A continuous offering is a securities offering that remains open on an ongoing basis — shares sold month after month at updated prices — rather than raising a fixed amount in a one-time window. It is the sales model of the perpetual-NAV era: how NAV REITs, non-traded BDCs, and interval funds actually distribute.
How continuous offerings work
The machinery pairs a shelf registration (standing registered capacity) with periodic pricing: shares are offered at the current transaction price — typically the prior month’s NAV per share, adjusted for applicable sales loads by share class — with subscriptions accepted on a monthly or continuous cycle. The design solves the pricing problem one-time blind-pool offerings had (everyone paid $10 regardless of value; the legacy non-traded REIT model’s original sin) by pricing entry at estimated value, and it makes fundraising a permanent operating function rather than a campaign. The reading habits that follow: net flows — sales minus redemptions — are the vital sign of a perpetual product (sustained negative flows pressure liquidity management and, eventually, strategy), monthly sales figures reported across the industry are the market-share scoreboard SQX Alts coverage tracks, and because entry happens at NAV, the valuation governance behind that NAV does double duty: it prices performance and every new dollar in. Distribution reinvestment purchases typically flow through the same continuous machinery at the same prices.
Related terms
Shelf Registration · Transaction Price · NAV · Perpetual-Life Fund · Redemption Program
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