PEINVEST
The total duration of a PE fund from initial close to final liquidation, typically 10-12 years with possible extensions. The fund life encompasses the investment period, holding period, and exit/harvest period during which all portfolio investments are realized.
The time window during which a PE fund's general partner can make new investments, typically the first 3-5 years of the fund's life. After the commitment period expires, the GP can only make follow-on investments in existing portfolio companies.
The time frame during which the general partner actively deploys the fund's committed capital into new investments, typically the first 3-5 years. Synonymous with commitment period in most fund structures.
The year in which a PE fund makes its first investment or holds its initial closing. Vintage year is critical for benchmarking because macroeconomic conditions at the time of deployment significantly influence fund returns.