Act IPulse
Filled in full: 2 of 6 · demand stayed within the cap every window
Q2-26 · within cap · click a window to replay it below
Strategy mix
| Fund interests · 113 |
| Secondary · 13 |
| Co-investment · 2 |
| Direct · 18 |
| Cash · 1 |
mixed percent bases in this cohort — totals not computed
| Exposure | Kind | Sector | Geography | Fair value | % |
|---|---|---|---|---|---|
| TPG Partners VIII, L.P. | Secondary fund | Leveraged Buyout (secondary LP interest) | North America (LP domicile US) | $87.4M | 7.2% |
| Permira 45 CF SCSp | Continuation vehicle | Leveraged Buyout continuation vehicle (LP interest) | Europe (LP domicile Luxembourg) | $42.4M | 3.5% |
| 3i 2020 Co Inv 4 SCSp | Co-investment | Co-investment vehicle (LP interest) | Europe (LP domicile Luxembourg) | $39.7M | 3.3% |
| Alteri Extended Value L.P. | Continuation vehicle | Extended-value / secondary fund (LP interest) | Europe (LP domicile Jersey) | $31.9M | 2.6% |
| SL SPV 4 A, L.P. | Secondary fund | Special purpose vehicle / secondary (LP interest) | North America (LP domicile US) | $28.4M | 2.3% |
| APSE Capital II LP | Secondary fund |
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
91.7%Level III + NAV expedientLevel III
0.0%mark-to-modelNAV expedient
91.7%fund-of-funds NAVNet unrealized
$163Mcost → fair value91.7% 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?.
Cost basis $825M → fair value $988M ($163M net unrealized).
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 Mar 5 | |
| Tender record → | Disclosed | Tender offer filing · filed May 15 | |
| Per-class economics → | Disclosed | Shareholder report · filed Jun 4 | |
| Distribution composition → | Not yet covered by AltHarbor | — | |
| Fair-value hierarchy → | Disclosed | Semiannual shareholder report · filed Dec 4 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Portfolio holdings filing · filed Feb 27 |
| Secondary fund (LP interest) |
| Europe (LP domicile Guernsey) |
| $27.9M |
| 2.3% |
| Carlyle Partners VII 3BCobalt | Co-investment | Leveraged Buyout (co-invest SPV) | North America | $25.8M | 2.1% |
| State Street Institutional US Government Money Market Fund | Cash equivalent | Short-term / money market | US | $24.8M | 2.0% |
| GA Continuity Fund II, L.P. | Continuation vehicle | Continuation fund (LP interest) | Bermuda (LP domicile) | $24.1M | 2.0% |
| CF24XB SCSp | Continuation vehicle | Continuation fund (LP interest) | North America | $22.4M | 1.9% |
| Ethos Capital Dig Infra LP | Fund interest | Digital infrastructure fund (LP interest) | North America | $21.6M | 1.8% |
| CVC Capital Partners VII A LP | Fund interest | Leveraged Buyout (LP interest) | Europe (LP domicile Jersey) | $21.4M | 1.8% |
| KKR North America XIII SCSp | Fund interest | Leveraged Buyout (LP interest) | North America | $18.7M | 1.5% |
| TPG Healthcare Partners, L.P. | Fund interest | Healthcare buyout (LP interest) | North America | $18.3M | 1.5% |
| Gasherbrum Fund II, L.P. | Secondary fund | Secondary fund (LP interest) | North America | $18.2M | 1.5% |
top 15 of 147 disclosed exposures shown
15 of 147 rows are manager-published, not from a SEC filing
Component breakdown not disclosed for this fund’s distributions
every filing on record · one tick per filing · hue = type, height = rarity
all 28Portfolio holdings filing 9Imported record 7Tender offer filing 6Semiannual shareholder report 2Shareholder report 2Prospectus supplement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 03/05/26 | N-2Registration statement | 0001213900-26-023774 ↗ |
Cell intensity reflects each fund's % of NAV in the named issuer. Empty cells mean the fund doesn't disclose that name in its most-recent filing — not necessarily that it isn't held.
Source: SEC NPORT / 10-K issuer-level disclosures across AltHarbor's PE catalog. Aggregate buckets, fund-of-fund interests, and cash equivalents are excluded — only single-name issuers compared.
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
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 |
|---|---|---|---|---|---|
| Iinstitutional | $668M | 66.1% | Class I stated fees: management 1.6 percent1.65%+0.0% load | $1,000,000 | Institutional |
| Sretail | $336M | 33.3% | Class S stated fees: management 1.6 percent, servicing 0.8 percent2.50%+3.5% load | $50,000 | Brokerage / financial intermediary |
| Dretail | $6.06M | 0.6% | Class D stated fees: management 1.6 percent, servicing 0.3 percent1.90%+3.5% load | $50,000 | Advisory / intermediary |
hover or touch the chart to scrub
Total assets
$1.55BTotal liabilities
$101MNet assets
$1.44BAssets invested
$104MLiabilities / net assets
0.07×derivedTotal assets / net assets
1.07×derivedPayable ≤ 1 yr
$0Payable > 1 yr
$0Delayed delivery
$87.8MStandby commitment
$0Cash not reported
$103MNPORT-P fundInfo totals; payable fields sum one-year and after-one-year borrower/controlled/affiliate/other elements.
| Filed | Filing | Period / note |
|---|---|---|
| 05/26/26 | Portfolio holdings filing | 03/31/26 |
| 05/15/26 | Tender offer filing | |
| 04/29/26 | Prospectus supplement | |
| 03/05/26 | Registration statement | |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 02/13/26 | Tender offer filing | |
| 12/04/25 | Semiannual shareholder report | 09/30/25 |
| 11/24/25 | Portfolio holdings filing | 09/30/25 |
| 11/14/25 | Tender offer filing | |
| 08/27/25 | Portfolio holdings filing | 06/30/25 |
| 08/15/25 |
| Tender offer filing |
| 06/04/25 | Shareholder report | 03/31/25 |
| 05/28/25 | Portfolio holdings filing | 03/31/25 |
| 05/16/25 | Tender offer filing |
| 02/28/25 | Portfolio holdings filing | 12/31/24 |
| 02/14/25 | Tender offer filing |
| 12/05/24 | Semiannual shareholder report | 09/30/24 |
| 11/19/24 | Portfolio holdings filing | 09/30/24 |
| 08/23/24 | Portfolio holdings filing | 06/30/24 |
| 06/07/24 | Shareholder report | 03/31/24 |
Cap: 5.0% NAV/qtr (all windows) · All 6 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q2-26 | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Q1-26 | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Q4-25 | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Q3-25 | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Q2-25 | Not disclosed | 128.0K sh | 128.0K sh | $5.72 |
| Q1-25 | Not disclosed | 14.4K sh | 14.4K sh | $5.39 |
requested basis: shares tendered · rows expand (tap or e)
Windows observed: 6 · median open-to-pricing 46d · derived from filed window dates
Named at issuer
100.0%of disclosed FVDisclosed FV / NAV
0.48×~1.0× expectedOf $700M disclosed fair value, $700M (100.0%) is named at the issuer level across 132 positions; — sits in 0 sized-but-unnamed buckets. Higher named share = more transparent single-name risk. Strategy mix renders in The Book; the full company register in The Names.
Unfunded
$293Mstill callable · 09/30/25| Strategy | Committed | Funded | % funded | Unfunded |
|---|---|---|---|---|
| Secondary | — | — | $267M | |
| Primary | — | — | $26.6M | |
| Co-investment | — | — | $0 |
Committed line
$150Mmax facility commitment · 09/30/25Drawn
$0outstanding · 0.0% of line · 09/30/25| Facility / lender | Committed | Drawn | Rate | Commit fee | Maturity |
|---|---|---|---|---|---|
| RBC/MUFG Revolving Credit FacilityRoyal Bank of Canada; Mitsubishi UFJ Trust and Banking | $150M | $0 | — | — | 09/04/26 |
ASC-820 hierarchy · band width = share · hover to read
L1 $82.2M 8.3% · L2 $0 0.0% · L3 $300K 0.0% · NAVexp $906M 91.7%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $300K | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $988M fair value · 09/30/25
| Class | 1Y | SI |
|---|---|---|
| I | 16.7% | 28.1% |
| S | — | 19.1% |
| D | — | 13.6% |
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.
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.
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure
Management fee
1.6%annual · on navIncentive fee
0.0%on net profits| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| D | Fee-based intermediary / RIA | 0.3% | — | 1.9% |
| I | Institutional / direct | 0.0% | — | 1.6% |
| S | Retail broker-dealer / wirehouse | 0.8% | — | 2.5% |
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.