In most instances, we aim to exit an investment within three to seven years. The relevant investment team will formulate its strategy to maximize equity value in the period prior to exit. Given the flexibility of the holding period, we may extend the holding period to avoid exiting at an inopportune time and, equally, we may opt for an earlier exit if an attractive exit opportunity presents itself. Exit may be through trade sale, initial public offering (IPO) or sale to financial buyer, depending on which route offers the most attractive return.