Over the past decade, asset managers have sought to expand investor access to private markets assets, such as private credit, real estate, infrastructure and other illiquid assets, within the regulatory framework of the 1940 Act. Two vehicles have emerged as the principal means of accomplishing this: interval funds and tender offer funds. This paper discusses tender offer funds and concludes that their structural features align well with the liquidity profile of private market investments. This paper also suggests that the repurchase framework of tender offer funds protects the interests of all shareholders and not only those seeking to redeem their shares. In particular, the discretionary repurchase framework allows tender offer funds to balance providing liquidity for redeeming shareholders with preserving value for long-term investors.