Managers of closed-end, private equity (PE) funds are increasingly finding themselves holding portfolio investments with investment horizons that extend beyond the intended terms of the funds that hold them. As a result, PE fund managers must either plan in advance for options to address the longer lives of those investments or seek investor approval to lengthen the funds’ harvest periods. In a guest article, Ira Kustin, partner at Paul Hastings, outlines some of the tools available to private fund managers seeking to free themselves of the time constraints typically placed on them by their funds’ harvest periods. Specifically, Kustin details options for managers such as secondary sales of fund assets to third parties – including existing investors in the fund – or affiliates of the fund manager; secondary sales of fund interests themselves; “tender-offer”-style sales of fund interests by limited partners to third parties, as well as the potential conflicts and regulatory concerns raised by those transactions; and a rollover of fund assets into a successor fund. For additional insights from Kustin, see “Beyond the Master-Feeder: Managing Liquidity Demands in More Flexible Fund Structures” (May 25, 2017); and “Addressing (and Resisting) Demands for Changes in Hedge Fund Manager Compensation” (Apr. 23, 2009).