[daxorid]

Are you seriously suggesting that 46% unrealized gains for a primarily illiquid equity portfolio heading into rate hikes is a good thing?

Unrealized gains are meaningless without liquidity.

[hkmurakami]

The best funds and GPs seem to consistently talk down their unrealized gains as paper gains that need to be steeply discounted. They cast doubt onto themselves willingly, preaching instead to look at cash on cash returns.

Take that as you may.