Additional period beyond the fund's nominal 10-year term, granted to allow the GP to complete exits on remaining portfolio companies. Standard LPA provides for two 1-year extensions at the GP's discretion; further extensions typically require LPAC or supermajority LP consent. Management fees during extensions step down further. If assets cannot be liquidated by end of extended life, the GP may seek further LP consent, transfer remaining assets to a continuation vehicle (Ch. 17), or distribute in-kind securities. Funds that drift into perpetual extensions with little exit activity become 'zombie funds.'