Act IPulse
Filled in full: 1 of 1 · demand stayed within the cap every window
Q1-26 · within cap · 100% honored · click a window to replay it below
Strategy mix · % of net assets, per 10-K
| Direct · 12 | 53.3% |
| Fund interests · 6 | 35.6% |
| Cash · 1 | 11.8% |
| Exposure | Kind | Sector | Geography | Fair value | % |
|---|---|---|---|---|---|
| T-POP Investment Holdings VII, L.P. | Fund interest | Various | N. America | $197M | 13.6% |
| Other Investments in Portfolio Companies (Software & Services, N. America) | Portfolio company | Technology | N. America | $187M | 12.9% |
| Dreyfus Government Cash Management, 3.67% | Cash equivalent | Cash / Money Market | N. America | $171M | 11.8% |
| T-POP Investment Holdings III, L.P. | Fund interest | Various | N. America | $115M | 8.0% |
| Creative Planning | Portfolio company | Business Services | N. America | $112M | 7.7% |
| Other Investments in Portfolio Companies (Health Care Equipment & Services, N. America) | Portfolio company | Healthcare |
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
100.0%Level III + NAV expedientLevel III
0.0%mark-to-modelNAV expedient
100.0%fund-of-funds NAVNet unrealized
$197Mcost → fair value100.0% 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 $1.34B → fair value $1.53B ($197M 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 | Annual report · filed Mar 23 | |
| Tender record → | Disclosed | Quarterly report · filed May 13 | |
| Per-class economics → | Disclosed | Annual report · filed Mar 23 | |
| Distribution composition → | Not disclosed by fund | — | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 13 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Annual report · filed Mar 23 |
What this fund doesn't file
| N. America |
| $90.2M |
| 6.2% |
| T-POP Investment Holdings V, L.P. | Fund interest | Various | N. America | $84.5M | 5.8% |
| Growth VI | Fund interest | Various | N. America | $79.6M | 5.5% |
| Other Investments in Portfolio Companies (Financial Services, N. America) | Portfolio company | Business Services | N. America | $67.5M | 4.7% |
| Other Investment in Portfolio Company (Utilities, N. America) | Portfolio company | Energy Transition | N. America | $61.0M | 4.2% |
| Other Investment in Portfolio Company (Media & Entertainment, N. America) | Portfolio company | Technology | N. America | $60.8M | 4.2% |
| Other Investment in Portfolio Company (Energy Transition, N. America) | Portfolio company | Energy Transition | N. America | $54.3M | 3.8% |
| Other Investment in Portfolio Company (Software & Services, Europe) | Portfolio company | Technology | Europe | $51.8M | 3.6% |
| T-POP Investment Holdings VI, L.P. | Fund interest | Various | N. America | $39.9M | 2.8% |
| Other Investment in Portfolio Company (Consumer Services, N. America) | Portfolio company | Consumer | N. America | $35.4M | 2.4% |
% basis: % of net assets, per 10-K
top 15 of 19 disclosed exposures shown
No distributions on record
every filing on record · one tick per filing · hue = type, height = rarity
all 18Imported record 10Quarterly report 4Registration statement 2Current report 1Annual report 1
| Filed | Type | Accession |
|---|---|---|
| 05/21/26 | 8-KCurrent report | 0002050260-26-000030 ↗ |
Balance sheet not disclosed by this fund
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
hover or touch the chart to scrub
| Filed | Filing | Period / note |
|---|---|---|
| 05/21/26 | Current report | 05/21/26 |
| 05/13/26 | Quarterly report | 03/31/26 |
| 03/23/26 | Annual report | 12/31/25 |
| 11/13/25 | Quarterly report | 09/30/25 |
| 08/07/25 | Quarterly report | 06/30/25 |
| 05/13/25 | Quarterly report | 03/31/25 |
| 02/19/25 | Registration statement | |
| 12/30/24 | Registration statement |
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 R-Dretail | not disclosed | ||||
| Class R-Iinstitutional | not disclosed | ||||
| Class R-Sretail | not disclosed | ||||
| Class Ffounder | not disclosed |
Windows observed: 1 · median open-to-pricing 89d · derived from filed window dates
Unfunded
$320Mstill callable · 12/31/25| Strategy | Committed | Funded | % funded | Unfunded |
|---|---|---|---|---|
| Direct | — | — | $82.2M | |
| Primary | — | — | $237M |
Sector HHI
2,918concentratedGeography HHI
5,846concentratedNamed at issuer
54.8%of disclosed FVDisclosed FV / NAV
1.07×~1.0× expectedSector 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 03/31/26 · segments share of disclosed total
Of $1.46B disclosed fair value, $799M (54.8%) is named at the issuer level across 8 positions; $659M sits in 11 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.
Cap: 5.0% NAV/qtr (all windows) · All 1 windows filled in full
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | Not disclosed | 6.4K sh | 6.4K sh | $31.08 |
requested basis: shares tendered · rows expand (tap or e)
Management fee
1.3%annualIncentive fee
12.5%Hard hurdle with high-water mark and 100% catch-up hurdle · 5.0% hurdleManagement fee is charged on management fee: 1.25% per annum of transactional nav (before accruals for fees, servicing fees, ppa, maintenance fee, repurchases, distributions). reduced by 25bps for first-year investors for 36 months post initial closing (june 2, 2025). performance participation allocation (ppa): 12.5% of total return attributable to investor units, subject to 5% annual hurdle amount and high water mark with 100% catch-up. measured calendar-year basis, allocated annually, accrued monthly. servicing fee applies to class r-s and class r-d units. early repurchase deduction: 5% for units outstanding less than 2 years..
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.
Committed line
$250Mmax facility commitment · 12/31/25Drawn
$0outstanding · 0.0% of line · 12/31/25| Facility / lender | Committed | Drawn | Rate | Commit fee | Maturity |
|---|---|---|---|---|---|
| TPG Operating Group II Affiliate LOCTPG Operating Group II, L.P.affiliate | $250M | $0 | SOFR + 350bp | — | 08/26/26 |
ASC-820 hierarchy · band width = share · hover to read
L1 $0 0.0% · L2 $0 0.0% · L3 $0 0.0% · NAVexp $1.53B 100.0%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $0 | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $1.53B fair value · 03/31/26
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure
| Class | SI |
|---|---|
| F | — |
| R-D | 18.7% |
| R-I | 25.2% |
| R-S | 24.3% |
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.