Hi kevthegod. Any investor in the ECF if now a shareholder in the company. Despite it being unlisted, they own a piece/slice of the company. Hopefully, the value of the company continues to increase over time and thus the paper value of their investment. When the company lists, the shareholder can chose to hold or sell and realise the value. If they remain private, there may be ways to sell your shares to other shareholders but it is not as easy as when you are listed and trading on the ASX. The company may also be bought/acquired one day, and the shareholders will receive money back. The money is not lost or gone - they are legal shareholders in the company. It is just a matter of how you can trade the shares. The company is an unlisted public company and has to comply with rules of ASIC. It is audited. Has a board of directors. Is run like a listed company.
