The fund offered liquidity, but requests were larger than the amount available, so investors may receive only part of what they asked to redeem.
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Liquidity3 modules2 tools4 controlled examples1 document routes
Proration
Partial fulfillment when investor requests exceed the fund's repurchase capacity.
Why it matters
The investor may receive only part of the requested cash and may need to resubmit later.
What this means on AltHarbor
Fill rates and proration events are the plain-English bridge between documents and client outcomes.
Product-page application
Use this when reviewing fill rate, proration factor, requested / accepted as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.
Source checklist
- Calculate accepted amount divided by requested amount.
- Check whether the document reports a proration factor directly.
- Look for resubmission rules or future-window treatment.
Tooltip / inline use
Calculate accepted amount divided by requested amount.
Source proof desks
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 proration 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 programAdvisor outputAsk what happens when demand exceeds capacityUse when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.
Manager questionsLearning 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.
3Modules
2Tools
3Wrappers
2Examples
1Outputs
Model scenarioProration 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.
LiveToolFiling Trail DecoderRoute 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 needUse 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 riskUse 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 capacityUse when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.
Manager questionsWrapperNon-traded BDCCommonly quarterly repurchase policy, often up to 5% of shares or NAV.
BDCWrapperInterval fundMandatory repurchase offers every 3, 6, or 12 months, commonly quarterly.
IntervalRelated modules
LiquidityLiquidity and Redemptions: What Semi-Liquid Actually MeansRiskRisks: What Can Go Wrong in Semi-Liquid Alternative FundsDue DiligenceDue Diligence: How to Evaluate a Semi-Liquid Alternative FundRelated tools
LiveLiquidity SimulatorLiveFiling Trail DecoderRelated wrappers
BDCNon-traded BDCIntervalInterval fundPerp CreditUnregistered perpetual creditAdvisor outputs
Leave with language and diligence prompts.
If requests exceed capacity, are unfilled amounts carried forward automatically, resubmitted by the investor, or treated as a new request?
Review proration alongside fill rate, cap size, request trend, and any board discretion before describing the wrapper as liquid.
Concept graph
Neighboring terms to inspect next.
MetricFill rateShared module: Liquidity / Shared module: Due DiligenceLiquidityRepurchase programShared module: Liquidity / Shared module: RiskLiquidityGateShared module: Liquidity / Shared module: RiskFilingSource documentShared module: Due Diligence / Shared tool: Filing Trail DecoderLiquidityTender offerShared module: Liquidity / Shared tool: Filing Trail DecoderMetricFair-value hierarchyShared module: Risk / Shared module: Due Diligence
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 deskScenarios shown2
Document checks2
Constrained scenarios2
Scenario dateJun 30, 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
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
Open Learn exampleHypothetical liquidity window versus client cash need
Use a hypothetical liquidity window to show what happens when requests exceed stated capacity.
Private EquityMODEL-PE-TENDER
Tender offer fund
Open Learn exampleModel 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.