Liquid Claims on Illiquid Assets: Looming Litigation Issues as Historically Private Asset Classes Move Into the Retail Market

• 1 How interval and tender offer funds differ in redemption timing, caps, and allowable illiquidity
• 2 Why daily NAV on illiquid assets creates valuation risk and why Rule 2a-5 compliance may not suffice
• 3 How SEC enforcement over odd-lot pricing and manipulated valuation inputs creates NAV liability risk
• 4 How Section 11, Section 12(a)(2), and Rule 10b-5 exposures differ for SEC-registered retail funds

Based on transcript analysis