Act IPulse
0 of 3 filled in full · demand stayed within the cap every window
Q2-26 · within cap · click a window to replay it below
No distributions on record
Strategy mix · % of net assets
| Direct · 18 | 104.3% |
| Cash · 1 | 0.6% |
| Exposure | Kind | Sector | Geography | Fair value | % |
|---|---|---|---|---|---|
| Nexthink SA | Portfolio company | Enterprise Software - IT Operations | Americas | $270M | 19.3% |
| Picard Holdco, Inc. | Portfolio company | Enterprise Software - IT Operations | Americas | $213M | 15.2% |
| Acumatica, Inc. | Portfolio company | Enterprise Software - Industrials | Americas | $169M | 12.1% |
| Smartsheet, Inc. | Portfolio company | Enterprise Software - Collaboration | Americas | $149M | 10.7% |
| Playlist Technologies, Inc. | Portfolio company | Enterprise Software - Sports, Entertainment & Recreation | Americas | $145M | 10.4% |
| Jaggaer, LLC | Portfolio company | Enterprise Software - Enterprise Resource Planning | Americas | $95.5M | 6.8% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Legal, Risk & Compliance |
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
99.5%Level III + NAV expedientLevel III
99.5%mark-to-modelNAV expedient
0.0%fund-of-funds NAVNet unrealized
$163Mcost → fair value99.5% 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 $1.30B → fair value $1.47B ($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 | Annual report · filed Mar 20 | |
| Tender record → | Disclosed | Quarterly report · filed May 13 | |
| Per-class economics → | Disclosed | Annual report · filed Mar 20 | |
| Distribution composition → | Not disclosed by fund | — | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 13 | |
| Unobservable inputs → | Disclosed | Quarterly report · filed May 13 | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Quarterly report · filed May 13 |
What this fund doesn't file
Distribution composition — not in the filings AltHarbor has read. The silence is the fund’s, stated here once rather than repeated on every pane.
| Americas |
| $50.1M |
| 3.6% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Enterprise Resource Planning | Americas | $48.8M | 3.5% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Transportation | Americas | $48.4M | 3.5% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Security | Americas | $46.5M | 3.3% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Healthcare | Americas | $37.6M | 2.7% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Insurance | Americas | $35.5M | 2.6% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Energy | APAC | $33.4M | 2.4% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - IT Operations | Americas | $32.8M | 2.3% |
| Other investment(s) in Equity | Portfolio company | Enterprise Software - Industrials | Americas | $29.8M | 2.1% |
% basis: % of net assets
top 15 of 19 disclosed exposures shown
every filing on record · one tick per filing · hue = type, height = rarity
all 14Imported record 7Quarterly report 4Annual report 2Current report 1
| Filed | Type | Accession |
|---|---|---|
| 05/13/26 · period 03/31/26 | 10-QQuarterly report | 0002044820-26-000020 ↗ |
| 11/12/25 · period 09/30/25 | 10-QQuarterly report | 0001193125-25-277264 ↗ |
| 08/13/25 · period 06/30/25 | 10-QQuarterly report | 0001193125-25-179172 ↗ |
| 05/12/25 · period 03/31/25 | 10-QQuarterly report | 0001193125-25-117836 ↗ |
Balance sheet not disclosed by this fund
No NAV / subscription credit facility 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
| Filed | Filing | Period / note |
|---|---|---|
| 05/13/26 | Quarterly report | 03/31/26 |
| 04/29/26 | Current report | 04/29/26 |
| 03/20/26 | Annual report | 12/31/25 |
| 03/20/26 | Annual report | 12/31/25 |
| 11/12/25 | Quarterly report | 09/30/25 |
| 08/13/25 | Quarterly report | 06/30/25 |
| 05/12/25 | Quarterly report | 03/31/25 |
Windows observed: 3 · median open-to-pricing -1d · derived from filed window dates
hover or touch the chart to scrub
Cap: 5.0% NAV/qtr (all windows) · All 3 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 | 9.8K sh | $31.02 |
| Q4-25 | Not disclosed | Not disclosed | 8.0K sh | $29.38 |
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 |
|---|---|---|---|---|---|
| A-Irestricted | $737M | 55.8% | Class A-I stated fees: management 0.8 percent0.75% | Anchor institutional | |
| A-Srestricted | $290M | 22.0% | Class A-S stated fees: management 0.8 percent, servicing 0.8 percent1.60% | Anchor brokerage / financial intermediary | |
| A-Brestricted | $257M | 19.4% | Class A-B stated fees: management 0.8 percent, servicing 0.5 percent1.25% | Anchor brokerage / intermediary | |
| A-Drestricted | $24.3M | 1.8% | Class A-D stated fees: management 0.8 percent, servicing 0.3 percent1.00% | Anchor advisory / intermediary | |
| Einsider | $12.6M | 1.0% | 0.00% | Vista affiliate / employee / fund insider | |
| Vinsider | $0 | 0.0% | 0.00% | Vista affiliate / employee / fund insider | |
| Iinstitutional | Class I stated fees: management 1.3 percent1.25% | Institutional | |||
| Rretail | Class R stated fees: management 1.0 percent1.00% | Retirement / no-servicing-fee | |||
| Sretail | Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10% | Brokerage / financial intermediary | |||
| Bretail | Class B stated fees: management 1.3 percent, servicing 0.5 percent1.75% | Brokerage / intermediary | |||
| Dretail | Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50% | Advisory / intermediary |
Unfunded
$0still callable · 12/31/25ASC-820 hierarchy · band width = share · hover to read
L1 $7.72M 0.5% · L2 $0 0.0% · L3 $1.46B 99.5% · NAVexp $0 0.0%
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $1.46B | Ending balance only | Ending Balance Only |
NAV practical expedient · 1 observation · $1.47B fair value · 03/31/26
| Class | YTD | SI |
|---|---|---|
| D | — | — |
| A-B | −1.4% | 21.9% |
| A-D | −1.3% | 22.2% |
| A-I | −1.3% | 22.5% |
| A-S | −1.4% | 21.5% |
| E | −1.6% | 28.0% |
| V | — | — |
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-B | A-D | A-I | A-S | E |
|---|---|---|---|---|---|
| 03/31/26 | −1.4% | −1.3% | −1.3% | −1.4% | −1.6% |
| 09/30/25 | 17.7% | 17.9% | 18.0% | 17.5% | 22.2% |
| 06/30/25 | 10.1% | 10.2% | 10.2% | 10.0% | 12.5% |
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.
Sector HHI
6,028concentratedNamed at issuer
71.6%of disclosed FVDisclosed FV / NAV
1.05×~1.0× expectedSector mix
100%-stacked share of disclosed allocation · sweep to read
Σ 105.0% disclosed · as of 12/31/25 · segments share of disclosed total
Of $1.47B disclosed fair value, $1.05B (71.6%) is named at the issuer level across 7 positions; $416M sits in 12 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.
Management fee
1.3%annualIncentive fee
15.0%5.0% hurdle · 100.0% catch-upManagement fee is charged on month-end nav of standard investor units (annual rate; 1.00% for class r units).
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.
per-company % as filed — the percent basis varies by filer; fair value is the comparable figure