an option to close discount gap, page-11

If their intention is to wind up the fund they should be selling the listed (and liquid) holdings.

This would take 1 months maximum. They would get 50% of the portfolio back to cash overnight - AGO, NCM for example.

One thing they cannot do is payout the liquidity of the fund to the first tranche of investors and then have those people that stay in the fund hold the risk of writedowns in their unlisted assets.

This whole process is a bit strange.