Fundraising Period
Fundraising period is the time window during which a fund accepts commitments and admits new LPs.
Definition
The fundraising period runs from launch through final close. It determines the cadence of closes, the window for side-letter negotiation, MFN elections, and the operational burden on the GP and LP teams. Fundraising periods are as much about governance timelines as they are about demand. Allocator Context Institutional LPs require time for investment review, ODD, legal counsel, compliance checks, and committee scheduling. A fundraising period that is too short can exclude high-quality LPs simply because their process cannot move fast enough, regardless of interest. Decision Authority Fundraising timeline impacts whether a manager can fit into an allocator’s IC calendar and pacing plan. Shifting dates often create internal friction because memos and approvals have to be refreshed and revalidated. Why It Matters for Fundraising Managers who run stable timelines, with predictable closes and organized documentation, convert more efficiently. Fundraising periods that constantly change cause LP fatigue and reduce confidence in execution discipline. Key Takeaways Governance timelines set the real speed limits Stability matters more than aggressive deadlines Short periods can exclude institutions Date volatility creates approval churn