QOZ funds that are set up to take in capital over multiple years can create a longer realization timeline for investors if the fund’s strategy is a portfolio sale after all investors have achieved their 10-year hold. Alternatively, such funds may leave it up to the investor to sell their investment after achieving their own holding period. Such strategies can provide flexibility for investors, but also increase their management responsibility. In contrast, a “vintage year” fund in which all investors invest in the same calendar year can provide a more hands-off approach for investors when it comes time to realize their investments.