Investors do not generally seek out investments simply because they are illiquid. They seek out investments that offer attractive risk-reward or diversification attributes and they accept various degrees of illiquidity to access such investments. Thus, a primary benefit of illiquidity is that it can provide access for investors to assets, opportunities and strategies that are generally unavailable in more liquid forms. This includes opportunities in new technologies, business models, or other innovations that can generally be found often in private companies as well as more complex, value-added investment strategies, such as venture financing or buyouts, which require longer holding periods to fully execute. Another advantage of owning less liquid assets relates to investor behaviour. Studies have shown that many investors tend to sell profitable investments too soon (a tendency psychologists call the “disposition effect”) or otherwise attempt to time the market with their purchases and sales.1 On the whole, such behaviour tends to have the unintended result of causing investors to underperform as a result of such actions. Owning a less liquid asset could therefore help many investors avoid behaviours that can be detrimental to their returns.