My reading of the memo is that 5% of the total units of the fund can be redeemed every 6 months. So depending on how many others wish to redeem at the same time you would be able to redeem 5-100% of your investment in any 6 month period (albeit I imagine in the first 1-2 years many investors would be seeking to exit at NTA minus the sell spread.
While there are some clearly sub-optimal features of this proposal, one potentially significant benefit will be the ability to exit at near NTA and take advantage of long-term cap gains discount (which is not true of harvested distributions).
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