The raising period of private equity funds is generally 1-3 months. If the funds raised during the raising period fail to meet the minimum requirements, the fund contract will not be established and the funds will be returned to the investors. At the end of the recruitment period, it will enter a closed period. The closing period of private equity funds is generally 6 months to 1 year. At this point, the fund contract has come into effect. At the end of the closed period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period. Investors can subscribe and redeem the fund according to the net value of the fund share. The duration of closed-end funds is at least 5 years, generally 10- 15 years. Closed-end funds can be extended after expiration. As long as the fund holders recognize the operation of the fund, the duration of the open-end fund can last for a long time.

1, the duration of the fund is generally 5- 10 years, in which the investment period is 18 months to 5 years, during which the fund invests, followed by a withdrawal period of 4-5 years. Many funds allow the general partners to extend the term of the fund after obtaining the consent of the investor advisory committee or the affirmative vote of the limited partners, and each extension is one year, usually 2-3 times, which can realize the orderly termination of the fund.

2. Limited partners usually don't pay all their capital contributions at one time, but invest in batches according to actual needs. During the investment period, the general partner seeks investment opportunities for the fund, and requires the limited partner to contribute according to the requirements of different projects or in order to pay management fees and other related fund expenses. The investment period starts from the first delivery date, but the length can be calculated from the first or last delivery date. The investment period of closed-end funds is generally 18 months -5 years, which depends on the investment strategy of funds and the total amount of projects invested by sponsors in advance.

3. The investment of the fund is usually not a one-time disposal, but based on the investment project under the management of the general partner, usually within 4-5 years after the end of the investment period. After the end of the investment period, the limited partner's capital contribution obligation is released, but some necessary funds must be paid:

[1] Ongoing expenses of the partnership, including capital and management fees under existing financing arrangements;

[2] fund tax;

(3) Expenditure arising from the investment that has not been completed at the end of the investment period;

[4] Follow-up investment in the fund portfolio that has not been withdrawn at the end of the investment period, and so on.