Liquidity events, including off market buybacks at NAV are not out of the ordinary. In some countries, for closed funds, it is enforced upon funds with prolonged discounts to NTA.
Of course they would not transition to all cash, but the option to close out certain liquid positions in order to facilitate an off market buyback is not unthinkable.
On the contrary, it sounds like you need to do some research on investing. Or at least research the current closed fund space in Australia, which is seeing a raft of methods to close the discount gap.
Reality Check, page-47
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