His fund didn’t fold btw. They sold / were forced to sell a position that was several hundred percent up at a very very bad price relative to peak. AFAIK the fund is still up on the year though.

It did.

It's not part of the strategy or operating agreement of a GP/LP structure to sell a specific fund to another investment firm at a discount. The fund may buy and sell assets to create returns for LPs but selling the fund itself at a discount is not a successful exit, e.g. they folded.

AIUI they were forced to sell all their positions in public companies at a net loss. The fund is still up for the year only because of a prior investment in Anthropic.

Sounds like a fold to me.

That is called folding the fund. It did in fact fold. "My fund would not fold if I made different hypothetical decisions" argument means your fund did in fact fold.

Yes, being unable to pay margin call means your fund is folding.