We invested in Tapad, an advertising technology company, beginning in 2013. On February 1, 2016, Telenor, a public Norwegian telecom company with a $24 billion market cap, announced its intention to purchase Tapad for $360 million in cash. The deal closed in March 2016, with the Fund receiving approximately $17.3 million in cash at the time of the closing. With a cost basis of approximately $10.2 million, the Fund's investment in Tapad resulted in a realized gain of $7.2 million for the Fund.