Illiquid assets and the endgame

February 2026

This new paper by Al Greenlees examines the role illiquid assets play as schemes move towards the endgame. It sets out why exits are often slower or more expensive than expected, how different structures behave, and the practical options trustees still have to protect value.

The paper also highlights what to ask before investing, how to approach funds of funds, and where consolidators or run on strategies can give schemes more flexibility.

Read the full paper for the key steps trustees can take to manage illiquid exposures without undermining long term.

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