This can play out as a new style of LIC where it is a hybrid of investments and operating entities.
The problem is most if not all LICs benchmark themselves against an index, and valuing the unlisted side of the business muddies the waters when it comes to determining performance against the benchmark, and, therefore, performance fees.
PS. This so called hybrid model has been tried before. A little US outfit called Berkshire Hathaway. You may have heard of them.
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