Fund Liquidity Depends on Vintage
Fund liquidity, specifically for nontraded alternative investment funds, depends on when the vehicle was launched.
Early vintages typically started facing illiquidity issues approximately 6 to 7 years into their lifecycle.
Interestingly, unlisted funds today are simultaneously raising record amounts of capital and also seeing their share repurchase programs become oversubscribed earlier in their lifecycle than their predecessors.
Source: Cox Capital Partners, SEC Filings.