Prospective LPs are asking about liquidity scenarios. What's the likelihood of exits via M&A vs IPO where there may be restrictions to sell for certain period?
For your liquidity scenarios, it's not necessary to distinguish between M&A and IPO. Build your liquidity scenario based on the exit value. In other words, if a high exit is $1b in your model, just put a footnote that it could be derived via an M&A or an IPO.