Typically, it takes 12-24 months for companies to complete all the IPO activities and become public. A very rare, but not impossible case might happen if the company never goes public. In this situation, the fund will announce the date of the redemption event. On the redemption event date, shares will be repurchased by the fund according to their actual calculated value, which might be higher or lower than the offering price. A 20% carry fee on redemption will be exempted only if the return is positive.