When users take advantage of the liquidation option, explained in another thread, they receive ETH in exchange for their C20 tokens.
The liquidated tokens are retained by fund managers and sold at a later date on the market. In this respect, there is no urgency. Liquidated tokens are temporarily removed from circulation for purposes of calculating the NAV. Liquidated tokens will be sold at NAV or market value - whichever is higher. The trades are spread over a number of exchanges, and premiums to NAV will be utilized.
Where tokens are sold at a premium, all proceeds are reinvested. Information regarding liquidated tokens is detailed in quarterly reporting issued by Invictus Capital to the public.