此题如何理解？

问题如下：

A private equity limited partner would least likely experience which of the following?

选项：

A.Capital calls in the partnership’s early years to fund investments. B.A management fee based on committed capital, not invested capital. C.Short time lags between investments in and exits from portfolio companies.

解释：

C is correct. There are likely to be long time lags between investments in and exits from portfolio companies. A is incorrect because capital calls are likely in the partnership’s early years in order to fund investments in new portfolio companies. B is incorrect because in most private equity firms the general partner earns management fees based on committed capital, not invested capital.