N refers to the minimum lock-up period of the Fund, and M refers to the follow-up period. At present, private equity funds are generally 3+2 years, and government private equity funds are 5+2 years, such as 3+2 funds. After three years of investment, neither of these two companies has been listed successfully, and the fund income has not returned. It takes no time for the fund manager to convene a fund investment committee and vote to renew the fund. The renewal time is two years.