I've been unable to find out when the Macquarie GIF II and GIF III unlisted funds started, but both are 10 year closed-end funds and both hold Oceania within the NZ vehicle of Oceania Healthcare Holdings Limited.
Presumably they can hold those funds for the full 10 years or sell anytime within the 10 years. In total GIF II and GIF III currently hold 254,175,418 shares (41.65%) in Oceania Healthcare Limited (OCA), I don't know how much each fund holds respectively. GIF II has only 3 companies remaining of an original 9 companies in the fund. GIF III has only 2 remaining companies of an original 4 companies. On 5 Sept 2018, Macquarie sold 95,000,000 shares (15.567%) in OCA reducing their holdings from 349,175,418 (57.218%).
The effect on OCA at the time of the Macquarie 95m shares selldown was virtually nothing! 1 cent down on the day $1.14-1.13, flat the day after and another cent down the day after that. It didn't move the market at all <1% and the SP drop of 2 cents over three days may not have had anything to do per se with Macquarie selling. Shortly afterwards the market boosted OCA from $1.12 up to $1.23 and I recall the excitement being expressed here!
My conclusion is that the Macquarie "over hang" is not something I need be concerned about, nor the timing of when Macquarie sells whenever they do. It is certainly not a fearful future event and I don't think it will have any material bearing on the share price at the time. In fact Macquarie would be unlikely to sell cheaply when they can hang on until the bitter end of their two 10-year closed-end funds waiting to reap the highest returns for their investors.
When Macquarie do sell, probably in tranches, I expect it will be to another very deep pocketed insto and off-market at an agreed price between the parties at the time. Once again having virtually no effect on the market price on that day.