Illiquid assets have dominated recent discussions about defined benefit (DB) endgames. To delve deeper into illiquid investments held by DB schemes and cut through the noise, mallowstreet has partnered with MeltX. What stands out in our research is the variety of options available to DB schemes holding illiquids, from run-off to sale. Targeted sales—often linked to buy-out preparation—are likely for those with shorter timescales, with secondaries platforms being the preferred approach.