REPE Development life cycle

In private equity there's an investment term during which you must call on and put all of the capital committed to work I assume.

For REPE firms which undertake development projects, i'm wondering how this works considering the longer time period prior to realizing any kind of cash flows. I assume if it's a raw land development deal they'll have to pull committed capital to acquire the land, then go through design/planning process and then through the entitlement process which can take over a year in and of itself. Then you actually have to build the property - another 12-24 months.

From those who work in the industry, i'm trying to understand not only the implication of having that capital outstanding for so long and the effect on overall return, but also the mechanics of putting the capital to use i.e. limitations a conventional investment term (2-3 years) places on a long-dated development project, what portion of the LP capital pool is called on first (is it first come?), and if working with a developer partner which seems to be often the case - at what stage does the actual PE capital come in to play relative to that of the developer's.