How do distributions work for Rolling Venture Funds?

Subscribing LPs participate only in distributions from the quarterly funds to which they contributed. An LP has no interest in portfolio investments of funds formed before their subscription was accepted or after it is canceled or rejected.
 
As a fund exits the investments made with your contributions, you will receive any returns (after payment of any applicable carry). Funds that have not exited all investments by the end of their lifespan will ordinarily be liquidated, subject to the terms of the applicable fund documents.
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