We recommend that you apply to VC Lab: https://govclab.com/apply/ The program will walk you through step by step with how to go about closing a fund. The majority of Institutional LPs are prevented by charter from investing in new managers. 

Hi Mike, thanks for your reply. I am already a student in the VC Lab LP Cohort 4, and I wanted to learn more about the UK perspective on this. Specifically, how can an exit occur after a fund has closed? And if an exit hasn’t been completed by the time the fund closes, what will be returned to the LPs in the UK context?

You should apply to the VC Lab program if you're going to raise a fund. The Venture Institute program just covers the basics while VC Lab walks you through the process step by step. 

The fund liquidation after the fund term which is typically 10 years, is described in the Limited Partner Agreement. Typically, the manager of the fund will work with their limited partner advisory committee (LPAC) to determine the best path forward at the end of the fund life. Sometimes the fund extends, other times it chooses to liquidate the assets and sometimes it distributes the shares to LPs.