The fund may offer scheduled repurchases, but the program sets capacity and process; it does not guarantee that every request is fully filled.
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Liquidity2 modules2 tools2 controlled examples1 document routes
Repurchase program
A fund policy that lets investors request redemptions on a schedule, usually subject to caps.
Why it matters
A cap defines capacity, not a promise that every request is filled.
What this means on AltHarbor
Learn uses model repurchase windows to show how stated liquidity can differ from investor demand.
Product-page application
Use this when reviewing repurchase cap, repurchase cadence, requested / accepted as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.
Source checklist
- Confirm the cap as a percentage of NAV or shares.
- Find timing, notice, pricing, and board discretion language.
- Compare stated capacity with accepted-versus-requested history.
Tooltip / inline use
Confirm the cap as a percentage of NAV or shares.
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 repurchase program 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 outputExplain the wrapper before the returnUse when a client needs a concise explanation of what the wrapper controls before performance is discussed.
Client-safe summaryLearning pathEvaluate a first fundTurn a fund pitch into a source-backed diligence agenda.
Core / 71 minReference graph packet
One concept entry now routes to the full Learn system.
2Modules
2Tools
1Wrappers
1Examples
2Outputs
Model scenarioRepurchase program 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 programAdvisor outputExplain the wrapper before the returnUse when a client needs a concise explanation of what the wrapper controls before performance is discussed.
Client-safe summaryAdvisor 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.
BDCModuleLiquidity and Redemptions: What Semi-Liquid Actually MeansHow repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.
LiquidityRelated modules
LiquidityLiquidity and Redemptions: What Semi-Liquid Actually MeansRiskRisks: What Can Go Wrong in Semi-Liquid Alternative FundsRelated tools
LiveLiquidity SimulatorLiveFiling Trail DecoderRelated wrappers
BDCNon-traded BDCAdvisor outputs
Leave with language and diligence prompts.
Client-safe summaryExplain the wrapper before the return
This structure gives scheduled access to private-market exposure, but liquidity windows, fees, tax reporting, and source documents control the client experience.
Client meetingManager questionsAsk what happens when demand exceeds capacityWhat was the worst recent fill rate, how were unfilled requests handled, and which document proves the current cap, cadence, and discretion language?
Manager diligenceFind the cap, cadence, pricing basis, notice deadline, board discretion language, and any suspension or proration rules.
How has the program behaved during high-demand periods, and what was the worst recent fill rate?
Concept graph
Neighboring terms to inspect next.
LiquidityProrationShared module: Liquidity / Shared module: RiskMetricFill rateShared module: Liquidity / Shared tool: Liquidity SimulatorLiquidityGateShared module: Liquidity / Shared module: RiskLiquidityTender offerShared module: Liquidity / Shared tool: Filing Trail DecoderMetricFair-value hierarchyShared module: Risk / Shared tool: Filing Trail DecoderMetricLevel IIIShared module: Risk / Shared tool: Filing Trail Decoder
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.