That's interesting, thanks. Forgive my ignorance, but I'd assume it's up to those who invested into the VC fund whether or not the fund is extended, not the VC

That's interesting, thanks. Forgive my ignorance, but I'd assume it's up to those who invested into the VC fund whether or not the fund is extended, not the VC partners. What happens when they decide against it and there are still privately owned companies in the fund's portfolio? Is ownership transferred directly to the original investors, who can then choose to liquidate the company or take control in some other way?