The Fund comes into legal existence once you have held the “closing”, or “closed” the Fund. The “closing” refers to the date on which Investors sign the Fund’s legal agreements and become obligated to disburse their committed capital to the Fund at your request. Note that there is no one standard set of legal agreements to be signed vis-à-vis Fund investing.

A Fund may have one or numerous closings. In case of the latter, the dates of the first and final closings are key. The number of months that may elapse between the first and final closings will likely be stipulated in the legal agreements.