Specifics of RE fund process.

As someone who just graduated from college and is looking to get a feel for what the real world of RE entails, I would like to understand how the process of raising a fund works for anyone who has experience working in a REPE shop.

If anyone has the seeking specific answers to my questions below, I would highly appreciate it.

1)how long does it take on average to raise money and how/where does the money go to once capital is raised? Is it just commitments from the investors? If you make a capital call, where does the money go? An account?

2) how do you track performance in a portfolio over a 5 year life span? I know there are platforms to show performance but how often are you updating it? Quarterly?

3) what happens if you raise money and a recession occurs 1-2 years out? Are investors not allowed to pull out money for the 5-7 year period? How can you promise on your target IRR when things are going bad and it's hard to refinance?

4) how do you exactly pay back investors? Do investors get paid quartely, semi annually etc. or once the 5 years are finished? What's the exact process once the fund life is over ?

5) do most people who start funds have connections to high net worth individuals or do they seek out capital from agents or both?

6)what are the most common fees the GP obtains? Acquisition and management and if so what are the percentages?

I am trying to get a better feel and I would like to speak to anyone who has experience in REPE who can offer their insight for someone just starting out. Thank you.