When Your Private Fund Turns $1 Into 60 Cents

The Wall Street Journal

Jason Zweig

Article

3 Pages

Jason Zweig looks at what happens when non-traded private funds list on exchanges and investors can finally mark them to market. He explores how optimistic marks, limited liquidity and complex fee structures can turn an expected dollar into much less for buy and hold investors.

Date published: December 19, 2025

Key Takeaways

Nontraded fund risks: Explains how interval and tender offer structures obscure price discovery until shares hit public markets.
NAV versus reality: Highlights that manager calculated net asset values can diverge sharply from what arm length buyers will actually pay.
Role of liquidity: Connects discounts and investor disappointment to limited redemption features, complex holdings and higher perceived risk.
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