This diagram opposite sets out in linear form the typical life cycle of a closed ended private equity fund, although the diagram would equally apply to closed ended funds of most asset classes, albeit possibly on a different line.
As mentioned, we have picked a private equity fund as the fund on which to base this chapter. The other common asset classes – credit funds, real estate funds, infrastructure funds, secondary funds, and fund of funds – are mentioned where relevant.
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This article was first published in the ICLG to Fund Finance 2020.