Thanks for the shout out, Luke. The investment period for most funds is typically five years, so it sounds as though the fund would be close to if not at the point of being fully invested. On that basis, you'd want to develop your own private valuation of the existing/remaining portfolio companies as a starting point. You'll want to value the portfolio companies based on the selling investors $$ invested in those companies, not including the portion of their LP stake that may have been realized or not invested. You can consider discounting the valuation of the selling investors' stake by a rate determined by your judgement for the proportion of dollars that have been realized and the proportion of uncalled capital. It'll be tough to justify a meaningful discount, but some modest discount should be justifiable, in part because you're providing liquidity. Feel free to reach out at redacted with any questions. Good luck!

^redacted‌ is completely correct‌