In an acquisition, distributions are paid to Odin, who passes the capital directly to the investors in the syndicate in accordance with any agreements the syndicate has in place.

In any liquidity event, standard tag along and drag along terms, as outlined in the shareholders agreement, will apply.

In a scenario such as an IPO, where an investor may choose to hold their shares rather than sell immediately, the investor must act in good faith with regards to honouring the terms of their carried interest agreement with the syndicate lead. This will typically mean liquidating sufficient shares to cover the payment of carried interest to the syndicate lead. The investor may, however, maintain the rest of their holding, and they would set up a brokerage account in their own name in the event of an IPO.

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