Members will have two options for the treatment of investment proceeds: receive cash distributions or participate in the dividend reinvestment program
In the near future (closer to the point at which investment proceeds are likelier to materialize as we wouldn't expect much in the way of valuation dynamics in the first 1-2 years of any venture capital fund) Members will have two options for the treatment of investment proceeds:
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Receive cash distributions
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Participate in the dividend reinvestment program
Cash distributions is exactly what it sounds like. When there are cash-specific exit events in the Fund (i.e. a company is acquired or goes public), that cash will be distributed on a pro-rata basis to Members.
Under the dividend reinvestment program, new shares will be acquired within the Member's portfolio at whatever is the current NAV/share. That capital will then be reinvested into new portfolio companies under the fund's evergreen structure.