Late Stage Mature Pre IPO Unicorns -

Are shares I buy locked?

This depends on if you buy direct or through a fund.  In a fund, shares are not locked so long as you resell them privately, but a sale is not guaranteed.  That means there are no restrictions on the securities you buy - you own them.  However, should a negative event occur, liquidity may dry up and you would not be able to find buyers (and there are no 'market makers' in private equity markets).  Direct sales have a private equity 6 month lockup, but you can sell them after that.

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