When the RUV receives distribution proceeds from an exit the fund administrator aims to distribute them to LPs as soon as possible.
In some cases (like an IPO or acquisition by a public company), we may offer LP's a choice to receive shares "in-kind". More information on in-kind distributions is available here.
If the option to sell investment securities in a secondary transaction is presented to the SPV by the company, the investment adviser will, by default, elect not to sell shares.
If the company expresses a desire for us to extend the secondary opportunity to underlying LPs, we may do so and give investors the ability to opt to have the SPV sell their portion (or all) of the underlying securities and be distributed their share of proceeds on a case-by-case basis.