The majority of hedge funds offer quarterly or monthly liquidity (partly because this is what the fund-of-funds industry demanded). However, many hedgefunds ha

The majority of hedge funds offer quarterly or monthly liquidity (partly because this is what the fund-of-funds industry demanded). However, many hedgefunds have the concept of 'gating' - where if everyone rushes for the door at the same time, the fund can restrict outflows. This is to let them to unwind illiquid investments without causing market disruption (to enable them to treat the people leaving on a fair basis as the people who stay : The portfolio doesn't have to just sell off the liquid positions to satisfy cash withdrawals, leaving tougher ones behind).