How private fund cash flows work—commitments, calls, distributions—and practical pacing for LP programs.
Private funds raise commitments and draw them over years via capital calls for deals, fees, and expenses. Cash flows are back‑ended, creating the J‑curve before distributions arrive.
LPs model commitments across vintages to target steady exposure while managing liquidity. Tools such as secondaries and NAV facilities can relieve short‑term pressure in slow exit environments.