[surfearth]

No PE firms allow quarterly redemptions in traditional fund vehicles. PE firms and VC firms use precisely the same legal structure and are both generally required to value assets and report to partners on a quarterly basis. Some PE larger PE firms will have quarterly/semi-annual audits, but most PE and VC firms audit their financial statements (and thus valuations) annually.

Also note that most funds calculate fees on committed capital during the investment period (typically five years) and subsequently on invested cost, not fair value, afterword. Therefore the portfolio valuation has little to do with management fee calculations.