Gate affects how and when a client can turn shares back into cash.
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Liquidity2 modules1 tools2 controlled examples1 document routes
Gate
A partial or full restriction on redemptions beyond normal stated mechanics.
Why it matters
Gates turn theoretical liquidity risk into a real client-service problem.
What this means on AltHarbor
Learn teaches gating language with controlled examples; product surfaces apply it only when anchored to source documents.
Product-page application
Use this when reviewing gate status, board discretion, suspension language as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.
Source checklist
- Identify whether the gate is policy-based, discretionary, or event-driven.
- Find the document date and board authority.
- Separate normal proration from a broader liquidity restriction.
Tooltip / inline use
Identify whether the gate is policy-based, discretionary, or event-driven.
Source proof desks
Apply this concept
Definition to source check to tool, model scenario, controlled example, and learning path.
ToolLiquidity Simulator
Show proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.
LiveModel scenarioSee gate in controlled examplesOpen 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 needUse a hypothetical liquidity window to show what happens when requests exceed stated capacity.
Repurchase programLearning pathLiquidity and exitsExplain what happens when a client asks for cash back.
Core / 53 minReference graph packet
One concept entry now routes to the full Learn system.
2Modules
1Tools
3Wrappers
1Examples
0Outputs
Model scenarioGate model scenario
Inspect controlled model events tied to this mechanic.
Educational example onlyToolLiquidity SimulatorShow proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.
LiveControlled exampleMODEL-CREDIT-LIQUIDITY: Hypothetical liquidity window versus client cash needUse a hypothetical liquidity window to show what happens when requests exceed stated capacity.
Repurchase programWrapperNAV REIT / non-traded REITUsually monthly or quarterly share repurchase program with stated caps.
NAV REITWrapperUnregistered perpetual creditAgreement-defined windows, lockups, queues, gates, or manager discretion.
Perp CreditModuleLiquidity and Redemptions: What Semi-Liquid Actually MeansHow repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.
LiquidityModuleRisks: What Can Go Wrong in Semi-Liquid Alternative FundsThe structural and manager-specific risks that matter most, from liquidity and valuation to leverage and incentives.
RiskConceptProrationPartial fulfillment when investor requests exceed the fund's repurchase capacity.
Shared module: LiquidityRelated modules
LiquidityLiquidity and Redemptions: What Semi-Liquid Actually MeansRiskRisks: What Can Go Wrong in Semi-Liquid Alternative FundsRelated tools
LiveLiquidity SimulatorRelated wrappers
NAV REITNAV REIT / non-traded REITPerp CreditUnregistered perpetual creditPerp REUnregistered perpetual real estateAdvisor outputs
Leave with language and diligence prompts.
Review cadence, cap, notice window, pricing basis, source document, and what happens when requests exceed capacity.
What has actually happened in recent high-demand windows, and how were unfilled requests handled?
Concept graph
Neighboring terms to inspect next.
LiquidityProrationShared module: Liquidity / Shared module: RiskLiquidityRepurchase programShared module: Liquidity / Shared module: RiskMetricFill rateShared module: Liquidity / Shared tool: Liquidity SimulatorMetricNet asset valueSame wrapper row: NAV REIT / Same wrapper row: Perp REMetricNAV lagShared module: Risk / Same wrapper row: Perp REWrapperNon-traded REITShared module: Liquidity / Same wrapper row: NAV REIT
Controlled examples1 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 deskScenarios shown1
Document checks1
Constrained scenarios1
Scenario dateMar 31, 2026
Inspection workflow
- Start with the definition and source checklist.
- Model the mechanic in the related tool or simulator.
- Inspect the model scenario, fill math, and generic document family.
- 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
Controlled Examples
Use the concept, then inspect the model scenario.
Private CreditMODEL-CREDIT-LIQUIDITY
Repurchase program
Open Learn exampleHypothetical liquidity window versus client cash need
Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.