[SilverBirch]

> The only issue is your fund structure so you trade it amongst yourself every 3-5 years at a 3-4x mark that makes you look good to your investors. The growth is usually there so it is not a lie though liberty may be taken with multiples which expanded rapidly over the last decade.

The problem is that it's not possible to actually say that. Because the valuation never gets tested against the market you're just marking your own homework. It's a strong protection of these closed end funds that at some point you do actually have to provide the return on investment.

To put it another way - who needs to engage in this, well performing funds that are beating their expectations and making big returns, or poor performing funds who need to come up with creative ways to disguise their bad investment decisions.