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Maturity
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PIP's portfolio contains a wide range of fund vintages (referring to the
year the fund was established), as shown in the chart below. Private equity
funds typically take up to 5 years of a fund's life to invest the majority
of their available capital into underlying companies. Therefore, significant
flows of realised proceeds tend not be returned to investors until the
middle and later stages of a fund's life.
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As at 31 December 2007
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