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Venture Legal

Cornerstone Query: 'Non-Investments'

In the Cornerstone LPA, clause 3.2 mentions portfolio liquidity results with respect to 'non-investments'. Can you please explain what non-investments may be, and how their yield portfolio liquidity results?
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Answered by

Hans Kim

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Non-Investments are assets of the Fund that are not tied to Investments (ie investments in portfolio companies or cash equivalents).  For example, the Fund may have proceeds from a litigation that is unrelated to an investment.

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