Are my illiquid investments a ticking time bomb?

25 February 2026

Are my illiquid investments a ticking time bomb?

As schemes move closer to endgame, illiquid assets tend to reveal their differences. What once felt like a single allocation often becomes a set of very specific challenges, with a handful of holdings shaping timing and sequencing decisions.

This note highlights five areas worth getting clarity on early: whether the original investment case still holds, how exit terms may have changed, which parts of the portfolio can realistically be realised, what newer liquidity routes are available, and how all of this behaves once timelines accelerate.

Understanding these factors early helps schemes avoid unnecessary pressure and keep decisions aligned to their chosen path.

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The authors

Patrick Race

p.race@vanlanschotkempen.com

Georgia Sangster

+44 2 036 36 94 14

g.sangster@vanlanschotkempen.com

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Disclaimer
This document is issued by Van Lanschot Kempen Investment Management (UK) Ltd (“VLK Investment Management (UK)”) for information purposes only. The information contained in this document is of a general nature. It does not constitute investment advice or a recommendation and should not be relied upon as such. It does not constitute an offer, solicitation or invitation to enter into any transaction. No part of this document may be reproduced without prior written consent from VLK Investment Management (UK). While reasonable care has been taken, VLK Investment Management (UK) does not accept liability for any errors or omissions.

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This document should not be considered as the giving of investment advice by of VLK Investment Management (UK) or any of its members, directors, officers, agents, employees or advisers. In particular, this document does not constitute an offer, solicitation or invitation to enter into a transaction, including with respect to the purchase or sale of any security interest or other in any jurisdiction. Neither this document nor anything contained in this document shall form the basis of any contract or commitment whatsoever. This document is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions.

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