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Metric2 modules2 tools4 controlled examples1 document routes

Fill rate

The accepted amount divided by the amount investors requested to redeem.

Why it matters

A low fill rate means investors faced friction exiting, even if the fund technically offered liquidity.

What this means on AltHarbor

AltHarbor uses fill rate to translate tender results into an advisor-readable stress signal.

Product-page application

Use this when reviewing fill rate, accepted / requested, repurchase event as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.

Source checklist
  • Use the same basis for numerator and denominator.
  • Check whether the source reports dollars, shares, or a proration factor.
  • Compare recent fill rates across cycles before calling liquidity reliable.
Tooltip / inline use

Use the same basis for numerator and denominator.

Apply this concept

Definition to source check to tool, model scenario, controlled example, advisor language, and learning path.

ToolLiquidity Simulator

Show proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.

LiveModel scenarioSee fill rate in controlled examples

Open model events, fill math, simplified filing-style language, and advisor interpretation for this mechanic.

Educational example onlyControlled exampleMODEL-CREDIT-LIQUIDITY: Hypothetical liquidity window versus client cash need

Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.

Repurchase programAdvisor outputAsk what happens when demand exceeds capacity

Use when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.

Manager questionsLearning pathLiquidity and exits

Explain what happens when a client asks for cash back.

Core / 53 min

Reference graph packet

One concept entry now routes to the full Learn system.

2Modules
2Tools
0Wrappers
2Examples
1Outputs
Model scenarioFill rate model scenario

Inspect controlled model events tied to this mechanic.

Educational example onlyToolLiquidity Simulator

Show proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.

LiveToolFiling Trail Decoder

Route an advisor from a product question to the document type most likely to prove it.

LiveControlled exampleMODEL-CREDIT-LIQUIDITY: Hypothetical liquidity window versus client cash need

Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.

Repurchase programControlled exampleMODEL-PE-TENDER: Model tender-offer cycle and partial exit risk

Use a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.

Tender offer fundAdvisor outputAsk what happens when demand exceeds capacity

Use when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.

Manager questionsModuleLiquidity and Redemptions: What Semi-Liquid Actually Means

How repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.

LiquidityModuleDue Diligence: How to Evaluate a Semi-Liquid Alternative Fund

A five-layer framework for evaluating structure, manager quality, portfolio risk, operations, and disclosures.

Due Diligence

Related modules

LiquidityLiquidity and Redemptions: What Semi-Liquid Actually MeansDue DiligenceDue Diligence: How to Evaluate a Semi-Liquid Alternative Fund

Related tools

LiveLiquidity SimulatorLiveFiling Trail Decoder

Related wrappers

This term applies across wrappers or does not belong to a single wrapper row.

Advisor outputs

Leave with language and diligence prompts.

Manager questionsAsk what happens when demand exceeds capacity

What was the worst recent fill rate, how were unfilled requests handled, and which document proves the current cap, cadence, and discretion language?

Manager diligence
Client-safe summary

Fill rate shows how much of the requested redemption amount was actually accepted in that window.

What to check

Compare requested versus accepted amounts, the stated cap, the pricing date, and whether unfilled requests need to be submitted again.

Advisor phrasing

A low fill rate does not necessarily mean the fund failed; it means investor demand exceeded the liquidity available under the program.

Concept graph

Neighboring terms to inspect next.

LiquidityProrationShared module: Liquidity / Shared module: Due DiligenceLiquidityRepurchase programShared module: Liquidity / Shared tool: Liquidity SimulatorLiquidityGateShared module: Liquidity / Shared tool: Liquidity SimulatorLiquidityTender offerShared module: Liquidity / Shared tool: Filing Trail DecoderMetricFair-value hierarchyShared module: Due Diligence / Shared tool: Filing Trail DecoderWrapperTender offer fundShared module: Liquidity / Same controlled example: MODEL-PE-TENDER
Controlled examples2 model scenarios

Connect the definition to controlled model scenarios.

See this concept in hypothetical events: the event shape, fill math, simplified filing-style language, and advisor-readable takeaway.

Open full evidence desk
Scenarios shown2
Document checks2
Constrained scenarios2
Scenario dateJun 30, 2026
Inspection workflow
  1. Start with the definition and source checklist.
  2. Model the mechanic in the related tool or simulator.
  3. Inspect the model scenario, fill math, and generic document family.
  4. Open the controlled example or advisor output when the mechanic changes the explanation.
Private CreditMODEL-CREDIT-LIQUIDITYOpen scenario
43% model fill

Hypothetical liquidity window with oversubscription

The model window shows how a stated repurchase program can deliver partial liquidity when requests exceed capacity.

Window close
31 Mar 2026
Fill rate
43%
Accepted amount divided by requested amount
Cap applied
5% NAV
Accepted / requested
$50M / $116M
Private EquityMODEL-PE-TENDEROpen scenario
Tender-offer window

Model tender window with partial exit risk

The model tender cycle separates a scheduled exit process from daily liquidity and shows where proration language belongs.

Offer window
Quarterly model cycle
Offer cap
3% NAV
Demand pressure
2.4x
Unfilled handling
Resubmit next window

Controlled Examples

Use the concept, then inspect the model scenario.

Private CreditMODEL-CREDIT-LIQUIDITY
Repurchase program

Hypothetical liquidity window versus client cash need

Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.

Open Learn example
Private EquityMODEL-PE-TENDER
Tender offer fund

Model tender-offer cycle and partial exit risk

Use a model private-equity tender cycle to show why an exit window is not the same thing as daily liquidity.

Open Learn example