Illiquid positions demand a holder that will not be forced to sell. That is precisely what a properly reserved trust structure is able to be.
The difficulty in private assets is rarely selection. It is documentation, valuation and time.
Share registers, shareholder agreements, drag and tag provisions and pre-emption rights tracked as living obligations, not filed and forgotten.
Notes and similar instruments monitored for maturity, conversion triggers, discount and cap — because the value sits in the terms.
Undrawn commitments are treated as liabilities and reserved against, so a capital call never forces a sale elsewhere.
Carrying values are marked on a documented basis and labelled as estimates. A stale round price is not a valuation.
An undrawn commitment is a real obligation. Liquidity is held against the full amount.
Liquidation preference, anti-dilution and conversion mechanics determine outcomes far more often than headline valuation does.
A position that cannot be sold is sized as though it cannot be sold. Our valuation simulator exists to show how wide such ranges legitimately are.
In ten years the file, not anyone’s recollection, will have to justify the decision.
Scope note. Navicella Investment Trust is a Liechtenstein trusteeship. The capability described on this page is exercised only within the terms of an individual mandate deed. Nothing here is an offer, a solicitation, or investment, legal or tax advice, and no advisory relationship arises from reading this page.
The useful first conversation is about what the structure must achieve.
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