One of my funds holds "illiquid securities". What are these?

Shostakovich

Are these simply ownership rights in companies that are largely privately held, or tend to be only held by a few select institutions, hedge funds, etc?

Thanks.

scott

Private equity, my guess. Which fund?

Shostakovich

First Eagle Global (FESGX). I think FPA Crescent might as well.

Investor

They could be stocks of pre-IPO companies or they could be holding warrants to such companies.