LPs only gain exposure to investments made during the quarters they’re actively subscribed to – there’s no retroactive access to earlier deals. For example, if an LP begins subscribing in Q5 and continues through Q8, they’ll only participate in the investments made during Q5, Q6, Q7, and Q8. Any deals completed before Q5 are outside the scope of their commitment. This structure ensures alignment between subscribed capital and the GP’s investing activity during that period.