Houlihan Lokey got into CVs early, and it’s a major fund-raiser for PE firms seeking candidates to replace the investors looking to leave. “CVs are the option that the market hasn’t priced in yet,” says Swain. “It’s what could prevent a big drop in the value of these funds. It will allow the LPs to take out 100% of their liquidity. If a firefighter wants to get their $25,000 out of the semi-liquid fund, they’ll be able to do it. The panic happens when people think the liquidity isn’t available.” He notes that the CV investors will still want good prices from the sellers. He believes that the skepticism around some of the software debt is legitimate, so shares could sell at a discount. Feirstein agrees that CVs could provide a good match for the funds where redemption requests are running high. “I think it would be of interest where you have a bunch of investors getting nervous about software credit, for example, and want out,” he says. “It could be a way solving some retail uncertainty.”
Cluely CEO Roy Lee admits to publicly lying about revenue numbers last year
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这个数字几乎相当于公司2023年与2024年两年净利润总和（约1.65亿元），而这种IPO前夕突击分红的举措在资本市场上向来备受诟病。
Replicate (What is Replicate?)
第一节 “十四五”时期我国发展取得重大成就