# Liquidation at the end of fund's life
If your fund has a fixed term defined in the **General** section of the **Construction Wizard**, it is likely that you will see the model “liquidate” all the active investments on the last month. The liquidation is done:
* based on the **Fair Market Value** of the active investment in the last month.
* the investment is reported as exited as of its latest round
{% hint style="info" %}
If your fund's return seem low, extending the term of the fund may help as it gives all your investments enough runway to fully reach their exit potential instead of being sold off too early.
{% endhint %}
## **How is the Fair Market Value determined?**
The FMV is determined based on the *Post-Money Valuation* of each investment x *Ownership (%)* in each investment. So if you have an active investment with a Post-Money Valuation of $100mm and a 10% ownership, the FMV would be $10mm.
## **What if I have an investment that is supposed to exit after the fund’s end date?**
If you’ve defined an investment that has future rounds or exits beyond the fund’s end date, you will see warning messages for these rounds that denote the round occurs after the fund’s end date.
These exits will **not be** included in the cash flows of the model - and instead the investment will be liquidated based on the prevailing FMV on the last month.
## **I don’t want Tactyc to liquidate. Instead I want the investments to run to their full expected Exit value.**
Please remove the fund end date from the **General** section of the **Construction Wizard** so the investments can run to their expected exits in the future.
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