Tender Offer - ASPIRIANT RISK-MANAGED REAL ASSETS FUND
Form Type: SC TO-I
Filing Date: 2025-04-25
Corporate Action: Tender-offer
Type: New
Accession Number: 000121390025035287
Filing Summary: Aspiriant Risk-Managed Real Assets Fund has initiated a tender offer to purchase up to approximately 5% of its net assets, amounting to approximately $9,119,290 or about 870,597 of the 17,411,931 shares outstanding as of December 31, 2024. The tender offer allows shareholders to sell their shares at the net asset value (NAV), calculated as of June 30, 2025, with the initial deadline for tender submissions set for June 16, 2025. Shareholders can withdraw their tenders before the expiration date; if unsatisfied by June 23, 2025, they can withdraw at any time until the Fund has accepted their tender. The offer is fully backed by either cash, proceeds from asset sales, or borrowings. Payment for shares is subject to providing an initial promissory note indicating the fund's obligation to repurchase shares. The initiative aims to provide liquidity while the fund retains discretion to extend, amend or cancel the offer altogether.
Additional details:
Shareholder Notice Due Date: 2025-06-16
Nav Per Share: 10.47
Total Outstanding Shares: 17411931
Total Tender Offer Amount: 9119290
Shares Offered For Purchase: 870597
Valuation Date: 2025-06-30
Form Type: SC TO-I/A
Filing Date: 2025-03-13
Corporate Action: Tender-offer
Type: Update
Accession Number: 000139834425005514
Filing Summary: ASPIRIANT RISK-MANAGED REAL ASSETS FUND filed a final amendment to its tender offer statement under Schedule TO, originally filed on October 24, 2024, concerning its offer to buy back shares of beneficial interest up to a total of $9,200,000. The offer was open for shareholders to submit their tenders until 11:59 PM Eastern Time on December 16, 2024. Seven shareholders participated by tendering their shares, which were accepted for purchase. The net asset value of the shares tendered was determined to be $2,511,709 as of December 31, 2024. Shareholders received promissory notes for their tendered shares, with cash payments made for the unaudited net asset value of these shares on February 21, 2025. Notably, one shareholder who tendered their entire share received an initial payment of at least 98% of the net asset value, with a contingent payment to follow post-audit, anticipated to be completed by the end of May 2025. The final amendment does not alter any information previously disclosed in the initial Tender Offer Materials.
Additional details:
Tender Offer Amount: 9200000
Valid Tenders Count: 7
Net Asset Value Tendered: 2511709
Payment Date: 2025-02-21
Initial Payment Percentage: 98%
Form Type: SC TO-I
Filing Date: 2025-01-24
Corporate Action: Tender-offer
Type: New
Accession Number: 000121390025006244
Filing Summary: Aspiriant Risk-Managed Real Assets Fund is initiating a tender offer to purchase shares representing up to approximately 5.00% of the Fund's net assets, equating to an estimated $9,406,642 or around 863,541 shares out of 17,270,814 outstanding as of September 30, 2024. The tender offer is open until March 17, 2025, with share repurchase based on net asset value (NAV) calculated as of March 31, 2025. Shareholders wishing to participate must submit their tenders before the expiration date, and those who tender shares will receive a non-interest bearing, non-transferable promissory note representing the Fund's obligation to pay for the repurchased shares. Payments will be made in cash and will include both an initial payment approximately 65 days post tender offer expiration, and a contingent payment based on the next annual audit of the Fund's financial statements. The purpose of this tender offer is to provide liquidity to shareholders. The Fund intends to finance the offer through cash on hand, proceeds from sales of portfolio holdings, or borrowings.
Additional details:
Title Of Class: shares of beneficial interest
Cusip Number: 04539D103
Initial Notice Due Date: 2025-03-17
Valuation Date: 2025-03-31
Maximum Percentage Of Assets: 5.00
Number Of Shares Offered: 863541
Net Assets Of Fund: 188132836
Nav Per Share: 10.89
Administration Contact Name: Terrance P. Gallagher
Administration Contact Address: 235 W. Galena Street, Milwaukee, WI 53212
Administration Contact Number: 414-299-2270
Administrator: UMB Fund Services, Inc.
Offer Purpose: provide liquidity to Shareholders
Form Type: SC TO-I/A
Filing Date: 2024-12-17
Corporate Action: Tender-offer
Type: Update
Accession Number: 000139834424023290
Filing Summary: This document serves as the final amendment to the Issuer Tender Offer Statement filed by Aspiriant Risk-Managed Real Assets Fund originally on July 26, 2024. The fund sought to buy back shares worth up to $9,000,000. The deadline for shareholders to tender their shares was September 16, 2024. As a result, five shareholders validly tendered shares totaling a net asset value of $5,084,009, which were accepted for purchase. The payment for shares was issued through promissory notes, with cash payments wired to the shareholders' accounts on November 21, 2024. Shareholders who tendered their entire shares received at least 98% of their unaudited net asset value initially, with contingent payments based on the final annual audit to be made by May 2025.
Additional details:
Tender Offer Amount: $9,000,000
Tender Deadline: 2024-09-16
Shares Tendered: 5
Net Asset Value Tendered: $5,084,009
Initial Payment Percentage: 98%
Cash Payment Date: 2024-11-21
Post Audit Payment Schedule: no later than 5 business days after end of May 2025
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