The majority of private equity (incl. VC funds) funds are close-ended by definition [1]. Once the fundraising completes for a fund, no “new” money is allowed i

The majority of private equity (incl. VC funds) funds are close-ended by definition [1]. Once the fundraising completes for a fund, no “new” money is allowed into the fund. New investors can invest with a PE firms in 2 ways: invest in a new fund, or purchase shares of an existing fund on the small secondaries market [2]. So no, in most cases PE portfolio managers are not going to track “new” vs “existing” money within a fund. There are exceptions, ie there are PE asset classes that are open-ended (ie. The infamous Blackstone REIT [3]). Open ended funds are more common for public equity hedge funds. [1] https://www.investor.gov/introduction-investing/investing-basics/investment-products/private-investment-funds/private-equity https://www.investor.gov/introduction-investing/investing-ba... [2] https://www.institutionalinvestor.com/article/b1zspcywbpn2h7/Here-s-How-the-Small-and-Inefficient-Secondary-Market-Will-Grow https://www.institutionalinvestor.com/article/b1zspcywbpn2h7... [3] https://on.ft.com/3Zc7Wku https://on.ft.com/3Zc7Wku