Launching an interval or tender offer fund is like playing a multi-level chess game. There is a great deal of complexity in taking advanced investment strategies and designing, maintaining, and selling these 40 Act investment vehicles. Intensive strategy and deliberate planning are needed to grapple with their specific idiosyncrasies. It is important to note that there is nothing magical about these fund structures that inspires a Field of Dreams “if you build it, they will come” response and, oftentimes, it becomes a challenging period between fund registration and reaching $100 million in assets under management, otherwise known by some as the “Valley of Death”.