Legal
Important notice
Global
Advent International, L.P.’s clients are the funds managed by it, and Advent International companies* provide services only to Advent International, L.P. and/or its subsidiaries, Advent International Fund Manager S.à r.l. and Advent International Cyprus Limited. Advent International Fund Manager S.à r.l., with its registered office at 2-4 rue Beck, L-1222 Luxembourg and registration with the Luxembourg Trade and Company Register (RCS) under number B231687, is authorised as an Alternative Investment Fund Manager in accordance with EU Directive 2011/61/EU and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg. Additional regulatory information on Advent International Fund Manager S.à r.l. can be found further below.
No person other than Advent International, L.P., Advent International Fund Manager S.à r.l. and Advent International Cyprus Limited should expect to be treated as a client by Advent International companies. Advent International companies will not provide any advisory services to any person other than Advent International, L.P., Advent International Fund Manager S.à r.l. and Advent International Cyprus Limited and/or advise any person other than Advent International, L.P., Advent International Fund Manager S.à r.l. and Advent International Cyprus Limited on the merits of, and/or make any recommendation to any person other than Advent International, L.P., Advent International Fund Manager S.à r.l. and Advent International Cyprus Limited in relation to, the terms of any transaction. Therefore, no Advent International company is responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on this website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International companies and investments advised by them may not necessarily be repeated.
Transactions advised by Advent International companies often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
*Advent International companies are Advent Do Brasil Consultoria e Participações Ltda., Advent International (Shanghai) Co. Ltd., Advent International Hong Kong Limited, Advent International Colombia S.A.S., Advent International SAS, Advent International GmbH, Advent Investment Advisory GmbH, Advent India PE Advisors Private Limited, Advent International S.r.l., Advent International Fund Manager S.à r.l., Advent International Luxembourg S.à r.l., Advent International PE Advisors SC, Advent International Advisory S.L., Advent International Ltd, Advent International Netherlands B.V., Advent International Australia Pty Ltd, Advent International Cyprus Limited, Advent MENA Ltd and Advent International Japan Godo Kaisha.
Australia
Advent International Australia Pty Ltd. provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Australia Pty Ltd. provides services solely for Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Australia Pty Ltd. Advent International Australia Pty Ltd. will not provide any advisory services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. in regards to the merits of any transaction, and/or make any recommendation to any person other than Advent International, L.P. in relation to the foregoing. Therefore, Advent International Australia Pty Ltd. is not responsible for providing you with the protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Australia Pty Ltd. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International Australia Pty Ltd. often relate to investments that are not easily carried out, as there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Brazil
Advent Do Brasil Consultoria e Participações Ltda. provides consultancy and monitoring services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent Do Brasil Consultoria e Participações Ltda. provides services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent Do Brasil Consultoria e Participações Ltda. Advent Do Brasil Consultoria e Participações Ltda. will not provide any consultancy and monitoring services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. in relation to, the terms of any transaction. Therefore, Advent Do Brasil Consultoria e Participações Ltda. is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent Do Brasil Consultoria e Participações Ltda. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent Do Brasil Consultoria e Participações Ltda. often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Greater China
Advent International (Shanghai) Co. Ltd. and Advent International Hong Kong Limited provide advisory services to Advent International Cyprus Limited, which in turn provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it. Advent International (Shanghai) Co. Ltd. and Advent International Hong Kong Limited provide advisory services to Advent International Cyprus Limited, and Advent International Cyprus Limited provides advisory services to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Cyprus Limited; and no person other than Advent International Cyprus Limited should expect to be treated as a client by Advent International (Shanghai) Co. Ltd. or Advent International Hong Kong, absent a written and executed advisory agreement. Absent such an agreement, Advent International Cyprus Limited, Advent International Hong Kong Limited and Advent International (Shanghai) Co. Ltd. will not provide any advisory services to any person other than their respective clients named above or described herein and/or advise any person other than such client on the merits of, and/or make any recommendation to any person other than such clients in relation to, the terms of any transaction. Therefore, none of Advent International Cyprus Limited, Advent International Hong Kong Limited and Advent International (Shanghai) Co. Ltd. is responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
Transactions advised by Advent International Cyprus Limited, Advent International Hong Kong Limited and/or Advent International (Shanghai) Co. Ltd. often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
In the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”), this website and the information contained in it is directed solely at professional investors as defined in Schedule 1 to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and the Securities and Futures (Professional Investor) Rules (Chapter 571D of the Laws of Hong Kong) and to persons outside Hong Kong. The investments and investment activity to which this website relates are available only to and will be engaged in only with such persons. No other Hong Kong person may rely on the information contained in this website.
Advent International Hong Kong Limited is licensed by the Securities and Futures Commission (“SFC”) in Hong Kong with CE number BWK731, in respect of Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The SFC register is accessible at https://apps.sfc.hk/publicregWeb/searchByName.
Colombia
Advent International Colombia S.A.S. provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Colombia S.A.S. provides services solely to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Colombia S.A.S. Advent International Colombia S.A.S. will not provide any advisory services to any person other than Advent International, L.P., and/or advise any person other than Advent International, L.P. in regards to the merits of any transaction, and/or make any recommendation to any person other than Advent International, L.P. in relation to the foregoing. Therefore, Advent International Colombia S.A.S. is not responsible for providing you with the protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Colombia S.A.S. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International Colombia S.A.S. often relate to investments that are not easily carried out, as there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Cyprus
Advent International Cyprus Limited provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Cyprus Limited provides services solely to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Cyprus Limited. Advent International Cyprus Limited will not provide any advisory services to any person other than Advent International, L.P., and/or advise any person other than Advent International, L.P. in regards to the merits of any transaction, and/or make any recommendation to any person other than Advent International, L.P. in relation to the foregoing. Therefore, Advent International Cyprus Limited is not responsible for providing you with the protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Cyprus Limited and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International Cyprus Limited often relate to investments that are not easily carried out, as there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Advent International Fund Manager S.à r.l., with its registered office at 2-4 rue Beck, L-1222 Luxembourg and registration with the Luxembourg Trade and Company Register (RCS) under number B231687, is authorised as an Alternative Investment Fund Manager in accordance with EU Directive 2011/61/EU and is regulated by the CSSF in Luxembourg. Advent International Fund Manager S.à r.l. has established a branch in Cyprus to provide certain services. Advent International Fund Manager S.à r.l. is the appointed Alternative Investment Fund Manager (the “AIFM”) for certain Luxembourg-domiciled Alternative Investment Funds (“AIFs”) initiated by Advent International, L.P.
France
Advent International SAS provides advisory services to Advent International, L.P. and Advent International Fund Manager S.à r.l.
Advent International, L.P.’s and Advent International Fund Manager S.à r.l.’s clients are the respective funds managed by them, and Advent International SAS provides services only to Advent International, L.P. and Advent International Fund Manager S.à r.l. No person other than Advent International, L.P. and Advent International Fund Manager S.à r.l. should expect to be treated as a client by Advent International SAS. Advent International SAS will not provide any advisory services to any person other than Advent International, L.P. and Advent International Fund Manager S.à r.l. and/or advise any person other than Advent International, L.P. and Advent International Fund Manager S.à r.l. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. and Advent International Fund Manager S.à r.l. in relation to, the terms of any transaction. Therefore, Advent International SAS is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International SAS and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International SAS often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Germany
Advent International GmbH and Advent Investment Advisory GmbH provide advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it. Advent International GmbH and Advent Investment Advisory GmbH provide advisory services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International GmbH and Advent Investment Advisory GmbH. Neither Advent International GmbH nor Advent Investment Advisory GmbH will provide any advisory services to any person other than Advent International, L.P., and/or advise any person other than Advent International, L.P. in regards to the merits of any transaction, and/or make any recommendation to any person other than Advent International, L.P. in relation to the foregoing. Advent International GmbH and Advent Investment Advisory GmbH are not responsible for providing investors with protections afforded to their clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International GmbH and Advent Investment Advisory GmbH and investments in relation to which they have provided services may not necessarily be repeated.
Transactions in relation to which Advent International GmbH and Advent Investment Advisory GmbH provided or provide services often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or for an investor to obtain reliable information about their value.
Greece
Advent International Fund Manager S.à r.l., with its registered office at 2-4 rue Beck, L-1222 Luxembourg and registration with the Luxembourg Trade and Company Register (RCS) under number B231687, is authorised as an Alternative Investment Fund Manager in accordance with EU Directive 2011/61/EU and is regulated by the CSSF in Luxembourg. Advent International Fund Manager S.à r.l. has established a branch in Athens, Greece to provide certain services. Advent International Fund Manager S.à r.l. is the appointed Alternative Investment Fund Manager (AIFM) for certain Luxembourg-domiciled Alternative Investment Funds (AIFs) initiated by Advent International, L.P.
India
Advent India PE Advisors Private Limited provides advisory services to Advent International Cyprus Limited, which in turn provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it. Advent India PE Advisors Private Limited provides advisory services to Advent International Cyprus Limited, and Advent International Cyprus Limited provides advisory services to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Cyprus Limited, and no person other than Advent International Cyprus Limited should expect to be treated as a client by Advent India PE Advisors Private Limited, absent a written and executed advisory agreement. Absent such an agreement, Advent International Cyprus Limited and Advent India PE Advisors Private Limited will not provide any advisory services to any person other than their respective clients named above or described herein and/or advise any person other than such clients on the merits of, and/or make any recommendation to any person other than such clients in relation to, the terms of any transaction. Therefore, neither Advent International Cyprus Limited nor Advent India PE Advisors Private Limited is responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Cyprus Limited and/or Advent India PE Advisors Private Limited and investments advised by them may not necessarily be repeated.
Transactions advised by Advent International Cyprus Limited and/or Advent India PE Advisors Private Limited often relate to investments that are not readily realizable because there may be no recognized market for such investment, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Italy
Advent International S.r.l. provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International S.r.l. provides services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International S.r.l. Advent International S.r.l. will not provide any advisory services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. in relation to, the terms of any transaction. Therefore, Advent International S.r.l. is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International S.r.l. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International S.r.l. often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Japan
Advent International Japan Godo Kaisha provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Japan Godo Kaisha provides advisory services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Japan Godo Kaisha. Advent International Japan Godo Kaisha will not provide any advisory services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. in regards to the merits of any transaction and/or make any recommendation to any person other Advent International, L.P. on the foregoing. Therefore, Advent International Japan Godo Kaisha is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Japan Godo Kaisha and investments advised by them may not necessarily be repeated.
Transactions advised by Advent International Japan Godo Kaisha often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Luxembourg
Advent International Fund Manager S.à r.l., with its registered office at 2-4 rue Beck, L-1222 Luxembourg and registration with the Luxembourg Trade and Company Register (RCS) under number B231687, is authorised as an Alternative Investment Fund Manager in accordance with EU Directive 2011/61/EU and is regulated by the CSSF in Luxembourg. Advent International Fund Manager S.à r.l. is the appointed Alternative Investment Fund Manager (AIFM) for certain Luxembourg-domiciled Alternative Investment Funds (AIFs) initiated by Advent International, L.P.
AIFM Regulatory Information
Complaints Handling Policy
A summary of the Complaints Handling Policy for Advent International Fund Manager S.à r.l. is available below:
Shareholders Rights Directive II Disclosure
Sustainable Finance Disclosure Regulation
Advent International Luxembourg S.à r.l. provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Luxembourg S.à r.l. provides services only for Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Luxembourg S.à r.l. Advent International Luxembourg S.à r.l. will not provide any advisory services to any person other than Advent International, L.P., and/or advise any person other than Advent International, L.P. in regards to the merits of any transaction, and/or make any recommendation to any person other than Advent International, L.P. in relation to the foregoing. Therefore, Advent International Luxembourg S.à r.l. is not responsible for providing you with the protections afforded to their clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Luxembourg S.à r.l. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International Luxembourg S.à r.l. often relate to investments that are not easily carried out, as there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Mexico
Advent International PE Advisors SC provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International PE Advisors SC provides services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International PE Advisors SC. Advent International PE Advisors SC will not provide any advisory services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. in relation to, the terms of any transaction. Therefore, Advent International PE Advisors SC is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International PE Advisors SC and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International PE Advisors SC often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
The Netherlands
Advent International Netherlands B.V. provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Netherlands B.V. provides services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Netherlands B.V. Advent International Netherlands B.V. will not provide any advisory services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. in relation to, the terms of any transaction. Therefore, Advent International Netherlands B.V. is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors and the past performance of Advent International Netherlands B.V. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International Netherlands B.V. often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
Spain
Advent International Advisory S.L. provides advisory services to Advent International, L.P.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Advisory S.L. provides services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Advisory S.L. Advent International Advisory S.L. will not provide any advisory services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. in relation to, the terms of any transaction. Therefore, Advent International Advisory S.L. is not responsible for providing you with protections afforded to its clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Advisory S.L. and investments advised by it may not necessarily be repeated.
Transactions advised by Advent International Advisory S.L. often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value.
UK
Advent International Ltd provides certain investment advisory and arranging services, as well as marketing and support services to Advent International, L.P.
Advent International Ltd is registered in England and Wales with number 2342186. Its registered office is at 160 Victoria Street, London, SW1E 5LB, UK and its VAT registration number is GB 503541582. Advent International Ltd is authorized and regulated by the Financial Conduct Authority (“FCA”) in the UK with FCA registration number 161768. The FCA register is accessible at https://www.fca.org.uk/firms/financial-services-register. You can contact Advent International Ltd by email to [email protected] or by post to our registered office.
Advent International, L.P.’s clients are the funds managed by it, and Advent International Ltd provides services only to Advent International, L.P. No person other than Advent International, L.P. should expect to be treated as a client by Advent International Ltd. Advent International Ltd will not provide any investment advisory or arranging services, or marketing or support services to any person other than Advent International, L.P. and/or advise any person other than Advent International, L.P. on the merits of, and/or make any recommendation to any person other than Advent International, L.P. in relation to, the terms of any transaction. Therefore, Advent International Ltd is not responsible for providing you with the protections afforded to its regulatory clients, and nothing on this website is intended to be, and you acknowledge and agree that you shall not consider anything on the website to be, investment, accounting, tax or legal advice and you should seek your own independent legal, investment, accounting and tax advice as you see fit.
The ability to achieve successful results depends on a number of factors, and the past performance of Advent International Ltd and investments advised by it may not necessarily be repeated.Transactions advised by Advent International Ltd often relate to investments that are not readily realizable because there may be no recognized market for such investments, and therefore, it may be difficult for an investor to sell such investments or to obtain reliable information about their value