What is the biggest structural risk?
Limited liquidity and price discovery. Investors cannot redeem shares directly with the fund at NAV. Instead, they must sell shares on the exchange at prevailing market prices, which could be at a discount.

Does high valuation limit upside?
Possibly. Several portfolio companies — including Stripe and Revolut — have recently raised capital at very high valuations. Entering at elevated levels may reduce potential upside and increase downside risk if private-market conditions soften.

Could leverage amplify losses?
Yes. If the fund employs leverage, gains may be enhanced in strong markets, but losses could also be magnified during downturns.

What’s the broader takeaway?
RVI expands access to private markets, which many see as a democratizing move. However, broader access does not eliminate structural risks. Investors should carefully consider valuation uncertainty, liquidity constraints, and long holding periods before participating.