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AltHarbor Learn10-lesson program · ~90 min

Learn the machinery between daily liquidity and drawdown PE.

Semi-liquid alternatives are not daily-liquid funds and not drawdown private equity. Start with the operating cycle: subscription, NAV, repurchase or tender windows, gates, proration, and liquidity capacity.

Begin · Step 1 of 10What semi-liquid actually means

Not investment advice · no live funds

Semi-liquid cycleOngoing subscriptions andperiodic liquidity windowsNo fixed harvest / wind-downSubscriptioncapital enters at NAV01NAVperiodic mark02Portfoliodeployment + seasoning03Distributionsincome or ROC04Repurchaseoffer or tender window05Gate / proratecapacity constraint06liquidity budgetIllustrative controlled model - not a live fund, offer, or recommendation
The front-door model. Semi-liquid vehicles revolve around subscriptions, NAV marks, periodic repurchase or tender processes, and capacity limits.
Drawdown context

Traditional private funds still matter, but commitment/call/J-curve mechanics are comparison content here, not the default Learn spine.

  1. Commitment
  2. Calls
  3. J-curve
  4. Harvest
  5. Wind-down
What you’ll be able to do

Read liquidity terms

Identify which source proves a repurchase term, a tender window, a gate, or a proration limit.

Explain the cycle

Describe subscription, NAV, periodic repurchase, gating, and liquidity budget without promising cash access.

Separate signals

Distinguish NAV, mark, realization, distribution, income, and return of capital in controlled examples.

The program

Ten lessons, in order — each ends with a quick check.

  1. 01FND-B1 · FoundationsWhat semi-liquid actually meansPlace semi-liquid vehicles between daily-liquid funds and drawdown private funds.
  2. 02LIQ-B1 · Liquidity and secondariesThe semi-liquid capital cycleExplain subscription at NAV, periodic repurchase/tender windows, gates, proration, and liquidity budget.
  3. 03STR-B1 · Structure and wrappersWrapper literacy before strategyCompare interval funds, tender-offer funds, non-traded BDCs, NAV REITs, and unregistered perpetual vehicles.
  4. 04FND-B2 · FoundationsSource hierarchy for filed and governing proofMap a question to the correct filed, governing, rule, or marketing source family and state proof limits.
  5. 05DOC-B1 · Source-document literacyRegistered and unregistered document stacksDistinguish prospectus/N-2/10-K style filings from PPM/LPA/subscription governing documents.
  6. 06VAL-B1 · Valuation and marksNAV, fair value, and why marks are not exitsDistinguish NAV, fair value, mark, and realization.
  7. 07PERF-B1 · Performance and benchmarkingDistributions, fees, and return metricsSeparate distribution yield, income, ROC, NAV total return, fees, and drawdown performance metrics.
  8. 08COM-B1 · Advisor and client explanationAdvisor-safe explanation without promisesRewrite semi-liquid mechanics into client-safe language without promising liquidity or making a recommendation.
  9. 09PE-B1 · Private equityUnderlying strategy is contextSeparate wrapper mechanics from underlying PE, credit, real estate, and infrastructure strategy labels.
  10. 10FND-I1 · FoundationsDrawdown lifecycle and J-curve contrastContrast commitment/call/J-curve mechanics against the semi-liquid subscription/NAV/repurchase cycle.