Act IPulse
Filled in full: 38 of 39 · demand stayed within the cap every window
Q2-26 · within cap · click a window to replay it below
Strategy mix · as reported by source
| Fund interests · 1 | 98.4% |
| Exposure | Kind | Sector | Geography | Fair value | % |
|---|---|---|---|---|---|
| AMG Pantheon Master Fund, LLC | Fund interest | Fund-of-funds master vehicle | United States | $6.17B | 98.4% |
% basis: as reported by source
1 of 1 row is manager-published, not from a SEC filing
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 and the NAV / subscription credit facility an evergreen vehicle runs against its portfolio — these funds carry no traded-debt balance sheet, so the line is the leverage.
Commitment pacing — how much capital is committed to underlying funds and deals, how much is called versus still callable, and commitment as a multiple of NAV. The deployment story an evergreen fund reports in place of a draw-down LP IRR.
Exposure concentration — sector and geographic mix with a Herfindahl over each, and how much of the book is named at the issuer level versus rolled into sized-but-unnamed buckets.
Valuation opacity — how much of the book is marked to model (Level III) or carried at an underlying fund NAV, and the net unrealized mark behind the reported value.
Hard-to-value
91.3%Level III + NAV expedientLevel III
4.9%mark-to-modelNAV expedient
86.4%fund-of-funds NAV91.3% of investments are marked to model (Level III) or carried at the NAV of an underlying fund — the higher this share, the more the reported NAV depends on unobservable inputs rather than market prices. The full L1 / L2 / L3 ladder and the disclosed WACC / exit-multiple inputs render in The Book · Marks; balance-sheet leverage under How levered?. Concentration of those marks by sector and geography is in How concentrated?.
The mark and the inputs behind it — the Level I / II / III fair-value hierarchy and the unobservable inputs render in The Book · Marks.
The management + incentive structure and the per-class servicing / distribution load behind the headline rate.
NAV-based total return by share class and the per-class NAV trajectory — what an evergreen, NAV-struck fund actually reports (not a draw-down LP multiple).
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 Jul 29 | |
| Tender record → | Disclosed | Tender offer filing · filed Mar 23 | |
| Per-class economics → | Disclosed | Prospectus supplement · filed Aug 1 | |
| Distribution composition → | Disclosed | Shareholder report · filed Jun 9 | |
| Fair-value hierarchy → | Disclosed | Shareholder report · filed Jun 9 | |
| Unobservable inputs → | Disclosed | Shareholder report · filed Jun 9 | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Portfolio holdings filing · filed Feb 27 |
Changes: no material changes on record
Changes: no material changes on record
A per-share NAV composition is the monthly disclosure of NAV-struck perpetual REITs; this fund’s valuation — the Level I / II / III fair-value hierarchy and the unobservable inputs behind the marks — renders in The Book · Marks
Cap: 5.0% sh. out./qtr (all windows) · All 39 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q2-26 | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Q1-26 | 0.54× | 5.9M sh | 5.9M sh | Not disclosed |
| Q4-25 | 0.19× | 2.0M sh | 2.0M sh | Not disclosed |
| Q3-25 | 0.23× | 2.3M sh | 2.3M sh | Not disclosed |
| Q2-25 | 0.12× | 1.1M sh | 1.1M sh | Not disclosed |
| Q1-25 | 0.29× | 2.4M sh | 2.4M sh | Not disclosed |
| Q4-24 | 0.13× | 1.0M sh | 1.0M sh | Not disclosed |
| Q3-24 | 0.14× | 974.6K sh | 974.6K sh | Not disclosed |
| Q2-24 | 0.15× | 884.5K sh | 884.5K sh | Not disclosed |
| Q1-24 | 0.12× | 660.9K sh | 660.9K sh | Not disclosed |
| Q4-23 | 0.09× | 439.1K sh | 439.1K sh | Not disclosed |
| Q3-23 | 0.12× | 496.4K sh | 496.4K sh | Not disclosed |
| Q2-23 | 0.10× | 349.3K sh | 349.3K sh | Not disclosed |
| Q1-23 | 0.14× | 424.3K sh | 424.3K sh | Not disclosed |
| Q4-22 | 0.09× | 254.4K sh | 254.4K sh | Not disclosed |
| Q3-22 | 0.10× | 242.2K sh | 242.2K sh | Not disclosed |
| Q2-22 | 0.10× | 191.3K sh | 191.3K sh | Not disclosed |
| Q1-22 | 0.02× | 27.7K sh | 27.7K sh | Not disclosed |
| Q4-21 | 0.02× | 22.5K sh | 22.5K sh | Not disclosed |
| Q3-21 | 0.04× | 29.2K sh | 29.2K sh | Not disclosed |
| Q2-21 | 0.08× | 45.5K sh | 45.5K sh | Not disclosed |
| Q1-21 | 0.09× | 42.9K sh | 42.9K sh | Not disclosed |
| Q4-20 | 0.41× | 162.2K sh | 162.2K sh | Not disclosed |
| Q3-20 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q2-20 | 0.04× | 10.9K sh | 10.9K sh | Not disclosed |
| Q1-20 | 0.04× | 7.7K sh | 7.7K sh | Not disclosed |
| Q4-19 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q3-19 | 0.46× | 59.6K sh | 59.6K sh | Not disclosed |
| Q2-19 | 0.13× | 12.7K sh | 12.7K sh | Not disclosed |
| Q1-19 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q4-18 | 1.00× | 41.0K sh | 41.0K sh | Not disclosed |
| Q3-18 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q2-18 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q1-18 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q4-17 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q3-17 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q2-17 | 0.42× | 7.3K sh | 7.3K sh | Not disclosed |
| Q1-17 | 0.00× | 0 sh | 0 sh | Not disclosed |
| Q4-16 | 0.00× | 0 sh | 0 sh | Not disclosed |
requested basis: shares tendered · rows expand (tap or e)
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 |
|---|---|---|---|---|---|
| 4institutional | Class 4 stated fees: management 0.7 percent0.70%+0.0% load | $50,000,000 | Institutional plus | ||
| 1retail | Class 1 stated fees: management 0.7 percent, servicing 0.8 percent1.45%+0.0% load | $50,000 | Retail / brokerage | ||
| 2institutional | Class 2 stated fees: management 0.7 percent, servicing 0.5 percent1.20%+0.0% load | $5,000,000 | Advisory / high-minimum intermediary | ||
| 3institutional | Class 3 stated fees: management 0.7 percent, servicing 0.3 percent0.95%+0.0% load | $25,000,000 | Institutional | ||
| 5retail | Class 5 stated fees: management 0.7 percent, servicing 1.0 percent1.70%+3.5% load | $10,000 | Retail / brokerage with sales load |
hover or touch the chart to scrub
every filing on record · one tick per filing · hue = type, height = rarity
all 142Amended tender offer 40Tender offer filing 39Portfolio holdings filing 28Shareholder report 13Semiannual shareholder report 11Imported record 9Prospectus supplement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 04/21/26 | SC TO-I/AAmended tender offer | 0001193125-26-165958 ↗ |
| 04/06/26 | SC TO-I/AAmended tender offer | 0001193125-26-143215 ↗ |
| 01/07/26 | SC TO-I/AAmended tender offer | 0001193125-26-005730 ↗ |
| 10/14/25 | SC TO-I/AAmended tender offer | 0001193125-25-238461 ↗ |
| 10/07/25 | SC TO-I/AAmended tender offer | 0001193125-25-232808 ↗ |
| 07/08/25 | SC TO-I/AAmended tender offer | 0001193125-25-156540 ↗ |
| 04/04/25 | SC TO-I/AAmended tender offer | 0001193125-25-073259 ↗ |
| 01/07/25 | SC TO-I/AAmended tender offer | 0001193125-25-002721 ↗ |
| 10/04/24 | SC TO-I/AAmended tender offer | 0001193125-24-232844 ↗ |
| 07/05/24 | SC TO-I/AAmended tender offer | 0001193125-24-175436 ↗ |
| 04/05/24 | SC TO-I/AAmended tender offer | 0001193125-24-088186 ↗ |
| 01/05/24 | SC TO-I/AAmended tender offer | 0001193125-24-003232 ↗ |
| 10/04/23 | SC TO-I/AAmended tender offer | 0001193125-23-250701 ↗ |
| 07/07/23 | SC TO-I/AAmended tender offer | 0001193125-23-183495 ↗ |
| 04/07/23 | SC TO-I/AAmended tender offer | 0001193125-23-094885 ↗ |
| 01/06/23 | SC TO-I/AAmended tender offer | 0001193125-23-003187 ↗ |
| 10/04/22 | SC TO-I/AAmended tender offer | 0001193125-22-257368 ↗ |
| 07/08/22 | SC TO-I/AAmended tender offer | 0001193125-22-190286 ↗ |
| 04/08/22 | SC TO-I/AAmended tender offer | 0001193125-22-100150 ↗ |
| 01/06/22 | SC TO-I/AAmended tender offer | 0001193125-22-003345 ↗ |
| 10/04/21 | SC TO-I/AAmended tender offer | 0001193125-21-290867 ↗ |
| 07/09/21 | SC TO-I/AAmended tender offer | 0001193125-21-211455 ↗ |
| 04/08/21 | SC TO-I/AAmended tender offer | 0001193125-21-109858 ↗ |
| 01/08/21 | SC TO-I/AAmended tender offer | 0001193125-21-005050 ↗ |
| 10/09/20 | SC TO-I/AAmended tender offer | 0001193125-20-266957 ↗ |
Total assets
$6.60BTotal liabilities
$234MNet assets
$6.36BLiabilities / net assets
0.04×derivedTotal assets / net assets
1.04×derivedNot disclosed by this fund: assets invested
0001193125-26-250909 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets.
Last 1 distributions for Class 1: 03/31/26 $0.6300, NII $0.0000, return of capital $0.0000
NII · realized gains · return of capital · components not disclosed · last 1 declarations, Class 1
Annual coverage · Class 1 · where each year’s distribution came from
| Year | $/sh | from NII | from gains | return of capital | Read |
|---|---|---|---|---|---|
| 2026 | $0.6300 | 0% | 100% | 0% | 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.
Committed line
$1.50Bmax facility commitment · 03/31/26Drawn
$0outstanding · 0.0% of line · 03/31/26| Facility / lender | Committed | Drawn | Rate | Commit fee | Maturity |
|---|---|---|---|---|---|
| Master Fund Credit Facility(syndicate; lender names not disclosed) | $1.50B | $0 | SOFR + 300bp | 0.9% | — |
Windows observed: 39 · median open-to-pricing 100d · derived from filed window dates
Unfunded
$1.76Bstill callable · 03/31/26| Filed | Filing | Period / note |
|---|---|---|
| 06/09/26 | Shareholder report | 03/31/26 |
| 05/30/26 | Portfolio holdings filing | 03/31/26 |
| 04/21/26 | Amended tender offer | |
| 04/06/26 | Amended tender offer | |
| 03/23/26 | Tender offer filing | |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 01/07/26 | Amended tender offer | |
| 12/22/25 | Tender offer filing | |
| 12/08/25 | Semiannual shareholder report | 09/30/25 |
| 12/01/25 | Portfolio holdings filing | 09/30/25 |
| 10/14/25 | Amended tender offer | |
| 10/07/25 | Amended tender offer | |
| 09/22/25 | Tender offer filing | |
| 08/29/25 | Portfolio holdings filing | 06/30/25 |
| 08/01/25 | Prospectus supplement | |
| 07/29/25 | Registration statement | |
| 07/08/25 | Amended tender offer | |
| 06/23/25 | Tender offer filing | |
| 06/09/25 | Shareholder report | 03/31/25 |
| 05/30/25 | Portfolio holdings filing |
Showing the latest 50 of 133 — the complete filing index is above.
Sector HHI
2,138moderateGeography HHI
5,251concentratedSector mix
100%-stacked share of disclosed allocation · sweep to read
Σ 100.0% disclosed · as of 03/31/26 · segments share of disclosed total
Geographic mix
100%-stacked share of disclosed allocation · sweep to read
Σ 100.0% disclosed · as of 09/30/25 · 14 more beyond top 8 at 7.7% · segments share of disclosed total
Strategy mix renders in The Book · Portfolio; the named company register in The Names.
| 03/31/25 |
| 04/04/25 | Amended tender offer |
| 03/24/25 | Tender offer filing |
| 03/03/25 | Portfolio holdings filing | 12/31/24 |
| 01/07/25 | Amended tender offer |
| 12/23/24 | Tender offer filing |
| 12/09/24 | Semiannual shareholder report | 09/30/24 |
| 11/29/24 | Portfolio holdings filing | 09/30/24 |
| 10/04/24 | Amended tender offer |
| 09/23/24 | Tender offer filing |
| 08/29/24 | Portfolio holdings filing | 06/30/24 |
| 07/05/24 | Amended tender offer |
| 06/24/24 | Tender offer filing |
| 06/10/24 | Shareholder report | 03/31/24 |
| 05/24/24 | Portfolio holdings filing | 03/31/24 |
| 04/05/24 | Amended tender offer |
| 03/21/24 | Tender offer filing |
| 02/29/24 | Portfolio holdings filing | 12/31/23 |
| 01/05/24 | Amended tender offer |
| 12/20/23 | Tender offer filing |
| 12/06/23 | Semiannual shareholder report | 09/30/23 |
| 11/22/23 | Portfolio holdings filing | 09/30/23 |
| 10/04/23 | Amended tender offer |
| 09/20/23 | Tender offer filing |
| 08/29/23 | Portfolio holdings filing | 06/30/23 |
| 07/07/23 | Amended tender offer |
| 06/23/23 | Tender offer filing |
| 06/09/23 | Shareholder report | 03/31/23 |
| 05/17/23 | Portfolio holdings filing | 03/31/23 |
| 04/07/23 | Amended tender offer |
ASC-820 hierarchy · band width = share · hover to read
L1 $581M 8.7% · L2 $0 0.0% · L3 $326M 4.9% · NAVexp $5.75B 86.4%
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $326M | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $6.66B fair value · 03/31/26
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure
| Class | YTD | 1Y | 5Y | SI |
|---|---|---|---|---|
| I | — | 6.5% | 14.0% | 12.3% |
| 1 | 7.2% | 8.3% | 10.3% | 11.8% |
| 2 | 7.3% | 8.6% | 10.6% | 12.2% |
| 3 | 7.5% | 8.9% | 10.8% | 12.5% |
| 4 | 7.6% | 9.1% | 11.1% | 11.6% |
| 5 | 3.3% | 4.3% | 9.2% | 12.7% |
Each cell is the latest disclosed return for that window — windows are filed on different cadences, so hover any figure for its own as-of date. Returns are NAV-based total returns net of fund expenses, as the manager states them.
Raw NAV per unit as disclosed each period.
| Quarter | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| 09/30/25 | 7.2% | 7.3% | 7.5% | 7.6% | 3.3% |
| 09/30/24 | 9.8% | 10.0% | 10.2% | 10.3% | 5.9% |
| 09/30/23 | 4.5% | 4.6% | 4.8% | 4.9% | 0.7% |
| 09/30/22 | −2.3% | −2.2% | −2.0% | −1.9% | −5.8% |
| 09/30/21 | 7.8% | 7.9% | 8.0% | 8.2% | 3.9% |
| 09/30/20 | 12.8% | 13.0% | 13.2% | 13.3% | |
| 09/30/19 |
Not shown: IRR, MOIC, TVPI, DPI and PME. These are draw-down LP metrics; this is an evergreen, NAV-struck fund that reports a NAV-based total return, so an LP cash-flow multiple would misrepresent the vehicle — it is omitted by design, not missing.
Management fee
0.7%annual · on navIncentive fee
20.0%on net profits| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| 1 | Retail / brokerage Class 1 | 0.8% | — | 1.4% |
| 2 | Advisory / Class 2 | 0.5% | — | 1.2% |
| 3 | Institutional / Class 3 | 0.3% | — | 0.9% |
| 4 | Institutional plus / Class 4 | 0.0% | — | 0.7% |
| 5 | Retail / brokerage Class 5 | 1.0% | — | 1.7% |
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.
| 3.6% |
| 3.7% |
| 3.8% |
| 09/30/18 | 6.7% | 7.0% | 7.1% | 7.3% |
| 09/30/17 | 6.2% | 6.4% | 6.6% | 6.6% |
| 09/30/16 | 0.7% | 1.0% | 1.0% | 1.2% |
| 09/30/15 | −0.8% |