VI. Conclusion
The growth of tender offer funds reflects growing demand among all classes of investors for access to private market investment strategies that previously were available only to institutions or the very wealthy. This demand is ultimately being driven by structural changes in the U.S. capital markets, as private assets have grown to represent a larger share of the investable universe. The discretionary repurchase feature of tender offer funds is well-suited to the fundamental economics of illiquid private market investing.
Authors
Jay R. Alicandri Partner New York +1 212 698 3800 jay.alicandri@dechert.com
Thomas J. Friedmann Partner B oston +1 617 728 7120 thomas.friedmann@dechert.com
David Marcinkus Partner
Washington, D.C. +1 202 261 3484 david.marcinkus@dechert.com
April 2026 / Page 5
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