Zero. That is the chance you get an “unwind.” These vehicles can run to 0.1x mNAV and there is nothing shareholders can do anything about it. At a significant enough discount a competing business can offer to buy the treasury out. In fact the very LPs that contributed to the PIPE may do that. You could get a big sell off in the actual equities themselves. But that contagion doesn’t necessarily spread to the underlying assets bc there is no forced estate sale from a liability management POV.

The more realistic scenario is that these vehicles just stop doing anything, and equity is held captive like a GBTC situation