Investment committee notesInvestment committee3 concepts3 tools

Separate structure, liquidity, fees, valuation, and source proof

Review wrapper rights, liquidity capacity, fee layers, valuation inputs, source-document freshness, and manager discretion as separate gates before discussing allocation fit.

Output routeAdvisor packet to document check to tool to controlled example.

4Say this 6Source checks 3Tools 2Examples

Advisor Packet

Start with usable language, then prove the mechanics.

Say this

01
IC note structure
Structure: wrapper, tax form, access channel, share class, and governing document.
02
IC note structure
Liquidity: stated capacity, historical fill behavior, discretion, and client-service friction.
03
IC note structure
Economics: management fee, incentive economics, servicing costs, and valuation timing.
04
Source proof
Identify the latest prospectus or supplement for current structural terms.

Verify this

Source document
Identify the document, date, section, and page if available.
Source document
Separate sourced facts from AltHarbor editorial framing.
Source document
Use the filing trail when a claim changes a diligence conclusion.
Fair-value hierarchy
Find the Level I, II, and III breakdown.
Fair-value hierarchy
Check whether the table is by value, percentage, or asset count.
Fair-value hierarchy
Read valuation footnotes before treating marks as precise.

Route the next stepUse the packet as the front door, then move into the exact Learn mode the question needs.

ConceptsFilingSource document

Source document appears in AltHarbor when source trail, filing type, reviewed date need plain-English explanation from the reference desk.

MetricFair-value hierarchy

Fair-value hierarchy appears in AltHarbor when fair-value hierarchy, level iii exposure, valuation inputs need plain-English explanation from the reference desk.

FeeManagement fee

Management fee appears in AltHarbor when management fee, expense ratio, fee base need plain-English explanation from the reference desk.

ToolsLiveWrapper Matrix

Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.

LiveNAV / Valuation Lag Explainer

Teach why reported NAV should be read with valuation source and timing context.

LiveFiling Trail Decoder

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

Controlled examplesNAV / Level III contextMODEL-PE-NAV: Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

Non-traded BDC / fee stackMODEL-BDC-FEE: Model BDC wrapper and share-class economics

Use a controlled BDC scenario to connect wrapper structure, servicing fees, and share-class comparison before discussing performance.

PathsIntro / 38 minMarket foundations

Explain what semi-liquid alternatives are and where they fit.

Core / 71 minEvaluate a first fund

Turn a fund pitch into a source-backed diligence agenda.

Core / 53 minLiquidity and exits

Explain what happens when a client asks for cash back.

Core / 41 minFees and performance

Compare performance after understanding what the return includes.

Use the outputLanguage first, then document route, lab, controlled example, and broader path.

01Advisor language
Use the language
Review wrapper rights, liquidity capacity, fee layers, valuation inputs, source-document freshness, and manager discretion as separate gates before discussing allocation fit.
Investment committee notes
02Source check
Verify the claim
Identify the document, date, section, and page if available.
Source document
03Tool
Pressure-test the mechanic
Use before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.
Wrapper Matrix
04Controlled example
Apply it to a model scenario
Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.
MODEL-PE-NAV: Model NAV mark context and valuation confidence
05Path
Continue the workflow
Explain what semi-liquid alternatives are and where they fit.
Market foundations

Advisor Output

Use the language, then verify the source.

IC note structure

Keep the memo organized around mechanics that can be sourced separately.

Structure: wrapper, tax form, access channel, share class, and governing document.
Liquidity: stated capacity, historical fill behavior, discretion, and client-service friction.
Economics: management fee, incentive economics, servicing costs, and valuation timing.

Source proof

The note should make clear what came from documents versus AltHarbor interpretation.

Identify the latest prospectus or supplement for current structural terms.
Use shareholder reports, N-PORT, or financial statements for valuation and portfolio context.
Flag any source gaps as diligence questions rather than filling them with assumptions.

Source Concepts

Terms and document proof behind this output.

FilingSource documentThe filing, prospectus, report, or manager disclosure supporting a claim.

Document proof

Filing, prospectus, supplement, shareholder report, tender document, or manager disclosure linked by AltHarbor.

Mechanic fields

Source trail
Filing type
Reviewed date
Source observation

MetricFair-value hierarchyThe accounting framework that separates quoted prices, observable inputs, and model-based marks.

Document proof

Financial statement fair-value table, shareholder report footnotes, N-PORT, or valuation disclosure.

Mechanic fields

Fair-value hierarchy
Level III exposure
Valuation inputs
Source footnote

FeeManagement feeThe recurring fee paid to the manager for running the strategy.

Document proof

Prospectus fee table, advisory agreement, statement of operations, and financial statement notes.

Mechanic fields

Management fee
Expense ratio
Fee base
Net return

Related Tools

Use the lab to pressure-test the language.

LiveWrapper MatrixUse before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.LiveNAV / Valuation Lag ExplainerTeach why reported NAV should be read with valuation source and timing context.LiveFiling Trail DecoderRoute an advisor from a product question to the document type most likely to prove it.

Controlled Examples

Apply the output to a model inspection case.

Private CreditMODEL-BDC-FEE

Non-traded BDC / fee stack

Model BDC wrapper and share-class economics

Use a controlled BDC scenario to connect wrapper structure, servicing fees, and share-class comparison before discussing performance.

Open Learn example

Private EquityMODEL-PE-NAV

NAV / Level III context

Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

Open Learn example

Related workflow

Continue from output to the learning surface that owns the mechanic.

Use when turning a product review into a source-backed investment committee note.

Open related workflow

Learning Paths

Where this output fits in the broader education system.

Intro / 38 minMarket foundationsExplain what semi-liquid alternatives are and where they fit.Core / 71 minEvaluate a first fundTurn a fund pitch into a source-backed diligence agenda.Core / 53 minLiquidity and exitsExplain what happens when a client asks for cash back.Core / 41 minFees and performanceCompare performance after understanding what the return includes.