The frequency of capital calls is determined by the terms of the LPA, the needs of the fund, and the discretion of the management in that order. Most funds will call 20% or 25% of committed capital upon the first close, and then it normally takes 12 to 18 months to close the remainder of the fund. During the closing period, most funds do not call additional capital. When the fund is closed and in the active investment period, managers make capital calls as needed, usually once per quarter or once per half. Capital calls become less frequent after the active investment period. Most funds do not call the total fund size because the investments and expenses come out to less than the committed capital.