Can I redeem a private fund at any time?

It depends on the fund. Unlike public funds, private funds have no obligation to list even if redemption is prohibited, so a fund that invests in illiquid assets may not allow redemption at all or may allow it only at fixed intervals such as quarterly or semiannually, and you may have to pay a high redemption fee if you redeem within a certain period.

Before investing, be sure to check whether and on what terms redemption is possible, and consider whether this fits your own cash flow plans.