Program overview
Glossary26 terms
The vocabulary, in plain English
Every term the program leans on — what it means, and why it matters for a client. Tap any term for the full definition.
1099TaxA common tax-reporting form for dividends, interest, and other taxable distributions.Distribution yieldMetricAn annualized payout rate shown as a percentage of price, NAV, or another stated base.Fair-value hierarchyMetricThe accounting framework that separates quoted prices, observable inputs, and model-based marks.Fee dragFeeThe portion of gross performance consumed by recurring or one-time fund costs before the investor sees net return.Fill rateMetricThe accepted amount divided by the amount investors requested to redeem.GateLiquidityA partial or full restriction on redemptions beyond normal stated mechanics.Incentive feeFeeA performance-linked fee paid when a manager clears stated hurdles or return thresholds.Interval fundWrapperA closed-end fund that must offer periodic repurchases under Rule 23c-3.K-1TaxA partnership tax form that may arrive later and add reporting complexity.Level IIIMetricAssets valued with significant unobservable inputs.Management feeFeeThe recurring fee paid to the manager for running the strategy.NAV lagMetricThe gap between the reporting date of a private-market NAV and the market or portfolio conditions an advisor is discussing today.Net asset valueMetricThe fund's stated value after assets, liabilities, and share-class economics are applied.Non-traded BDCWrapperA business development company that is registered but not exchange listed.Non-traded REITWrapperA real estate investment trust sold continuously without public exchange trading.Payout coverageMetricThe portion of a distribution supported by earned income and realized gains in the measured period.ProrationLiquidityPartial fulfillment when investor requests exceed the fund's repurchase capacity.Repurchase programLiquidityA fund policy that lets investors request redemptions on a schedule, usually subject to caps.Return of capitalTaxA distribution component that returns investor capital rather than current-period income or realized gains.Semi-liquid alternativesWrapperPrivate-market products with scheduled liquidity windows rather than daily exchange trading.Servicing feeFeeA distribution or shareholder-servicing charge often tied to retail share classes.Share classAccessA class of fund shares with its own eligibility, fees, minimums, or channel rules.Source documentFilingThe filing, prospectus, report, or manager disclosure supporting a claim.Tender offerLiquidityA formal offer by a fund to repurchase a stated amount of shares during a defined window.Tender offer fundWrapperA closed-end structure that may conduct board-approved tender offers.Upfront loadFeeA one-time sales charge or placement cost that reduces the amount of client capital invested at the start.