Many funds have provisions for recycling (ie calling a given dollar twice instead of just once) that address cases like this that are quick flips. One other no

Many funds have provisions for recycling (ie calling a given dollar twice instead of just once) that address cases like this that are quick flips. One other note - for the first five years of a fund (typically), the 2 percent fee is calculated on committed capital not invested capital, so an event like this has no impact.