Introduction: A Structural Shift in Capital Formation
For decades, the architecture of private markets was defined by a simple, rigid construct: the closed-end fund. Capital was raised, deployed over several years, harvested through exits, and ultimately returned to investors in a finite lifecycle typically spanning 7 to 12 years. This model created discipline, but it also imposed constraints—on both investors and managers—that are increasingly at odds with the evolving demands of global capi...
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