WHITEPAPER advent.com Closed-end Funds A world of opportunities and operational challenges2 | Closed-end funds: A world of opportunities and operational challenges What do investors do when traditional equity/fixed income allocations don’t deliver the stable, long-term returns they need? For many, the answer is to turn to illiquid securities—in particular private equity, private debt and real assets—for the attractive investment return and diversification potential they offer. The liquidity profile of these assets means they need to be held in the right vehicle— hence the growing interest and flows we’re seeing into closed-end and hybrid funds. Managing and supporting closed- end funds brings a range of complex operational challenges though, requiring a specialized mix of

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