The fund is now in a cash return period and will not make any new investments, except where funds are required for existing projects. The fund managers actively seek exit opportunities that will allow VNL to meet or exceed target returns. VNL exits investments by selling full or partial equity stakes to foreign and domestic real estate developers, or by selling developed properties to end users, or by listing assets on a public stock exchange. All divestments require the approval of the Board of Directors as mentioned in version four of the VNL DOA policy, dated April 2017.