Act IPulse
Filled in full: 9 of 9 · demand stayed within the cap every window
Q1-26 · within cap · 100% honored · click a window to replay it below
Last 3 distributions for Class I: 12/31/24 $0.4400, NII $0.4334, return of capital $0.0066; 06/30/25 $0.2200, NII $0.1459, return of capital $0.0710; 12/31/25 $0.4400, NII $0.2918, return of capital $0.1420
NII · realized gains · return of capital · components not disclosed · last 3 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 | $0.6600 | 66% | 1% | 32% | High ROC |
| 2024 | $0.4400 | 99% | 0% | 2% | Low 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.
Sector mix · % of portfolio
| Private equity - Renewable Power & Transition | 28.7% |
| Private debt investments | 13.8% |
| Private equity - Transport | 13.4% |
| Private equity - Utilities | 11.5% |
| Private equity - Midstream | 10.5% |
| Private equity - Data | 7.8% |
| Public corporate bonds - Utility | 4.5% |
| Public corporate bonds - Oil Gas Transportation & Distribution | 3.5% |
| Public corporate bonds - Telecommunications | 1.7% |
| Public corporate bonds - Infrastructure Services | 0.6% |
| Public corporate bonds - Transportation | 0.5% |
| Public corporate bonds - Oil, Gas & Consumable Fuels | 0.3% |
top 12 of 13 disclosed sectors shown
Top assets · 10 disclosed
| Asset | Sector | Geography | Stage | Revenue | Fair value |
|---|---|---|---|---|---|
| BII BID Aggregator A L.P. | Private debt investments | North America | $444M | ||
| Colombian Renewable Power (Isagen) | Renewable Power & Transition | Latin America | Operational | Mixed | $387M |
| Global Renewable Power (Neoen) | Renewable Power & Transition |
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 | Registration statement · filed Jun 5 | |
| Tender record → | Disclosed | Amended tender offer · filed May 8 | |
| Per-class economics → | Disclosed | 486BPOS filing · filed Apr 30 | |
| Distribution composition → | Disclosed | Shareholder report · filed Mar 6 | |
| Fair-value hierarchy → | Disclosed | Shareholder report · filed Mar 6 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Shareholder report · filed Mar 6 |
| Global |
| Operational |
| Contracted |
| $335M |
| U.S. Pipeline System (Colonial) | Midstream | North America | Operational | Volume-based | $312M |
| U.K. & European Diversified Infrastructure | Transport | Europe | Operational | Mixed | $309M |
| Nuclear Services (Westinghouse) | Renewable Power & Transition | North America | Operational | Contracted | $229M |
| Canadian Midstream (Inter Pipeline) | Midstream | North America | $190M |
| North American Residential Infrastructure (Enercare) | Utilities | North America | $171M |
| U.S. Toll Road (SH 130) | Transport | North America | Operational | Volume-based | $163M |
| U.S. Digital Infrastructure Platform (5C Group) | Data | North America | Operational | Contracted | $121M |
Revenue & lifecycle
| Regulated or contracted revenue · of revenue | 85.0% |
| Market-exposed revenue · of revenue | 15.0% |
| Inflation-linked revenue · of revenue | 75.0% |
Changes: no material changes on record
Changes: no material changes on record
every filing on record · one tick per filing · hue = type, height = rarity
all 43Portfolio holdings filing 10Amended tender offer 9Imported record 9Tender offer filing 9Shareholder report 3486BPOS filing 1Semiannual shareholder report 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 02/25/26 | SC TO-ITender offer filing | 0001213900-26-020129 ↗ |
| 11/25/25 | SC TO-ITender offer filing | 0001213900-25-114731 ↗ |
| 08/26/25 | SC TO-ITender offer filing | 0001213900-25-080546 ↗ |
| 05/27/25 | SC TO-ITender offer filing | 0001213900-25-047646 ↗ |
| 02/25/25 | SC TO-ITender offer filing | 0001213900-25-016841 ↗ |
| 12/02/24 | SC TO-ITender offer filing | 0001213900-24-104306 ↗ |
| 08/23/24 | SC TO-ITender offer filing | 0001104659-24-092307 ↗ |
| 05/29/24 | SC TO-ITender offer filing | 0001104659-24-065990 ↗ |
| 02/23/24 | SC TO-ITender offer filing | 0001104659-24-026891 ↗ |
Derivative book not disclosed by this fund
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 |
|---|---|---|---|---|---|
| Tretail | Class T stated fees: management 1.3 percent, servicing 0.3 percent, distribution 0.6 percent2.10%+3.5% load | $2,500 | Brokerage / transaction-based accounts | ||
| Dretail | Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50%+2.0% load | $2,500 | Fee-based intermediary / RIA | ||
| Iinstitutional | Class I stated fees: management 1.3 percent1.25%+0.0% load | $1,000,000 | Institutional | ||
| Sretail | Class S stated fees: management 1.3 percent, servicing 0.3 percent, distribution 0.6 percent2.10%+3.5% load | $2,500 | Brokerage / financial intermediary |
hover or touch the chart to scrub
Total assets
$5.54BTotal liabilities
$149MNet assets
$5.39BLiabilities / net assets
0.03×derivedTotal assets / net assets
1.03×derivedNot disclosed by this fund: assets invested
0002071691-26-012799 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets.
Cap: 5.0% NAV/qtr (all windows) · 8 of 9 windows filled in full · 1 prorated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | Not disclosed | 2.5M sh | 2.5M sh | $11.01 |
| Q4-25 | Not disclosed | 21.1M sh | 21.1M sh | $10.89 |
| Q3-25 | Not disclosed | 26.5M sh | 26.5M sh | $10.73 |
| Q2-25 | Not disclosed | 806.3K sh | 806.3K sh | $10.62 |
| Q1-25 | Not disclosed | 725.5K sh | 725.5K sh | $10.53 |
| Q4-24 | Not disclosed | 71.7K sh | 71.7K sh | $10.40 |
| Q3-24 | Not disclosed | 10.3K sh | 10.3K sh | $10.35 |
| Q2-24 | Not disclosed | 23.2M sh | 23.2M sh | $10.25 |
| Q1-24 | Not disclosed | 5.5M sh | 5.5M sh | $10.17 |
requested basis: shares tendered · rows expand (tap or e)
| Filed | Filing | Period / note |
|---|---|---|
| 05/28/26 | Portfolio holdings filing | 03/31/26 |
| 05/08/26 | Amended tender offer | |
| 04/30/26 | 486BPOS filing | 04/30/26 |
| 03/06/26 | Shareholder report | 12/31/25 |
| 03/06/26 | Shareholder report | 12/31/25 |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 02/25/26 | Tender offer filing | |
| 02/19/26 | Amended tender offer | |
| 11/28/25 | Portfolio holdings filing | 09/30/25 |
| 11/25/25 | Tender offer filing | |
| 11/19/25 | Amended tender offer | |
| 09/05/25 | Semiannual shareholder report |
| 06/30/25 |
| 08/28/25 | Portfolio holdings filing | 06/30/25 |
| 08/26/25 | Tender offer filing |
| 08/08/25 | Amended tender offer |
| 06/05/25 | Registration statement |
| 05/29/25 | Portfolio holdings filing | 03/31/25 |
| 05/27/25 | Tender offer filing |
| 05/09/25 | Amended tender offer |
| 03/10/25 | Shareholder report | 12/31/24 |
| 03/03/25 | Portfolio holdings filing | 12/31/24 |
| 02/25/25 | Tender offer filing |
| 02/14/25 | Amended tender offer |
| 12/02/24 | Tender offer filing |
| 11/29/24 | Portfolio holdings filing | 09/30/24 |
| 11/01/24 | Amended tender offer |
| 08/29/24 | Portfolio holdings filing | 06/30/24 |
| 08/23/24 | Tender offer filing |
| 08/13/24 | Amended tender offer |
| 05/30/24 | Portfolio holdings filing | 03/31/24 |
| 05/29/24 | Tender offer filing |
| 05/22/24 | Amended tender offer |
| 02/29/24 | Portfolio holdings filing | 12/31/23 |
| 02/23/24 | Tender offer filing |
Largest asset
16.7%share of disclosed top holdings · 12/31/25Top holdings
10largest positions disclosed · 12/31/25Disclosed value
$2.66BΣ top holdings at FV · 12/31/25Shares are of the $2.66B 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 | Region | Stage | Revenue | Capacity | Fair value | % top |
|---|---|---|---|---|---|---|---|
| BII BID Aggregator A L.P. | Private debt investments | North America | Not disclosed | Not disclosed | — | $444M | 16.7% |
| Colombian Renewable Power (Isagen) | Renewable Power & Transition | Latin America | Operational | Mixed | 3.30 GW | $387M | 14.5% |
| Global Renewable Power (Neoen) | Renewable Power & Transition | Global | Operational | Contracted | — | $335M | 12.6% |
| U.S. Pipeline System (Colonial) | Midstream | North America | Operational | Volume Based | 2.50 MMbbl/d | $312M | 11.7% |
| U.K. & European Diversified Infrastructure | Transport | Europe | Operational | Mixed | — | $309M | 11.6% |
| Nuclear Services (Westinghouse) | Renewable Power & Transition | North America | Operational | Contracted | — | $229M | 8.6% |
| Canadian Midstream (Inter Pipeline) | Midstream | North America | Not disclosed | Not disclosed | — | $190M | 7.1% |
| North American Residential Infrastructure (Enercare) | Utilities | North America | Not disclosed | Not disclosed | — | $171M | 6.4% |
| U.S. Toll Road (SH 130) | Transport | North America | Operational | Volume Based | — | $163M | 6.1% |
| U.S. Digital Infrastructure Platform (5C Group) | Data | North America | Operational | Contracted | — | $121M | 4.5% |
Regulated / contracted
85.0%downside-protected revenue · 12/31/25Market-exposed
15.0%merchant / market-priced · 12/31/25Inflation-linked
75.0%with escalators · 12/31/25Regulated and contracted revenue is the cash flow least sensitive to commodity and demand cycles; the market-exposed residual is the cyclical tail. Inflation-linked escalators pass rising prices through to revenue. The filing does not separately split regulated from contracted.
WA discount rate
12.3%DCF, fair-value-weighted · 12/31/25Discount range
8–18%across DCF categories · 12/31/25Valuation multiple
9–24×market-comparable terminal multiple · 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 |
|---|---|---|---|---|
| Private equity infrastructure | Discounted cash flow | Discount rate | 8–18% · wa 13% | $2.94B |
| Private equity infrastructure | Market comparable companies | Terminal multiple | 9–24× · wa 13× | $2.94B |
| Private debt investments | Discounted cash flow | Discount rate | 8–12% · wa 9% | $662M |
Where a category carries two techniques, the same fair value is shown against each — the marks are corroborated, not additive.
Windows observed: 9 · median open-to-pricing 34d · derived from filed window dates
ASC-820 hierarchy · band width = share · hover to read
L1 $280M 5.5% · L2 $711M 14.0% · L3 $3.60B 70.7% · NAVexp $502M 9.9%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $3.60B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $5.09B fair value · 12/31/25
Management fee
1.3%annual · on navIncentive fee
12.5%on net profits| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| D | Fee-based intermediary / RIA | 0.3% | 0.0% | 1.5% |
| I | Institutional / direct | 0.0% | 0.0% | 1.3% |
| S | Brokerage / financial intermediary | 0.3% | 0.6% | 2.1% |
| T | Brokerage / transaction-based accounts | 0.3% | 0.6% | 2.1% |
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.
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure