Act IPulse
Filled in full: 15 of 19 · demand stayed within the cap every window
Q1-26 · within cap · click a window to replay it below
Strategy mix · % of value, per NPORT-P
| Fund interests · 63 | 59.0% |
| Co-investment · 36 | 26.0% |
| Cash · 5 | 13.0% |
| Direct · 1 | 2.5% |
| Secondary · 2 | 2.1% |
| Exposure | Kind | Sector | Geography | Fair value | % |
|---|---|---|---|---|---|
| NB Mariner Aggregator LP | Fund interest | US | $89.2M | 4.4% | |
| NB Vault Aggregator LP | Fund interest | US | $79.7M | 4.0% | |
| NB Aggregator (Minerva) LP | Fund interest | GB | $78.5M | 3.9% | |
| FS Equity Partners CV1, L.P. | Fund interest | US | $72.1M | 3.6% | |
| TREASURY BILL | Cash equivalent | DBT | US | $64.5M | 3.2% |
| TREASURY BILL | Cash equivalent | DBT | US | $62.2M | 3.1% |
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
87.2%Level III + NAV expedientLevel III
11.9%mark-to-modelNAV expedient
75.3%fund-of-funds NAVNet unrealized
$609Mcost → fair value87.2% 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 $1.73B → fair value $2.34B ($609M 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 Jul 29 | |
| Tender record → | Disclosed | Tender offer filing · filed Feb 27 | |
| Per-class economics → | Disclosed | Shareholder report · filed May 21 | |
| Distribution composition → | Not disclosed by fund | — | |
| Fair-value hierarchy → | Disclosed | Shareholder report · filed May 21 | |
| Unobservable inputs → | Disclosed | Shareholder report · filed May 21 | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Portfolio holdings filing · filed Feb 26 |
What this fund doesn't file
| MORGAN STANLEY LIQ GOVT-INST |
| Portfolio company |
| EC |
| US |
| $49.7M |
| 2.5% |
| TREASURY BILL | Cash equivalent | DBT | US | $49.6M | 2.5% |
| TREASURY BILL | Cash equivalent | DBT | US | $44.8M | 2.2% |
| KKR Metro Co-Invest L.P. | Co-investment | US | $44.3M | 2.2% |
| AI Robin & CY S.C.A. | Fund interest | GB | $41.0M | 2.0% |
| TREASURY BILL | Cash equivalent | DBT | US | $39.8M | 2.0% |
| Tikehau Alliance 2 Fund S.L.P. | Fund interest | FR | $37.6M | 1.9% |
| HCI Equity Partners EV I, L.P. | Fund interest | US | $37.3M | 1.9% |
| Searchlight Capital III CVL Co-Invest Partners II, L.P. | Co-investment | US | $35.5M | 1.8% |
% basis: % of value, per NPORT-P
top 15 of 107 disclosed exposures shown
No distributions on record
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.
every filing on record · one tick per filing · hue = type, height = rarity
all 80Portfolio holdings filing 20Tender offer filing 19Amended tender offer 18Imported record 9Shareholder report 6Semiannual shareholder report 6Prospectus supplement 1Registration statement 1
| Filed | Type | Accession |
|---|---|---|
| 03/09/26 | 424B3Prospectus supplement | 0001133228-26-003361 ↗ |
Cap: 5.0% NAV/qtr (all windows) · All 19 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Q4-25 | Not disclosed | 799.2K sh | 799.2K sh | $13.96 |
| Q3-25 | Not disclosed | 1.5M sh | 1.5M sh | $14.19 |
| Q2-25 | Not disclosed | 905.8K sh | 905.8K sh | $12.88 |
| Q1-25 | Not disclosed | 505.2K sh | 505.2K sh | $13.29 |
| Q4-24 | Not disclosed | 275.4K sh | 275.4K sh | $12.44 |
| Q3-24 | Not disclosed | 247.6K sh | 247.6K sh | $12.20 |
| Q2-24 | Not disclosed | 162.3K sh | 162.3K sh | $12.04 |
| Q1-24 | Not disclosed | 92.7K sh | 92.7K sh | $12.49 |
| Q4-23 | Not disclosed | 165.6K sh | 165.6K sh | $11.66 |
| Q3-23 | Not disclosed | 50.7K sh | 50.7K sh | $11.44 |
| Q2-23 | Not disclosed | 9.9K sh | 9.9K sh | $11.34 |
| Q1-23 | Not disclosed | 16.6K sh | 16.6K sh | $11.68 |
| Q4-22 | Not disclosed | 65.5K sh | 65.5K sh | $10.66 |
| Q3-22 | Not disclosed | 536 sh | 536 sh | $10.63 |
| Q2-22 | Not disclosed | 0 sh | 0 sh | Not disclosed |
| Q1-22 | Not disclosed | 0 sh | 0 sh | Not disclosed |
| Q4-21 | Not disclosed | 4.8K sh | 4.8K sh | $9.34 |
| Q3-21 | Not disclosed | 0 sh | 0 sh | Not disclosed |
requested basis: shares tendered · rows expand (tap or e)
Geography HHI
7,374concentratedNamed at issuer
100.0%of disclosed FVDisclosed FV / NAV
0.92×~1.0× expectedGeographic mix
100%-stacked share of disclosed allocation · sweep to read
Σ 100.0% disclosed · as of 03/31/26 · segments share of disclosed total
Of $2.06B disclosed fair value, $2.06B (100.0%) is named at the issuer level across 107 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.
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 |
|---|---|---|---|---|---|
| A-2retail | not disclosed | ||||
| A-1retail | not disclosed | ||||
| Institutionalinstitutional | not disclosed |
Windows observed: 19 · median open-to-pricing 31d · derived from filed window dates
hover or touch the chart to scrub
Total assets
$2.34BTotal liabilities
$93.1MNet assets
$2.25BLiabilities / net assets
0.04×derivedTotal assets / net assets
1.04×derivedNot disclosed by this fund: assets invested
0001193125-26-246666 period 2026-03-31: NPORT-P fundInfo totalAssets, totalLiabs, and netAssets.
Committed line
$150Mmax facility commitment · 03/31/26Drawn
$0outstanding · 0.0% of line · 03/31/26| Facility / lender | Committed | Drawn | Rate | Commit fee | Maturity |
|---|---|---|---|---|---|
| JPMorgan Credit FacilityJPMorgan Chase Bank, N.A. | $150M | $0 | SOFR + 310bp | 1.3% | 03/31/28 |
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
Total commitments
$1.66Bcapital committed to underlying funds / deals · 03/31/26Funded
91.1%share of commitments called · 03/31/26Unfunded
$148Mstill callable · 03/31/26Commitment / NAV
73.7%over-commitment ratio · 03/31/26| Filed | Filing | Period / note |
|---|---|---|
| 05/29/26 | Portfolio holdings filing | 03/31/26 |
| 05/21/26 | Shareholder report | 03/31/26 |
| 03/12/26 | Amended tender offer | |
| 03/09/26 | Prospectus supplement | |
| 02/27/26 | Tender offer filing | |
| 02/26/26 | Portfolio holdings filing | 12/31/25 |
| 12/03/25 | Amended tender offer | |
| 11/26/25 | Portfolio holdings filing | 09/30/25 |
| 11/26/25 | Tender offer filing | |
| 11/24/25 | Semiannual shareholder report | 09/30/25 |
| 11/24/25 | Semiannual shareholder report | 09/30/25 |
| 09/26/25 | Amended tender offer | |
| 08/28/25 | Portfolio holdings filing | 06/30/25 |
| 08/28/25 | Tender offer filing | |
| 08/14/25 | Amended tender offer | |
| 07/29/25 | Registration statement | |
| 05/30/25 | Portfolio holdings filing | 03/31/25 |
| 05/30/25 | Tender offer filing | |
| 05/23/25 | Shareholder report | 03/31/25 |
| 03/06/25 | Amended tender offer | |
| 02/28/25 | Portfolio holdings filing | 12/31/24 |
| 02/28/25 | Tender offer filing | |
| 12/11/24 | Amended tender offer | |
| 12/09/24 | Semiannual shareholder report | 09/30/24 |
| 11/27/24 | Portfolio holdings filing | 09/30/24 |
| 11/27/24 | Tender offer filing | |
| 09/12/24 | Amended tender offer | |
| 08/30/24 | Tender offer filing | |
| 08/29/24 | Portfolio holdings filing | 06/30/24 |
| 06/17/24 | Amended tender offer | |
| 05/31/24 | Shareholder report | 03/31/24 |
| 05/31/24 | Tender offer filing | |
| 05/30/24 | Portfolio holdings filing | 03/31/24 |
| 03/27/24 | Amended tender offer | |
| 02/29/24 | Portfolio holdings filing | 12/31/23 |
| 02/28/24 | Tender offer filing | |
| 12/18/23 | Amended tender offer | |
| 12/08/23 | Semiannual shareholder report | 09/30/23 |
| 11/30/23 | Tender offer filing | |
| 11/29/23 | Portfolio holdings filing | 09/30/23 |
| 09/06/23 | Amended tender offer | |
| 08/31/23 | Tender offer filing | |
| 08/29/23 | Portfolio holdings filing | 06/30/23 |
| 08/24/23 | Amended tender offer | |
| 06/09/23 | Shareholder report | 03/31/23 |
| 05/31/23 | Tender offer filing | |
| 05/30/23 | Portfolio holdings filing | 03/31/23 |
| 03/10/23 | Amended tender offer | |
| 03/01/23 | Portfolio holdings filing | 12/31/22 |
| 02/28/23 | Tender offer filing |
Showing the latest 50 of 71 — the complete filing index is above.
ASC-820 hierarchy · band width = share · hover to read
L1 $299M 12.8% · L2 $0 0.0% · L3 $278M 11.9% · NAVexp $1.76B 75.3%
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $278M | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $2.34B 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 |
|---|---|---|---|---|
| A-1 | 19.1% | 19.1% | — | 9.3% |
| A-2 | 19.1% | 19.1% | — | 9.3% |
| Institutional | 20.0% | 20.0% | 10.1% | 10.1% |
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 | A-1 | A-2 | Institutional |
|---|---|---|---|
| 03/31/26 | 19.1% | 19.1% | 20.0% |
| 09/30/25 | 5.6% | 5.6% | 5.9% |
| 09/30/24 | 3.0% | 3.0% | 3.4% |
| 09/30/23 | 2.0% | 2.0% | 2.4% |
| 09/30/22 | 2.9% | 2.9% | 3.3% |
| 09/30/21 | 4.6% |
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.
Management fee
1.5%annualIncentive fee
10.0%High-water mark (no percentage hurdle) hurdle · 10.0% catch-up| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| A-1 | — | 0.7% | — | 2.2% |
| A-2 | — | 0.7% | — | 2.2% |
| Institutional | — | 0.0% | 0.0% | 1.5% |
Management fee is charged on nav (annual rate, accrued monthly).
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.