b'08Investment Vehicle ComparisonThis survey compares in summary form the structure and characteristics of different permanent capital vehicles. This is not intended to be a comprehensive discussion of these topics.Open-EndTarget Date Closed-EndBusiness DevelopmentIntervalTender Offer Funds Funds Funds Companies (BDCs) Funds FundsOverview Mutual fund thatFund that may be structuredFund that issues a fixedInvestment vehicle that may raise capitalType of closed-end fundType of closed-end fund continuously offersas an exchange-traded fundnumber of shares, oftenthrough an IPO and continuous offerings orgenerally focused on privatefocused on private equity securities in order to(ETF) or a mutual fund tothrough an IPO, to raisethrough private placements and financings.credit investments. investments that may raise capital to invest inautomatically adjust assetcapital for its initialBDCs provide capital primarily to small andcontinuously offer securities.diversified assets. allocation over time .i investments into diversifiedmiddle-market companies.assets.Listed Unlisted ETFs are listed. Mutual funds Generally listed on anMay be publicly listed. Unlisted Unlistedare unlisted. exchange, but may be unlisted.Offering May continuously offerETFs may be continuouslyOne-time IPO but mayPublic BDCsMay continuously offerMay continuously offer withMay continuously offer with securities sold through anoffered with an effectiveundertake follow-on publicsecurities on a national securities exchangean effective registration an effective registration independent broker-dealerregistration statement.offerings with an effectivewith an effective registration statement. statement. statement. Sold through channel.Mutual funds may beregistration statement.Limited to a single class of common stockSold through independentindependent broker-dealers. Senior securities are notcontinuously offered byLimited to a single class ofunless SEC exemptive relief is granted.broker-dealers.Multiple share classes are permitted. mutual fund companies orcommon stock.permitted. Subject to sales through brokerage accountsNon-traded BDCsMay continuously offerMultiple security classes areload fees and FINRA limits.that offer mutual funds. Sales load is limited to 8% ofwith an effective registration statement. permitted if exemptive relief a completed offering. Sold through independent broker-dealers.is granted. Multiple share classes are permitted.Subject to sales load fees Subject to sales loads and FINRA limits. and FINRA limits. Sales Private BDCsContinuous private offerings.load fees are at the investor Multiple security classes are not permittedlevel, based on share price. unless exemptive relief from the SEC isSeparate limits for upfront obtained. fees and ongoing fees.Time to Market 6 months, depending on6 months, depending 6 months (possibly longer ifPrivate BDCs46 months (possibly longer6 months (possibly6 months (possibly longer if structure. on structure. application for co-invesmentif application for co-investment relief islonger if application forapplication for co-investment relief is required). required).co-investment relief isrelief is required).Public BDCs6 months (possibly longerrequired).if application for co-investment relief is required).Price NAV, determined daily. NAV, determined daily. IPO based on NAV thenNAV NAV, often determined daily,NAV, determinedDetermination market price, oftenat least weekly. daily.determined daily, if not, usually weekly.Securities ActYes Generally, yes Generally, yes Yes for public BDCs Yes YesRegisteredMayer Brown|Investment Vehicle Comparison 28'