Having listened to the conference call there were certainly a...

Having listened to the conference call there were certainly a vocal group who didn't support the conversion. The main reason being the likely requirement to sell assets at inopportune times to feed redemptions. The other big downside, which I hadn't thought about, was the inability to hold private equity once it's converted. Given the liquidity requirements they will be forced to only hold listed assets. Timeframes are not set in stone given the review of internal market makers... this could stretch out for a while. I am not sure they have truly considered the likelihood of a mass exodus of capital once it's converted. The recent performance has been good, but prior to that it's been years of nothing. If the last buy back is an indication they could be saying goodbye to a lot of capital. This doesn't bode well for a fund that is already way too small market cap wise... not to mention the premium fees and performance fees charged.