Sorry Vexual, but I have no idea what you're talking about (again)...

(You do get that my previous reply was to MPOE-PR and her plug for MPOE, right? You get that I was saying just because MP has an exchange does not mean he has a credible offer to provide a home for a fund of this type?)

I've already indicated that I am not willing to operate a fund of this type via email transfers, friedcat-style. Even if I were willing to do that, my guess is that very very few participants would want to continue with such severely impaired liquidity.

This has nothing to do with "can't do it without an exchange": I simply won't do it without an exchange. That's not negotiable, and if you or anyone else has a problem with that, then this fund very certainly is not for you.

ADDITION: For the benefit of Vexual, who edited the original post to add "dont most of your investees come to you directly anyway?": no, of course not. The fund is and always has been exchange traded. (Maybe you are confusing it with a prospective private equity fund, which is a different beast altogether.)