### Question
Can you define what illiquid fund means?


### Answer
**Illiquid fund** is defined as the following in *12 U.S.C. § 1851*:

> a hedge fund or private equity fund that—


(i) as of May 1, 2010, was principally invested in, or was invested and contractually committed to principally invest in, illiquid assets, such as portfolio companies, real estate investments, and venture capital investments

#### Citation:
  - *12 U.S.C. § 1851*
  - Heading: **CHAPTER 17-BANK HOLDING COMPANIES**

