# Redemptions A redemption is a **user’s request to exit the fund** by **returning shares** in **exchange for one of the approved payout assets** (for example USDC), priced at the current NAV. Redemption requests are stored onchain and processed by authorised operators. Requests are settled at NAV-based prices, subject to each asset’s configuration and available liquidity. Upon approval, the corresponding shares are burned and the selected asset is transferred to the designated receiver, net of any applicable redemption fees. This mechanism allows users to exit at transparent, NAV-aligned terms, while giving the fund the ability to manage liquidity, control the pacing of outflows, and mitigate risk during both normal and stressed market conditions. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.kpk.io/funds/infrastructure/core-concepts/redemptions.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.