How is a Managed code executed
Managed code is computer program code that requires and will execute only under the management of a Common Language Infrastructure (CLI); Virtual Execution System (VES); virtual machine, e.g. . NET, CoreFX, or . NET Framework; Common Language Runtime (CLR); or Mono.
Choosing a language compiler depending on the language in which the code is written.
Converting the above code into Intermediate language by its own compiler.
The IL is then targeted to CLR which converts the code into native code with the help of JIT.
Execution of Native code.