Illiquid assets refer to assets that are not easily converted into cash or traded in the market quickly without incurring significant losses in value. These assets typically have limited marketability and can take a considerable amount of time to convert into cash. Examples of illiquid assets include:

1. Real Estate: Properties such as land, buildings, and residential or commercial properties are generally considered illiquid assets. Selling real estate can involve a lengthy process, including finding buyers, negotiation, and legal procedures, which can take months or even years.
2. Private Equity and Venture Capital Investments: Investments in private companies or startups are often illiquid assets. These investments typically have specific holding periods, lock-up periods, or restrictions on selling shares, making them challenging to sell on short notice.
3. Intellectual Property: Patents, copyrights, trademarks, and other forms of intellectual property can be considered illiquid assets. While they may have significant value, converting them into cash may require finding suitable buyers or entering into licensing agreements, which can take time.
4. Collectibles and Artwork: Items such as rare collectibles, art, antiques, and high-value luxury goods may be illiquid assets. Selling these items can be time-consuming and may require finding the right market, specialized appraisals, and engaging with potential buyers or auction houses.
5. Long-Term Investments and Restricted Securities: Certain long-term investments, such as long-term bonds or restricted stocks, may have limited liquidity. These investments may come with specific terms and restrictions that make it challenging to convert them into cash quickly.
6. Some Financial Derivatives: Certain complex financial derivatives, such as options or swaps, can be illiquid assets. Their value is often dependent on specific market conditions and may have limited trading activity, making it difficult to convert them into cash without a suitable counterparty.