Generally, private equity funds and closed-end funds have a clear fixed number of years when they are launched, which may be four or five to more than ten years.

Open-end funds have no fixed number of years, but this does not mean that open-end funds can exist indefinitely. If the extreme situation of the bear market meets the conditions of compulsory liquidation and the losses are too large, the fund scale can not meet the minimum standard and can only be terminated.