This will be evaluated on a case-by-case basis, dependant on the goals of the fund as well as the negotiated vesting structure. Fund managers will leverage their experience and market insight in weighing up discounted future returns versus the opportunity to reinvest and realize quicker returns.
Many early stage investments are structured such that the purchased equity vest over time. In these cases, there is a minimum commitment that determines when assets can be sold and returns realized. This, together with strategies aiming to realize long-term growth, help define the investment horizon.