Which of the following is INCORRECT description for private equity transactions? Group of answer choices

There are liquid public markets for privately held securities such as NASDAQ.

The process of creating value in private equity, whether building a brand-new company or turning around an established one requires significant time and means a long-term relationship.

The general partner participates actively in the governance of the investment.

Private equity investing is a lot of work as gaining access to better opportunities requires active sourcing and negotiation