This depends on if you buy direct or through a fund. In a fund, shares are not locked so long as you resell them privately, but a sale is not guaranteed. That means there are no restrictions on the securities you buy - you own them. However, should a negative event occur, liquidity may dry up and you would not be able to find buyers (and there are no 'market makers' in private equity markets). Direct sales have a private equity 6 month lockup, but you can sell them after that.