PE/PERE fee structure with no close date.

Good evening,

I have a following question concerning fee structure at funds.

1. PERE (lets assume industrial re) - they do not have any maturity which makes sense as they want to grow the RE portfolio as much as possible. Questions: a. They take the management fee from NAV? Do they take it from rental income? b. Some of them have highwater, 20% carry from NAV. As they do not sell any of portfolio RE, lets say Y1 NAV is 100, Y2 NAV is 150. They will take 20% from the 50? Where to they take it? OR they do not take the carry at all and just live of the rental?

2. PE - the usual structure is 2/20, 8y with 2y investment period. Here everything is quite obvious, you take 2% from committed capital, the 2% fee decreases after investment period. You exit the deals in 8y time, and take 20% from profits (depending on the hurdle, etc). BUT, i ve seen couple of PE funds with no maturity... how does this work?

- So you gather investors money, take the entrance fee and lets say quarterly management fee from committed capital. You start making investments, you buy a firm... now what? You take dividend from it to repay the investors and take carry from the dividends? Or you waterfall structure and keep repaying investors until they investment is repaid and than start taking carry from the dividends...?

How can a PE fund with no maturity/exit date work?

Thank you!