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Abstract: 

Unlisted closed-end funds have steadily gained popularity in recent years as they provide a more suitable investment wrapper for less liquid alternative investment strategies than a mutual fund or exchange-traded fund, and also allow managers to reach investors who desire more liquidity and transparency than a private fund may provide. This article focuses on two types of unlisted closed-end funds, interval funds and tender-offer funds, including their structure under the Investment Company Act of 1940, and the potential benefits that their structures may offer to fund sponsors.

Keywords: Rule 23c-3; Rule 13e-4; Structural Advantages and Challenges of Unlisted Closed-End Funds

Affiliations:  1: Faegre Drinker Biddle & Reath LLP; 2: Faegre Drinker.