How do distributions for Access Fund work?

LPs participate only in distributions from the quarterly funds to which they contribute capital. LPs receive distributions as a quarterly fund exits its investments. Distributions are typically made on a quarterly basis. There is no carried interest charged for quarterly funds in the Program, but distributions received by quarterly funds are net of carry and fees charged by the underlying investment vehicle.

Quarterly funds that have not exited all investments by the end of their term will ordinarily be liquidated, as described in the applicable fund documents. LPs should be prepared to hold their interest in each quarterly fund for its full term.

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