The conditions for investing in unlisted assets are completely different from those for listed assets. For an investor in private equity, liquidity management is particularly important. An inability to meet one’s obligations to the fund can be very costly and put the entire investment at risk. Accordingly, these types of investments are typically most suitable for large, long-term institutional investors. It is also why AP6 is a closed-end fund. Those who drafted the legislation governing the fund understood that it is not possible to be regularly extracting liquidity in the same way that occurs with the other AP funds. Investing in private equity thus requires a long-term horizon and stable conditions.