Fund closings

Stages at which a fund admits investor commitments. The first close admits initial commitments after fundraising has begun; later closes add commitments under the documents, and the final close ends the permitted closing process rather than necessarily reaching a hard cap.

Fund closings in round numbers

Hypothetical: a fund accepts US$200m of commitments at its first close and reaches US$600m at its final close. These are commitments, not cash already paid in; the final total need not equal the fund’s maximum permitted size.

Scroll horizontally to read all columns.

Hypothetical fundraising stages; commitment amounts, not cash receipts
StageStatus
Before first closeFundraising underway
First closeUS$200m accepted commitments
Later closesAdditional commitments admitted under terms
Final closeUS$600m total commitments; closing process ends

LPA · Commitment period & fee step-down · LP · GP catch-up · All of the glossary