Fund 1 8%, fund 2 5%, when will fund implode?

I’m at a distressed credit fund whose fund 1 from 2020 returned 8%, and fund 2 from 2023 is returning 5% with a big loss. PM says fundraising for fund 3 is underway but it seems challenging: incidentally we had an MD opening that has been unfilled for 2 years. Thoughts on the situation ?

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Fund 1 8%, fund 2 5%, when will fund implode?

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Fund 1 8%, fund 2 5%, when will fund implode?

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