The lifecycle of a VC fund is usually 10 years, but can be up to 15 years. In those years

The lifecycle of a VC fund is usually 10 years, but can be up to 15 years. In those years, it will go through different phases:
Fundraising: Year 0-1; GPs raise commitments from LPs
Investment Period: Year 1-5; It is when the fund invests in start-ups and invests most of its money in the period.
Harvest Period: Year 6-10; This is the harvesting investment phase, winding down the investments, and returning the money to the LPs.
Wind-Down (Year 10+): This is an extension of the fund as the remaining outstanding investment or unresolved issue is resolved
Once all investments have been harvested with the return of capital, close the fund.