Act IPulse
Filled in full: 3 of 3 · demand stayed within the cap every window
Q1-26 · 0.14× requested ÷ capacity · within cap · 100% honored · click a window to replay it below
Sector mix · % of portfolio
| Independent power and renewable electricity producers | 73.8% |
| Oil, gas and consumable fuels | 12.5% |
| IT services | 7.0% |
| Electric utilities | 3.9% |
| Specialized REITs | 1.1% |
| Software | 0.6% |
| Multi-utilities | 0.2% |
| Chemicals | 0.2% |
| Health care technology | 0.2% |
| Electrical equipment | 0.2% |
| Commercial services and supplies | 0.2% |
| Machinery | 0.1% |
Top assets · 10 disclosed
| Asset | Sector | Stage | Revenue | Fair value |
|---|---|---|---|---|
| Pioneer JV Holdings LLC | Renewable Power & Transition | Operational | Contracted | $754M |
| Tango Holdings LLC | Renewable Power & Transition | Operational | Contracted | $527M |
| Aspen Renewables Equity Holdings LLC | Renewable Power & Transition | Operational | Contracted | $480M |
| Denali Equity Holdings LLC | Renewable Power & Transition | Operational | Contracted | $354M |
| Meade Pipeline Co LLC | Midstream | Operational |
Modules shown reflect what this fund discloses — questions that don't apply to this vehicle type are omitted.
The balance sheet the latest filing stated, the two leverage multiples it implies, the rate / FX hedge book that sits against it, and the per-facility debt schedule beneath.
The asset-level book — the largest infrastructure positions with sector, lifecycle stage, revenue model and, where disclosed, generating capacity and grid region.
Asset-level risk — occupancy and lease-rollover for real estate, revenue quality for infrastructure.
The unobservable inputs behind the marks — the fair-value-weighted DCF discount rate and its range, the valuation multiples, and the technique applied to each asset category. The Level I / II / III hierarchy sits in The Book · Marks.
The management + incentive structure and the per-class servicing / distribution load behind the headline rate.
Per-share return, earnings quality, and yield trajectory.
TodayNAV total return and operating metrics render in The Book · Portfolio; distribution tax-character in Economics · Income.
Next laneAsset-class operating performance depth.
from the RE/infra operating-metric tables (Phase-2, not yet landed).
Exit terms — repurchase policy and the window-by-window tender record.
TodayRepurchase policy, window-by-window tender history and offering progress render in Liquidity.
Next laneA forward-funding obligation applies only to credit funds with unfunded loan commitments; this fund discloses none.
exit terms are fully surfaced in the Liquidity act.
fund silence and AltHarbor coverage are different facts — both stated per family
| Disclosure family | Status | Latest source | |
|---|---|---|---|
| Exit mechanics → | Disclosed | Amended tender offer · filed Mar 27 | |
| Tender record → | Disclosed | Amended tender offer · filed Mar 27 | |
| Per-class economics → | Disclosed | Annual report · filed Mar 31 | |
| Distribution composition → | Disclosed | Annual report · filed Mar 5 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 14 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Not disclosed by fund | — | |
| Portfolio composition → | Disclosed | Annual report · filed Mar 5 |
What this fund doesn't file
Credit measures — not in the filings AltHarbor has read. The silence is the fund’s, stated here once rather than repeated on every pane.
| Contracted |
| $215M |
| Sierra Equity Holdings LLC | Renewable Power & Transition | Operational | Contracted | $156M |
| CMH01 Holdings LP | Digital Infrastructure | $77.2M |
| Galaxy Helios LLC | Digital Infrastructure | $59.0M |
| Stack SJ Holdings Parent A-I, LLC | Digital Infrastructure | $54.3M |
| Redwood Meade Midstream MPC, LLC | Midstream | Operational | Contracted | $37.6M |
every filing on record · one tick per filing · hue = type, height = rarity
all 32Imported record 9Current report 8Quarterly report 5Tender offer filing 4Annual report 3Amended tender offer 3
| Filed | Type | Accession |
|---|---|---|
| 05/20/26 | SC TO-ITender offer filing | 0001104659-26-064505 ↗ |
| 05/19/26 | 8-KCurrent report | 0002031750-26-000036 ↗ |
| 05/14/26 · period 03/31/26 | 10-QQuarterly report | 0002031750-26-000032 ↗ |
| 05/07/26 | 8-KCurrent report | 0002031750-26-000028 ↗ |
| 05/04/26 · period 04/28/26 | 8-KCurrent report | 0001628280-26-029840 ↗ |
| 04/23/26 | 8-KCurrent report | 0002031750-26-000024 ↗ |
| 04/18/26 | impImported record | |
| 04/07/26 | 8-KCurrent report | 0002031750-26-000022 ↗ |
| 03/31/26 · period 03/25/26 | 8-KCurrent report | 0002031750-26-000019 ↗ |
| 03/31/26 · period 12/31/25 | 10-KAnnual report | 0002031750-26-000015 ↗ |
| 03/27/26 | SC TO-I/AAmended tender offer | 0001104659-26-036142 ↗ |
| 03/23/26 | 8-KCurrent report | 0002031750-26-000017 ↗ |
| 03/19/26 · period 03/13/26 | 8-KCurrent report | 0001104659-26-032067 ↗ |
| 03/05/26 · period 12/31/25 | 10-KAnnual report | 0002031750-26-000015 ↗ |
| 02/20/26 | SC TO-ITender offer filing | 0001104659-26-018198 ↗ |
| 12/29/25 | SC TO-I/AAmended tender offer | 0001104659-25-124833 ↗ |
| 11/20/25 | SC TO-ITender offer filing | 0001104659-25-114602 ↗ |
| 11/07/25 · period 09/30/25 | 10-QQuarterly report | 0002031750-25-000043 ↗ |
| 09/25/25 | SC TO-I/AAmended tender offer | 0001104659-25-093342 ↗ |
| 08/21/25 | SC TO-ITender offer filing | 0001104659-25-081412 ↗ |
| 08/08/25 · period 06/30/25 | 10-QQuarterly report | 0001628280-25-039307 ↗ |
| 05/14/25 · period 03/31/25 | 10-QQuarterly report | 0001628280-25-025587 ↗ |
| 03/13/25 · period 12/31/24 | 10-KAnnual report | 0001628280-25-012670 ↗ |
| 01/16/25 · period 09/30/24 | 10-QQuarterly report | 0001628280-25-001722 ↗ |
Stated fees · mgmt solid · servicing hatch · distribution hollow · bars share a scale · click a class to read the act through it
| Cls | Net assets | % fund | Stated fee | Min initial | Channel |
|---|---|---|---|---|---|
| Class Dretail | Class Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50% | ||||
| Class Nrestricted | Class Class N stated fees: management 1.3 percent, servicing 0.5 percent1.75% | ||||
| Class Iinstitutional | Class Class I stated fees: management 1.3 percent1.25% | ||||
| Class Sretail | Class Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10% |
NAV/share $25.04 · all classes
Balance sheet not disclosed by this fund
Derivative book not disclosed by this fund
hover or touch the chart to scrub
Cap: 5.0% sh. out./qtr (all windows) · All 3 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | 0.14× | 658.4K sh | 658.4K sh | $24.93 |
| Q4-25 | 0.14× | 470.6K sh | 470.6K sh | $25.04 |
| Q3-25 | 0.20× | 469.8K sh | 469.8K sh | $24.83 |
requested basis: shares tendered · rows expand (tap or e)
| Filed | Filing | Period / note |
|---|---|---|
| 05/20/26 | Tender offer filing | |
| 05/19/26 | Current report | ACI sold common shares of beneficial interest in its May 2026 monthly closing for an aggregate purchase price of $715.5 million. The number of shares was finalized on May 19, 2026. |
| 05/14/26 | Quarterly report | 03/31/26 |
| 05/07/26 | Current report | ACI disclosed an Item 3.02 capital raise or unregistered securities sale in this 8-K. |
| 05/04/26 | Current report | 04/28/26 |
| 04/23/26 | Current report | ACI disclosed an Item 3.02 capital raise or unregistered securities sale in this 8-K. |
| 04/07/26 | Current report | ACI disclosed an Item 3.02 capital raise or unregistered securities sale in this 8-K. |
| 03/31/26 | Current report | 03/25/26 |
| 03/31/26 | Annual report | 12/31/25 |
| 03/27/26 | Amended tender offer | |
| 03/23/26 | Current report | ACI disclosed an Item 3.02 capital raise or unregistered securities sale in this 8-K. |
| 03/19/26 | Current report | 03/13/26 |
| 03/05/26 | Annual report | 12/31/25 |
| 02/20/26 | Tender offer filing | |
| 12/29/25 | Amended tender offer | |
| 11/20/25 | Tender offer filing | |
| 11/07/25 | Quarterly report | 09/30/25 |
| 09/25/25 | Amended tender offer | |
| 08/21/25 | Tender offer filing | |
| 08/08/25 | Quarterly report | 06/30/25 |
| 05/14/25 | Quarterly report | 03/31/25 |
| 03/13/25 | Annual report | 12/31/24 |
| 01/16/25 | Quarterly report | 09/30/24 |
Revenue-mix percentages not disclosed by this fund this period — sector composition renders in The Book · Portfolio
Windows observed: 3 · median open-to-pricing 29d · derived from filed window dates
| Facility | Type | Committed | Drawn | Rate | Maturity | Seniority |
|---|---|---|---|---|---|---|
| Denali Credit Agreement | spv facility | — | — | Year-ended weighted average rate disclosed as 6.28% | — | — |
| Aspen Credit Agreement | spv facility | — | — | Year-ended weighted average rate disclosed as 5.93% | — | — |
| ACI Portfolio Aggregator Credit Agreement | spv facility | — | — | Year-ended weighted average rate disclosed as 6.61% | — | — |
| Tango Credit Agreement | spv facility | — | — | Year-ended weighted average rate disclosed as 5.68% | — | — |
| BNP Funding Facility | spv facility | — | — | Year-ended weighted average rate disclosed as 4.95% | — | — |
| Pioneer Credit Agreement | spv facility | — | — | Year-ended weighted average rate disclosed as 5.54% | — | — |
Last 30 distributions for Class I: 03/13/25 $0.2110, NII $0.0000, return of capital $0.2110; 03/13/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 05/14/25 $0.2110, NII $0.0000, return of capital $0.2110; 07/31/25 $0.2110, NII $0.0000, return of capital $0.2110; 08/08/25 $0.2083, components not disclosed; 08/08/25 $0.2083, NII $0.0000, return of capital $0.2083; 08/08/25 $0.2083, NII $0.0000, return of capital $0.2083; 08/29/25 $0.2110, NII $0.0000, return of capital $0.2110; 09/30/25 $0.2110, NII $0.0000, return of capital $0.2110; 10/31/25 $0.2083, NII $0.0000, return of capital $0.2083; 11/07/25 $0.2083, components not disclosed; 11/07/25 $0.2083, components not disclosed; 11/07/25 $0.2083, components not disclosed; 11/28/25 $0.2083, NII $0.0000, return of capital $0.2083; 12/31/25 $0.2083, NII $0.0000, return of capital $0.2083; 01/30/26 $0.2083, components not disclosed; 02/27/26 $0.2083, components not disclosed; 03/31/26 $0.2083, components not disclosed; 04/30/26 $0.2083, components not disclosed; 05/29/26 $0.2083, components not disclosed; 06/30/26 $0.2083, components not disclosed; 07/31/26 $0.2083, components not disclosed; 08/31/26 $0.2083, components not disclosed; 09/30/26 $0.2083, components not disclosed
NII · realized gains · return of capital · components not disclosed · last 30 declarations, Class I
Annual coverage · Class I · where each year’s distribution came from
| Year | $/sh | from NII | from gains | return of capital | Read |
|---|---|---|---|---|---|
| 2025 | $5.1038 | 0% | 0% | 100% | High ROC |
Return of capital is the portion paid from invested principal rather than income or realized gains; a sustained high reading erodes NAV. Annual roll-up of the same filings charted above.
Largest asset
27.8%share of disclosed top holdings · 12/31/25Top holdings
10largest positions disclosed · 12/31/25Disclosed value
$2.71BΣ top holdings at FV · 12/31/25Shares are of the $2.71B top-holdings fair value. Stage (operational / construction / development) and revenue model (contracted / regulated / volume-based) frame the cash-flow durability behind each position.
| Asset | Sector | Stage | Revenue | Capacity | Projects | Fair value | % top |
|---|---|---|---|---|---|---|---|
| Pioneer JV Holdings LLC79% solar · 21% wind · MISO / ERCOT / WECC | Renewable Power & Transition | Operational | Contracted | 1 GW | 6 | $754M | 27.8% |
| Tango Holdings LLC100% solar · PJM / SPP | Renewable Power & Transition | Operational | Contracted | 0.50 GW | 5 | $527M | 19.4% |
| Aspen Renewables Equity Holdings LLC83% solar · 17% co located battery storage · ERCOT / MISO | Renewable Power & Transition | Operational | Contracted | 0.90 GW | 4 | $480M | 17.7% |
| Denali Equity Holdings LLC53% solar · 25% wind · 22% co located battery storage · ERCOT / MISO / PJM / SPP | Renewable Power & Transition | Operational | Contracted | 2.60 GW | 15 | $354M | 13.1% |
| Meade Pipeline Co LLCCentral Penn Line / Transco system · contracted to 2042 | Midstream | Operational | Contracted | 1332 MMcf/d net to Meade | 1 | $215M | 7.9% |
| Sierra Equity Holdings LLC100% wind · ERCOT | Renewable Power & Transition | Operational | Contracted | 270 MW | 1 | $156M | 5.7% |
| CMH01 Holdings LP | Digital Infrastructure | Not disclosed | Not disclosed | — | — | $77.2M | 2.8% |
| Galaxy Helios LLC | Digital Infrastructure | Not disclosed | Not disclosed | — | — | $59.0M | 2.2% |
| Stack SJ Holdings Parent A-I, LLC | Digital Infrastructure | Not disclosed | Not disclosed | — | — | $54.3M | 2.0% |
| Redwood Meade Midstream MPC, LLCCentral Penn Line / Transco system · contracted to 2042 | Midstream | Operational | Contracted | — | 1 | $37.6M | 1.4% |
WA discount rate
9.5%DCF, fair-value-weighted · 12/31/25Discount range
8.98–9.91%across DCF categories · 12/31/25Categories
4asset categories valued · 12/31/25A higher discount rate marks an asset more conservatively. These are the unobservable (Level III) inputs the fund applies to value privately held infrastructure — the fair-value hierarchy itself renders in The Book · Marks.
| Asset category | Technique | Input | Value | Fair value |
|---|---|---|---|---|
| Common equity | Discounted cash flow | Discount rate | 9.36–9.77% · wa 9.57% | $2.01B |
| Other equity | Discounted cash flow | Discount rate | 8.98% | $354M |
| First lien senior secured loans | Recent transaction price | — | — | $165M |
| Common equity | Recent transaction price | — | — | $156M |
| Senior subordinated loans | Discounted cash flow | Discount rate | 9.91% | $54.3M |
| Senior subordinated loans | Recent transaction price | — | — | $35.3M |
| First lien senior secured loans | Broker quotes | — | — | $196K |
Where a category carries two techniques, the same fair value is shown against each — the marks are corroborated, not additive.
Management fee
1.3%annual · on navIncentive fee
12.5%Hard hurdle with catch-up hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| Class I | — | 0.0% | 0.0% | 1.3% |
The two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $401M 11.6% · L3 $3.07B 88.4% · NAVexp $0 0.0%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $3.07B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $3.47B fair value · 03/31/26