AFAIK, a typical fund is structured to close within 10 years. If the exit is, say, 6-7 years into the fund's life, there won't be material time to "play again"

AFAIK, a typical fund is structured to close within 10 years. If the exit is, say, 6-7 years into the fund's life, there won't be material time to "play again" and still honor the agreement with the fund's limited partners (read: institutional investors) of getting their money back in time.