“Semi-liquid” is finance’s version of “I’ll be there in 5 minutes”
Because when clients actually try to redeem… it suddenly might feel a lot less “liquid” than "semi-" implies.
➤ The industry has been grouping certain types of investments under one label, such as interval funds, tender offer funds, and non-traded REITs
➤ But their liquidity terms vary widely, and often come with proration or gating
➤ Even industry leaders are pushing back, arguing these products are effectively illiquid
➤ The risk isn’t the structure, it’s the mismatch between expectation and reality
Europe may have it right: call them “long-term asset funds” and set the expectation upfront.
Simple idea, but powerful.
Names shape behavior.
And right now, the naming may be doing more selling than explaining.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.