PviewsThanks for your considered comments. The key factor I...

Pviews

Thanks for your considered comments. The key factor I think is NTA reliability; and the NTA trajectory going forward.

Two points:
8.5% of fund assets are direct investments (B&B Mezz positions). A conservative position would be to write these down to nil. They are illiquid and there is unlikely to be a pool of buyers even if they are potentially worth something. Reduces NTA to $2.10ish

Many hedge funds are slowing redemptions - eg if I ask for my money back, they will give me 25% every 3 months. Not great for NTA if the underperformance continues.

Would be good to benchmark the discount vs other funds. I will do some of that and share on this thread.