For decades, private fund strategies were the domain of institutional investors and the ultra-wealthy. That exclusivity is ending as private strategies migrate into retail vehicles designed to hold illiquid assets within a retail regulatory framework.Business development companies (“BDCs”), interval funds, and tender offer funds have emerged as the primary retail vehicles. Organized under the Investment Company Act of 1940 (the “1940 Act”), they offer periodic liquidity, board oversight, and sta...
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