The investment period is the first years of a fund, often about five, when the manager can make new investments. Afterward it mostly manages and sells what it holds.
What the video says
In private equity, a fund can be told to stop buying, halfway through its life. That's the end of its investment period. Say a fund runs for ten years. For the first five, it can buy new companies. After that, it mostly manages and sells what it holds. It can usually still add to companies it already owns. The fund's agreement sets the window, and it can end early, say if a key person leaves. It's often when the management fee steps down. So why do investors care? It sets how long the manager can keep putting new money to work. Years to buy. Then years to sell.
In the glossary: Investment period
A simple example with round numbers, not advice. Terms vary by fund.
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