Direct answer
Interval Funds are legally mandated by the SEC to buy back a minimum percentage every period, while Tender Offer Funds and Private BDCs can pause a liquidity window at their board's discretion.
- Interval Funds cannot refuse: They are legally mandated by the SEC to buy back the minimum stated percentage every period.
- Tender Offer Funds and Private BDCs can pause: Their boards have the discretion to skip a liquidity window if market conditions or fund cash flows threaten the stability of the portfolio.
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