(Bloomberg) -- Investors trapped in Neil Woodford’s former flagship fund may be waiting some time for the remaining assets to be sold and any subsequent payouts, its administrator said.

Link Fund Solutions Ltd. is still exploring opportunities for the sale of the harder-to-sell assets still in the frozen LF Equity Income Fund, it said in an emailed statement Wednesday. Investors learned on Tuesday that they were finally getting an initial payout of 2.1 billion pounds ($2.7 billion) following the sale of the more liquid securities that made up about 75% of the fund.

“Investors should be aware that the assets that remain to be sold are the less liquid assets of the fund and disposing of these assets may take longer than was the case for the sales to date,” Link said in the statement. “At this stage we are unable to advise you of the exact timing and amount of these subsequent capital distributions as this is dependent upon assets being realised within the fund.”

BlackRock Inc. was hired to sell the fund’s holdings of publicly listed securities, while private-equity specialist PJT Partners is seeking buyers for the hard-to-sell assets.

To contact the reporter on this story: Suzy Waite in London at swaite8@bloomberg.net

To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Chris Bourke, Marion Dakers

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