On past projects, planning has taken place over a number of documents (planning documents, project plans, estimation spreadsheets, and so on), with rounds of meetings and reviews.

Finally, my time estimation ability was sorely lacking, so I often got in over my head and worked overtime for the first few months.

Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.