Direct answer
Since evergreen funds don't trade on public exchanges, investors participate in periodic liquidity events — quarterly redemption windows for Interval Funds, or board-announced tender offers for Tender Offer Funds and Private BDCs.
Because these funds do not trade on public stock exchanges, you cannot sell your shares instantly. Instead, you participate in periodic liquidity events:
- For Interval Funds: The fund automatically opens a redemption window at fixed "intervals" (typically quarterly) to buy back 5% to 25% of the fund's total assets at Net Asset Value (NAV).
- For Tender Offer & Private BDCs: The fund's board will periodically announce a "tender offer" inviting investors to submit shares for repurchase (typically 5% quarterly or semiannually).
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