Special Purpose Vehicles

DESCRIPTION

The Funds’ general investment strategy is to acquire Issuer Securities and to hold them until such time as the relevant Issuer completes an Initial Public Offering of its securities (an “IPO”) or other liquidity event such as a sale of the Issuer or all or substantially all of its assets (a “Liquidity Event”) in respect of the related Issuer Securities. There can be no assurance that Issuers will be able to complete such an IPO or Liquidity Event, that Issuer Securities will increase in value or have any value at all, that any market for Issuer Securities will develop or that the Funds will be able to dispose of Issuer Securities.