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You can get exposure to private markets without buying tokenized assets, but there is no single substitute that offers the same mix of access, liquidity, and underlying investments. Publicly traded business development companies (BDCs) are the most accessible exchange-traded route to private-company credit and equity; interval funds offer pooled exposure with scheduled, limited repurchases; and direct private funds or crowdfunding can provide closer exposure at the cost of tighter eligibility, less liquidity, or less diversification. For real estate, REITs may be a better fit than private-equity vehicles.
Tokenization changes how an investment interest is represented or transferred, not the underlying investment risks. The SEC’s Investor.gov explains that tokenized securities remain securities subject to securities regulation and investor protections. To choose a non-tokenized route, compare what it owns, who can invest, how and when shares can be sold, how they are valued, and what fees and leverage apply.
At a glance
| Name | Best for | Underlying exposure | Typical liquidity | Access | Checked |
|---|---|---|---|---|---|
| Publicly traded BDC | Brokerage access and exchange trading | Private-company debt and equity | Exchange trading during market hours | Retail investors | Nov 2026 |
| Interval fund | Pooled alternatives with scheduled repurchases | Private credit, equity, real assets, or other strategies | Periodic, limited repurchase offers | Fund-specific | Nov 2026 |
| Tender offer fund | Eligible investors seeking pooled alternative exposure | Fund-specific alternative strategies | Periodic offers, with timing and size generally at board discretion | May be limited to accredited investors or qualified clients | Nov 2026 |
| Non-traded BDC | Private-credit exposure without an exchange listing | Primarily private-company loans | Limited repurchases; programs may be modified or suspended | Offering and suitability rules vary | Nov 2026 |
| REIT | Income-producing real estate exposure | Real estate | Exchange trading for listed REITs; less dependable exits for non-traded REITs | Depends on whether the REIT is listed or non-traded | Nov 2026 |
| Direct private fund | Eligible investors seeking direct private-fund exposure | Private equity, private credit, or other fund strategy | Often illiquid for years; terms are fund-specific | Generally accredited investors or qualified clients | Nov 2026 |
| Regulation Crowdfunding offering | A specific eligible company or project | One issuer’s securities | Generally subject to a one-year resale restriction; no dependable secondary market is assured | Eligible investors, with limits for non-accredited investors | Nov 2026 |
| Retirement plan or insurance product | Indirect exposure through an institution | Depends on plan or product investments | Depends on the plan or product terms | Depends on the plan or product | Nov 2026 |
What are the alternatives to tokenized assets?
The alternatives are conventional securities and funds that provide exposure to similar underlying investments, rather than a different way to own the same token. The right choice depends on whether your goal is private-company credit, private-equity ownership, real estate, or a stake in one specific company.
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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →A tokenized interest may be tied to a security or fund, but the blockchain representation does not by itself change the quality of the investment, its valuation, its eligibility rules, or the terms for selling it. The SEC’s Investor.gov describes tokenized securities as securities subject to SEC regulation and investor protections. The same practical questions apply whether an interest is tokenized or conventionally issued: what do you own, what can you learn about it, and what is your realistic exit route?
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- For private-company debt or equity: compare publicly traded BDCs, non-traded BDCs, interval funds, tender offer funds, and direct private funds.
- For real estate: compare listed or non-traded REITs with real-estate-focused funds.
- For one company or project: consider whether a Regulation Crowdfunding offering fits your eligibility and risk tolerance.
- For institutional exposure without direct investing: a pension plan or insurance product may invest in private equity, depending on its terms.
Which option is most liquid?
For investors seeking private-company exposure, a publicly traded BDC generally offers the clearest exchange-based exit: its shares trade on a national securities exchange, so an investor can place an order during market hours. That does not make the BDC’s underlying private loans or company interests liquid, and the share price can differ from the value of its net assets.
Other structures replace daily exchange trading with repurchase windows or restrictions. An interval fund may make a limited offer at set intervals; a tender offer fund’s board generally has more discretion over offers; and a non-traded BDC’s repurchase program may be capped, changed, or suspended. Direct private funds can lock up capital for years, while crowdfunding securities generally cannot be resold for one year and may have no dependable market afterward.
Liquidity therefore has two parts: whether you are permitted to request a sale or redemption, and whether the structure can meet that request on the schedule and at the price you expect. A fund’s prospectus or offering documents spell out those mechanics. An exchange listing provides a market for the fund’s shares, not a promise that those shares will trade at net asset value (NAV) or at a price you consider fair.
How do publicly traded BDCs work?
A business development company is a type of closed-end investment fund that invests in debt and equity of small and medium-sized private companies. Publicly traded BDCs are available to retail investors and trade on national securities exchanges, making them a common brokerage-accessible proxy for private-company exposure.
The convenience of exchange trading comes with market-price and portfolio risks. A BDC may borrow to invest, and its shares can trade above or below NAV. A distribution is not necessarily all investment income: it can include a return of capital, which reduces the assets available for future investment.
SEC guidance says adviser-managed BDCs typically charge annual advisory fees of 1.5% to 2% of gross assets, plus certain incentive fees generally up to 20% of profits. Those are typical ranges described by the SEC, not a quote for every BDC. Review the specific fund’s filings and reports to see how its fee base, incentive terms, leverage, portfolio, and distributions work.
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Questions to ask before buying a BDC
- What share of its portfolio is loans, equity, or other assets, and how concentrated is it by borrower or industry?
- How much leverage does it use, and what borrowing costs or restrictions apply?
- What are the advisory fee and incentive-fee terms, and what other expenses apply?
- Is the exchange price at a premium or discount to NAV?
- Do distributions come from investment income, or do they include a return of capital?
Are interval funds a practical alternative?
Interval funds can be practical for investors who want a registered, pooled vehicle holding less-liquid investments and can accept limited, scheduled exits instead of exchange trading. They may invest in private credit, private companies, real assets, or other alternative strategies, depending on the fund.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsInterval funds generally do not trade on an exchange. Instead, they offer shares at NAV and repurchase a portion of outstanding shares through periodic offers. The SEC says offers commonly occur every three, six, or twelve months and may cover only 5% to 25% of outstanding shares. If investors request more repurchases than the fund offers, each investor may receive only a pro-rata portion. FINRA likewise cautions that interval funds usually lack a normal secondary market and provide only limited periodic liquidity at NAV.
Buying a share is not the same as having an unconditional right to sell it when you want. Check the prospectus and shareholder reports for the fund’s specific offer schedule, the percentage it may repurchase, the pricing date, how oversubscribed requests are handled, and any fees. SEC guidance says interval-fund charges can include sales loads, management fees, repurchase fees, and, in some cases, a repurchase fee of up to 2% of proceeds. The applicable fund documents—not a general description of interval funds—determine the terms.
How do tender offer funds and non-traded BDCs differ?
Both can provide pooled exposure without the investor relying on an exchange listing, but their exit arrangements are not the same. Tender offer funds generally make periodic offers whose timing, frequency, and size are more discretionary than an interval fund’s scheduled repurchase offers. Non-traded BDCs invest in similar kinds of private companies as publicly traded BDCs but use offering and repurchase arrangements instead of an exchange listing.
Tender offer funds
The Federal Reserve identifies tender offer funds, interval funds, and non-traded perpetual-life BDCs as major semiliquid structures. Tender offer funds generally offer periodic liquidity, but their boards have greater discretion over when an offer occurs and how large it is. They are often distributed through private-wealth channels and may be restricted to accredited investors or qualified clients. Read the fund’s governing documents to determine whether and when a particular offer can occur.
Non-traded BDCs
Retail-offered non-traded BDCs generally sell shares through continuous offerings and permit repurchases only at specified intervals. Privately offered BDCs are generally sold to accredited investors through private placements. The Federal Reserve reports that non-traded BDC repurchase programs are commonly capped at approximately 5% of NAV per quarter, and that programs may be modified or suspended. That is a reported common structure, not a guarantee that any particular fund will offer that amount.
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Portfolio composition is also relevant: in 2025 Q4, loans represented 93.4% of non-traded BDC portfolios, according to the Federal Reserve. That figure describes the group’s reported portfolios at that date, not the holdings of every BDC. Investors should examine the individual fund’s loan quality, concentration, leverage, valuation approach, fees, and repurchase terms.
Are REITs a substitute for private-market exposure?
REITs are an alternative when the intended exposure is real estate, not when the goal is specifically ownership of private-company equity or credit. They let individuals invest in large-scale, income-producing real estate without directly buying and operating properties.
Publicly traded REITs can be bought through a broker and have exchange-traded shares. Non-traded REITs are not exchange-listed and can be difficult to sell or value. The SEC warns that non-traded REITs may fund distributions from offering proceeds or borrowings, may involve conflicts with an external manager, and generally have high upfront costs. Sales commissions and offering fees usually total approximately 9% to 10% of the investment, according to SEC Investor.gov guidance; the actual charges depend on the offering documents.
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Can you invest directly in private equity or private funds?
Direct private funds are closer to private-market investing than public proxies, but they are generally less accessible and less liquid. Private equity funds pool capital to buy controlling or minority interests in operating companies and startups. SEC Investor.gov says private-equity funds typically pursue long-term investments with horizons of 10 or more years.
These funds are generally open only to accredited investors and qualified clients, often require high initial investments, and can remain illiquid for several years. Their documents may involve complex fees, valuation uncertainty, conflicts of interest, and limited disclosure compared with public securities. Review the private-placement memorandum and other offering materials before committing capital, and understand how capital calls, distributions, transfers, and extensions are handled by that fund.
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Hedge funds are another private-fund route, but they are not a simple private-equity substitute. The SEC describes them as private, unregistered funds that may use leverage, short selling, derivatives, and other speculative strategies. Redemptions are commonly limited to four times a year or fewer, and a fund may impose a lockup of a year or longer. The strategy and redemption terms need to be evaluated separately from the label “private fund.”
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Can you invest in private companies through crowdfunding?
Regulation Crowdfunding can provide direct exposure to a particular eligible company or project through an online securities offering. An eligible company must use an SEC-registered broker-dealer or funding portal. This is a concentrated investment in an issuer, not a diversified private-markets fund.
An issuer may raise up to $5 million through Regulation Crowdfunding offerings in a 12-month period. Non-accredited investors face limits on how much they can invest across offerings. The rules require disclosures and generally prohibit resale for one year. After that restriction ends, a sale still depends on a buyer and a market; the end of a holding restriction does not create a dependable exit.
Read the issuer’s Form C disclosures and assess the business, use of proceeds, security terms, ownership dilution, financial information, and risks. A company-specific offering can be appealing if you want exposure to that issuer, but a single investment can be more vulnerable to business failure, fraud, uncertain valuation, and the absence of a buyer than a diversified fund.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does current growth in semiliquid funds tell investors?
Semiliquid funds have grown, but growth is not evidence that a structure suits every investor or that its underlying assets have become liquid. Federal Reserve data through 2025 Q4 show total net assets across the three semiliquid vehicle types it studied rising from $15 billion in 2018 to $388 billion in 2025.
Other reported figures help clarify what is driving the category:
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- Interval funds: their number rose from 58 in 2020 to 139 in 2025, while aggregate net assets grew from $38 billion to $101 billion, according to the U.S. Federal Register in 2026.
- Interval-fund strategy mix: approximately 55% of aggregate net assets were in credit strategies, using Form N-CEN information as of December 2025, according to the Federal Register.
- Federal Reserve portfolio mix: private credit accounted for 49.5% of interval-fund holdings in 2025 Q4; loans were 93.4% of non-traded BDC portfolios in that quarter.
These figures describe market growth and portfolio composition, not expected returns, investment quality, or the ability to redeem on demand. A larger category still contains funds with different strategies, fees, leverage, eligibility rules, and exit terms.
How should you choose between the alternatives?
Start with the exposure you want, then rule out structures whose liquidity or eligibility terms do not fit. If you need to be able to place a sell order during market hours, focus on exchange-listed securities while recognizing that their market prices may diverge from NAV. If you can hold through limited repurchase windows, a registered pooled vehicle may be worth examining. If you want one issuer rather than a portfolio, crowdfunding may be more direct but less diversified.
- Choose a publicly traded BDC for consideration when brokerage access and exchange trading matter more than NAV alignment or minimizing fees.
- Consider an interval fund when pooled exposure to private credit, equity, or real assets matters more than daily liquidity and a pro-rata repurchase is acceptable.
- Consider a tender offer fund or non-traded BDC cautiously when you can accept less predictable or capped repurchase terms and meet the fund’s eligibility requirements.
- Consider a listed REIT when the goal is real-estate exposure rather than private-company credit or equity.
- Consider a direct private fund only if you meet its eligibility rules and can tolerate long holding periods, high minimums, limited disclosure, and manager risk.
- Consider Regulation Crowdfunding when you specifically want exposure to one eligible company or project and can accept concentration and resale constraints.
- Check retirement-plan or insurance options if indirect institutional exposure may meet your goal; availability depends on the specific plan or product.
What should you check before investing?
Review the legal structure and documents for the exact investment, not just the category name. SEC guidance directs investors to materials such as prospectuses, shareholder reports, private-placement memoranda, Form ADV, and EDGAR filings, as applicable. The right document set depends on the vehicle.
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- Identify the legal security and issuer. Confirm whether you are buying a listed fund share, a non-traded fund interest, a private-placement security, or an issuer’s crowdfunding offering.
- Confirm that you are eligible. Check accredited-investor, qualified-client, suitability, or other offering requirements before spending time on an investment you cannot access.
- Read the primary offering documents. Use the prospectus and shareholder reports for registered funds, the private-placement memorandum for private offerings, and the issuer’s Form C materials for Regulation Crowdfunding.
- Map the exit terms. Find the ordinary sale, redemption, or repurchase route; its timing; any cap or lockup; the price-setting method; and what happens if requests exceed available liquidity.
- Calculate all fees. Include advisory and incentive fees, sales loads, offering costs, repurchase charges, and underlying-fund expenses where applicable.
- Understand valuation and leverage. Determine how assets are valued, how often values are updated, what borrowing the fund or portfolio companies use, and how leverage could affect losses.
- Inspect the holdings and distributions. Look for concentration, borrower or property exposure, and whether distributions are funded by income or may include return of capital or borrowed or offering proceeds.
- Verify the adviser or intermediary. Consult official records and filings relevant to the fund and offering rather than relying only on sales material.
The key decision is not simply whether you can buy an interest. It is whether the underlying exposure, disclosure, fees, leverage, valuation, and realistic exit route fit your circumstances.
How we picked these alternatives
This comparison groups conventional routes by the exposure they provide and distinguishes them by eligibility, liquidity, valuation, fees, leverage, diversification, disclosure, and exit risk. It includes exchange-traded proxies, regulated semiliquid funds, private funds, real-estate vehicles, crowdfunding, and indirect institutional exposure because each answers a different version of the question. The categories are not presented as interchangeable, and the comparison does not imply that any option is suitable for every investor.
Frequently Asked Questions
Does a tokenized security get different investor protections just because it uses a blockchain?
No. SEC Investor.gov says tokenized securities remain securities subject to SEC regulation and investor protections. The token format does not by itself remove the need to assess the issuer, legal rights, or investment terms.
Can a crowdfunding investment be sold as soon as the one-year restriction ends?
The general one-year resale restriction may end, but that does not guarantee a buyer or an active secondary market. The offering documents and any applicable transfer restrictions still matter.
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Does a fund’s NAV tell me the price I can receive if I sell?
Not necessarily. Exchange-traded fund shares can trade above or below NAV, while a fund’s NAV is a valuation measure rather than a promise of a particular sale price.
Can a pension plan give me private-equity exposure without a direct private-fund investment?
It may, depending on the plan’s investments and terms. That is indirect exposure through an institution, not a universal self-directed route available in every retirement plan.
