Most funds these days, at large firms, are fully deployed within three years. So a ten year fund still has 7 years left on the clock, and then there are ways to

Most funds these days, at large firms, are fully deployed within three years. So a ten year fund still has 7 years left on the clock, and then there are ways to extend the clock beyond that. The huge winners take even longer to reach a liquidity point, and this class of investors are very patient.