Thoughts on illiquidity discount for PE valautions

Curious as to your thoughts on taking an illiquidity / private company discount for PE valuations?

The argument for it is obvious.

The only argument against it that I have heard is that if you are a control investor (which is what traditional PE is) then owning public shares will also create the same challenges - quickly liquidating / selling the whole controlling interest will be difficult.

What are your thoughts?

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