Private equity - who takes care of the timing?

Private equity funds invest in companies. Due to the fact that the investment phase usually lasts several years, there are special timing considerations. Investors should invest continuously in private equity funds according to their strategic portfolio weighting. In the article Can investors time their exposure to private equity? the researchers Gregory Brown, Robert Harris, Wendy Hu, Tim Jenkinson, Steven Kaplan, David Robinson show that investors hardly achieve any added value with timing. Investors can only time their commitments to the funds; they cannot time when commitments are called or when investments are exited.The timing of good entry opportunities is in the hands of the fund managers.In the article Buy low, sell high? Do private equity fund managers have market timing abilities? the authors Tim Jenkinson, Stefan Morkoetter, Dr. Tobias Schori, CFA, Thomas Wetzer come to the conclusion that private equity funds are on average able to create value by timing the financial markets. Fund managers can invest and dispose of the committed capital at their discretion during the life of the fund, giving them the flexibility to time the markets.