You've captured all the economic incentive of the portfolio companies, but what of the investor? The presence of "underutilized potential" doesn't mean that th

You've captured all the economic incentive of the portfolio companies, but what of the investor? The presence of "underutilized potential" doesn't mean that there's a triage opportunity. Free cash flow (and liquidity thereof) still needs to pencil out. If exits are mostly a no-go into perpetuity, then the only way to realize actual cash-on-cash returns (e.g. for a net present value calculation) is ultimately dividends -- that, or creating a marketplace for private stock transactions in such companies.