Asking for your money back doesn't mean you get it

In hedge funds, asking for your money back doesn't mean you get it. That's because of the gate. Say you put in a hundred million. There's a one-year lock-up. No withdrawals until it ends. Then you give sixty days' notice. Now the gate. Say it lets you take twenty-five percent a quarter. Twenty-five million comes out. Next quarter, another twenty-five. Then another. Four quarters of payments to get it all out. So why do investors care? A gate protects those who stay from a forced sale. It also means your money may leave slowly, when you most want it. Your exit is a schedule, not a button.