Act IPulse
Filled in full: 2 of 4 · demand stayed within the cap every window
Q2-26 · within cap · click a window to replay it below
Component breakdown not disclosed for this fund’s distributions
Strategy mix · % of value, per NPORT-P
| Fund interests · 179 | 72.0% |
| Direct · 5 | 18.7% |
| Co-investment · 21 | 7.9% |
| Secondary · 6 | 3.9% |
| Exposure | Kind | Sector | Geography | Fair value | % |
|---|---|---|---|---|---|
| Dreyfus Government Cash Management | Portfolio company | STIV | US | $269M | 14.7% |
| Franklin Senior Loan ETF | Portfolio company | EC | US | $72.0M | 3.9% |
| PSC IV, LP | Fund interest | EC | GB | $63.9M | 3.5% |
| The Resolute Fund V, L.P. | Fund interest | EC | US | $62.2M | 3.4% |
| Vista Equity Partners Hubble, L.P. | Fund interest | EC | US | $58.3M | 3.2% |
| BAH Forefront, L.P. | Fund interest | EC | US | $52.7M | 2.9% |
| GA Continuity Fund II, L.P. | Fund interest |
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
83.9%Level III + NAV expedientLevel III
3.8%mark-to-modelNAV expedient
80.1%fund-of-funds NAV83.9% 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 May 15 | |
| Per-class economics → | Disclosed | Shareholder report · filed Jun 3 | |
| Distribution composition → | Disclosed | Shareholder report · filed Jun 3 | |
| Fair-value hierarchy → | Disclosed | Shareholder report · filed Jun 3 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Portfolio holdings filing · filed Feb 27 |
| EC |
| US |
| $42.1M |
| 2.3% |
| FS Equity Partners CV1, L.P. | Fund interest | EC | US | $39.2M | 2.1% |
| VIG Private Equity Fund IV-4 | Fund interest | EC | KR | $36.0M | 2.0% |
| AEA Investors Fund VII LP | Fund interest | EC | KY | $34.5M | 1.9% |
| CF24XB SCSp | Fund interest | EC | US | $33.4M | 1.8% |
| Bain Capital Fund XIII, L.P. | Fund interest | EC | US | $32.3M | 1.8% |
| Castle Creek Capital Partners VIII Co-Investment Fund C, LP | Co-investment | EC | US | $31.9M | 1.7% |
| Cogentrix Co-Investment Fund-D, LP | Co-investment | EC | US | $31.2M | 1.7% |
| Apse Capital II, L.P. | Fund interest | EC | GB | $31.1M | 1.7% |
% basis: % of value, per NPORT-P
top 15 of 211 disclosed exposures shown
every filing on record · one tick per filing · hue = type, height = rarity
all 31Imported record 11Portfolio holdings filing 6Tender offer filing 4Amended tender offer 3Shareholder report 2Prospectus supplement 2Semiannual shareholder report 2Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 05/20/26 | SC TO-I/AAmended tender offer | 0001193125-26-231876 ↗ |
| 02/19/26 | SC TO-I/AAmended tender offer | 0001193125-26-058708 ↗ |
| 11/19/25 | SC TO-I/AAmended tender offer | 0001193125-25-287912 ↗ |
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% NAV/qtr (all windows) · All 4 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 | 277.7K sh | 277.7K sh | $30.78 |
| Q3-25 | Not disclosed | 67.3K sh | 67.3K sh | $29.36 |
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 |
|---|---|---|---|---|---|
| Class Mretail | $595M | 35.3% | not disclosed | ||
| Class Sretail | $550M | 32.6% | not disclosed | ||
| Class Iinstitutional | $481M | 28.5% | not disclosed | ||
| Class Dretail | $59.8M | 3.6% | not disclosed |
| Filed | Filing | Period / note |
|---|---|---|
| 06/03/26 | Shareholder report | 03/31/26 |
| 06/01/26 | Portfolio holdings filing | 03/31/26 |
| 05/20/26 | Amended tender offer | |
| 05/15/26 | Tender offer filing | |
| 04/17/26 | Prospectus supplement | |
| 02/27/26 | Portfolio holdings filing | 12/31/25 |
| 02/19/26 | Amended tender offer | |
| 02/13/26 | Tender offer filing | |
| 12/23/25 | Prospectus supplement | |
| 12/01/25 | Semiannual shareholder report | 09/30/25 |
| 12/01/25 | Portfolio holdings filing | 09/30/25 |
| 12/01/25 | Semiannual shareholder report | 09/30/25 |
| 11/19/25 | Amended tender offer | |
| 11/14/25 | Tender offer filing | FLEX disclosed that the Board approved a tender offer commencing November 14, 2025 for up to 5.0% of aggregate NAV, with the right to purchase an additional 2.0% of NAV without amending or extending the offer. |
| 08/28/25 | Portfolio holdings filing | 06/30/25 |
| 08/15/25 | Tender offer filing | |
| 07/29/25 | Registration statement | |
| 06/03/25 | Shareholder report | 03/31/25 |
| 05/22/25 | Portfolio holdings filing | 03/31/25 |
| 02/28/25 | Portfolio holdings filing | 12/31/24 |
hover or touch the chart to scrub
Total assets
$2.02BTotal liabilities
$18.3MNet assets
$2.00BLiabilities / net assets
0.01×derivedTotal assets / net assets
1.01×derivedNot disclosed by this fund: assets invested
0000940400-26-022720 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets; totals reconcile totalAssets - totalLiabs = netAssets within rounding.
Windows observed: 4 · median open-to-pricing 46d · derived from filed window dates
Unfunded
$487Mstill callable · 03/31/26| Strategy | Committed | Funded | % funded | Unfunded |
|---|---|---|---|---|
| Secondary | — | — | $439M | |
| Co-investment | — | — | $47.7M |
Committed line
$125Mmax facility commitment · 03/31/26Drawn
$0outstanding · 0.0% of line · 03/31/26| Facility / lender | Committed | Drawn | Rate | Commit fee | Maturity |
|---|---|---|---|---|---|
| JPMorgan Credit AgreementJPMorgan Chase Bank, N.A. | $125M | $0 | — | — | 03/31/28 |
ASC-820 hierarchy · band width = share · hover to read
L1 $121M 5.9% · L2 $208M 10.2% · L3 $77.0M 3.8% · NAVexp $1.63B 80.1%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $77.0M | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $2.04B fair value · 03/31/26
Geography HHI
4,950concentratedNamed at issuer
100.0%of disclosed FVDisclosed FV / NAV
0.94×~1.0× expectedGeographic mix
100%-stacked share of disclosed allocation · sweep to read
Σ 100.0% disclosed · as of 09/30/25 · segments share of disclosed total
Of $1.87B disclosed fair value, $1.87B (100.0%) is named at the issuer level across 211 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.
| Class | YTD | 1Y | SI |
|---|---|---|---|
| I | 8.9% | 16.9% | 20.5% |
| S | 8.4% | 16.0% | 19.5% |
| D | 8.8% | 16.8% | 20.3% |
| M | 8.6% | 16.4% | 20.0% |
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.
| Quarter | I | S | D | M |
|---|---|---|---|---|
| 09/30/25 | 8.9% | 8.4% | 8.8% | 8.6% |
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
1.3%annualIncentive fee
12.5%Compound (IRR) with 100% catch-up to manager; Loss Recovery Account applies hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| Class D | Fee-based intermediary / RIA | 0.3% | — | 1.5% |
| Class I | Institutional / direct | 0.0% | — | 1.3% |
| Class M | Class M / reduced-fee intermediary | 0.5% | — | 1.8% |
| Class S | Brokerage / financial intermediary | 0.8% | — | 2.1% |
Management fee is charged on management fee: 1.25% per annum of net assets, calculated and accrued monthly, payable quarterly. incentive fee: 12.5% of net profits exceeding 5% annualized hurdle amount, with 100% catch-up to ftfa. loss recovery account applies. both fees payable to ftfa..
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.
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.