b'03AttributesStructure & Registration Asset Fit Closed-end fund with discretionary repurchaseSuitable for less liquid credit strategies.offers (Rule 13e-4). Works well for real estate or private credit assets. Registered under the 1940 Act. Bridge between daily liquid mutual funds andfully illiquid PE funds.Time to MarketSix months (possibly longer if application for Feesco-investment relief is required).Base management fees: 11.75% of assets.Liquidity Incentive fees: 12.515% of income.Board-determined, typically quarterly; Other fees: May include redemption fees up to 2%.no mandated schedule.Eligible Investors Qualified/retail investors, depending on structure. To learn more about the terms, fees,Minimums often ~$1,000 to $50,000 dependingstrategies and structures of tender on sponsor. offer funds in the United States, read our survey.Mayer Brown|Tender Offer Funds 15'