Illiquid fund
Illiquid fund means a hedge fund or private equity fund that:
(1) As of May 1, 2010—
(i) Was principally invested in illiquid assets; or
(ii) Was invested in, and contractually committed to principally invest in, illiquid assets; and
(2) Makes all investments pursuant to, and consistent with, an investment strategy to principally invest in illiquid assets.