---
title: "Tender Offer | Altss Glossary"
description: "A tender offer is a structured process where a buyer offers to purchase LP interests at stated terms during a defined window."
canonical: "https://altss.com/glossary/tender-offer"
---

Secondaries & Liquidity

# Tender Offer

Publisher: Altss LLCPublished 2026-01-12Content modified 2026-01-18

A tender offer is a structured process where a buyer offers to purchase LP interests at stated terms during a defined window.

**Allocator relevance:** High — governance-sensitive liquidity event where pricing integrity and disclosure depth determine fairness.

**Expanded Definition**
Tender offers may be initiated by third-party buyers, platforms, or GP-facilitated processes. They can be partial or full, and participation may be optional. Pricing typically references NAV but is shaped by market conditions, information symmetry, and process design. For allocators, the key questions are: is the process transparent, are LPs treated equally, and does the offer price fairly reflect underlying risk and liquidity?

**Decision Authority & Governance**
Governance includes disclosure quality, conflict management (especially if GP involved), LPAC involvement where relevant, timeline fairness, and consistent information access. Institutions compare tender terms to recent secondary market “prints” and review whether participation has any implicit penalties.

**Common Misconceptions**

- Tender offers always represent fair market price.

- Opting out has no consequences.

- Tender offers are the same as redemptions.

**Key Takeaways**

- Evaluate process integrity and disclosure first, price second.

- Benchmark price vs comparable secondary transactions.

- Confirm optionality and treatment of non-participants.

## Related terms

[LP-Led Secondary](https://altss.com/glossary/lp-led-secondary)[GP-Led Secondary](https://altss.com/glossary/gp-led-secondary)[LP Advisory Committee (LPAC)](https://altss.com/glossary/lpac)

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