alternatives for Private Wealth

Watch the Ultimus Distribution Advantage webinar Alternatives for Private Wealth with Ultimus’ Kevin Guerette, Nick Darsch, and Sean McLean. Discussion during the webinar included:

  • Current driving factors of the growth of semi-liquid registered funds
  • The difference between tender offer funds & interval funds
  • The distribution dynamics of these vehicles

LAUNCHING AN INTERVAL FUND: Clear-eyed approach to a successful launch

To assist advisers considering the unlisted closed-end fund wrapper for new products, Ultimus collaborated with XA Investments LLC to highlight various avenues for entering the market and offering best practices in structuring and seeding new products.

Read the white paper here.

Nicsa Webinar: Democratization of Alternatives

Panel discussion topics:
  • Evolving investor appetites to access alternative products
  • Commentary on recent trends
On the Nicsa site, please login or create an account to view the webinar. 
Want to Know More?

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The Ultimus Group, LLC is an Equal Opportunity Employer. All rights reserved.

DISCLOSURE: Information contained on this website is based on public data, historical agreements and dialogue with intermediaries. Such information represents our current understanding of the described platforms and the costs associated with them. In many cases, such costs may be negotiable. All pricing and fee information is subject to change without notice.

8778 UFS 2/18/2022

Ultimus Fund Solution