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Public Venture Capital Fund (VCX)Innovation Fund Listing & Transition

What is the potential downside of listing the Innovation Fund?

The primary risk is that VCX could trade below NAV, meaning the market price could be less than the underlying value of the portfolio companies. Other key risks to understand:

Private company valuations can be volatile and may not move in an orderly manner
Sentiment around the VCX ticker could fluctuate significantly
Concentration risk: A few large holdings may disproportionately influence outcomes

Our view is that while these risks are real, we believe the potential upside significantly outweighs them.

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What is the potential downside of listing the Innovation Fund?

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