A Guide to Open-Ended Funds

The growth of open-ended fund structures offers LPs diverse options for allocations.

• With private capital AUM to reach $30tn by 2030, more liquid fund structures are emerging to fulfil new and more specific LP requirements

• More than a quarter of our surveyed investors indicated interest in open-ended funds as a structure for infrastructure and private debt, with venture capital least popular

• Regulated entities looking at private debt investments may require some form of liquidity when making commitments, while retail investors with different time horizons have varying liquidity preferences

• There are trade-offs and risks introduced when offering more liquid fund structures, such as higher costs, how liquidity is structured, and greater regulatory attention