Emerging Section 18 Issues in Closed-End Fund Finance

November 01, 2017

In the current low-yield market environment, investors have been increasingly turning to unlisted, continuously offered closed-end funds, particularly interval funds, seeking higher returns and yields. Without the need for daily liquidity, closed-end funds have greater flexibility to invest in alternative, illiquid assets, and offer investors higher yields in part through a liquidity premium for the risk incurred in holding long-term assets.

Read, "Emerging Section 18 Issues in Closed-End Fund Finance."

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