The discount/premium of share price to NTA is a function of...

The discount/premium of share price to NTA is a function of market conditions, sentiment, portfolio performance and management's track record at a point in time. At times (like other investment holding companies), PVL will trade above NTA and at other times it will trade below NTA. A temporary discount to NTA is not a reason to liquidate the company which would rob all shareholders of the long-term upside potential. Moreover, it is (in the vast majority of cases) not possible for individuals to secure investment exposure to private VC companies — that is the purpose of using a public vehicle like PVL — to give shareholders long-term exposure to VC-style returns.