Plain-English guide
Lockup periods and redemption are not the same thing
A lockup tells you when an exit request may become eligible. Redemption rules determine whether and when that request turns into cash.
Terms to distinguish
Notice periods delay the requested date. Gates cap how much can leave in a period. Queues put requests in order. Suspension rights can pause redemptions. “Quarterly liquidity” may describe request windows, not guaranteed payment dates.
What to verify
Read the governing document, not only the marketing summary. Ask who has discretion, whether payment can be made in kind, what valuation date applies, and what fees or discounts are charged.