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At the fund where I work, it depends on the workload. If a deal needs to be done, you will be asked to come to work. It’s not entirely predictable unless your fund is already reaching the end of its lifecycle or blew its dry powder.
Coach
What I've seen myself and from other friends at different funds, taking PTO is OK but it's almost 100% certain you will have to do some work over PTO. It's virtually impossible to disconnect 100%
My firm was pretty good about letting us take time around the holidays (including days generally taken off, like the July 4 long weekend, Memorial Day, MLK Weekend, etc.). And they generally let us have our time off when we weren't on live deals (I had long stretches where I wasn't bothered on weekends or after 8 pm - really!). I think it's part of the nebulous "culture" that you screen for during interviews.
I have yet to successfully take a vacation in the past ~2 years where I didn't need to check my email and do at least one or two minor tasks that required me to hop on my laptop for an hour. Only thing I miss about banking are my protected vacation days...
Mentor
You had protected vacations back in banking? Not something I experienced haha