When shares become publicly tradable, the conventional process for venture funds is to sell the shares and distribute proceeds and/or distribute the shares in-kind to fund investors.
In the IPO context, this often occurs after a lock-up period of 6 months.
For shares obtained in an acquisition or in a direct listing context, the shares may become publicly tradable shortly after the transaction closes.
Less commonly, it can make sense to hold securities at the fund or SPV level beyond the time when they've become publicly tradable. We'll work with you to determine if that makes sense in the context of a specific investment.