Glossary
Investment period
The period, typically four to six years after first close, during which a closed-end fund may make new investments.
In practice
After it ends, the fund generally invests only in follow-ons and expenses, and management fees often step down or switch to an invested-capital basis.
In FUN/D
FUN/D switches fee bases automatically at the end of the investment period.
Related: Management fee · Capital commitment · Fund term extension · full glossary
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