Portfolio Concentration RiskTop five investments represent a majority of portfolio value, creating concentration risk that could magnify losses if a single large holding weakens.
Private-asset Valuation And Liquidity RiskHeavy focus on high-growth private companies increases valuation and liquidity uncertainty, which could prompt abrupt NAV revisions if private-market sentiment turns negative.
Public Market SensitivityDeclines in a major publicly traded holding have reduced the marketable portfolio value, highlighting sensitivity to swings in public markets.