Advanced74 min5 ordered modules6 related modules

Advanced diligence

Valuation, regulation, manager behavior, and the deeper questions that separate product marketing from diligence.

Question routedWhat needs source-backed pressure testing?

5Modules 4Concepts 4Tools 3Controlled examples 2Output packets

Ordered Modules

Move through the mechanics in advisor order.

01Valuation / CoreValuation: How Alternative Fund NAVs Are Set - and Why It MattersWhy private marks, appraisal timing, manager judgment, and market stress can make NAV less precise than it appears.

Advisor jobExplain NAV marksExplain why private NAV is an estimate, not a market quote.

Applied route

01 / ConceptFair-value hierarchy

The accounting framework that separates quoted prices, observable inputs, and model-based marks.

Metric02 / ToolNAV / Valuation Lag Explainer

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

Live03 / Controlled exampleMODEL-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.

NAV / Level III context04 / Advisor outputSeparate structure, liquidity, fees, valuation, and source proof

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

Investment committee notes

ConceptsFair-value hierarchy Level III NAV lag

ToolsNAV / Valuation Lag Explainer Filing Trail Decoder

ExamplesMODEL-PE-NAV: NAV / Level III context

02Risk / CoreRisks: 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.

Advisor jobScreen structural riskSeparate structural risks from manager-specific risks.

Applied route

01 / ConceptFair-value hierarchy

The accounting framework that separates quoted prices, observable inputs, and model-based marks.

Metric02 / ToolWrapper Matrix

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

Live03 / Model scenarioGate model scenario

Inspect controlled model events tied to this mechanic.

Educational example only04 / Controlled exampleMODEL-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.

NAV / Level III context05 / Advisor outputSeparate structure, liquidity, fees, valuation, and source proof

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

Investment committee notes

ConceptsFair-value hierarchy Level III Gate

ToolsWrapper Matrix Liquidity Simulator

EvidenceGate model scenario

ExamplesMODEL-PE-NAV: NAV / Level III context MODEL-PE-TENDER: Tender offer fund

03Due Diligence / Start hereDue Diligence: How to Evaluate a Semi-Liquid Alternative FundA five-layer framework for evaluating structure, manager quality, portfolio risk, operations, and disclosures.

Advisor jobBuild review checklistTurn a product pitch into a structured review agenda.

Applied route

01 / ConceptFill rate

The accepted amount divided by the amount investors requested to redeem.

Metric02 / ToolLiquidity Simulator

Show proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.

Live03 / Model scenarioFill rate model scenario

Inspect controlled model events tied to this mechanic.

Educational example only04 / Controlled exampleMODEL-PE-TENDER: Model 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.

Tender offer fund05 / Advisor outputAsk what happens when demand exceeds capacity

Use when a fund has repurchase pressure, a partial fill, or a client asks what happens when requests exceed capacity.

Manager questions

ConceptsFair-value hierarchy Source document Fill rate

ToolsWrapper Matrix Liquidity Simulator

EvidenceFill rate model scenario

ExamplesMODEL-PE-NAV: NAV / Level III context MODEL-PE-TENDER: Tender offer fund

04Regulation / AdvancedRegulation: The Rules Governing Semi-Liquid Alternative FundsThe federal, state, ERISA, suitability, and best-interest frameworks behind the product structures.

Advisor jobRead regulatory postureIdentify which rules attach to which wrapper.

Applied route

01 / ConceptTender offer fund

A closed-end structure that may conduct board-approved tender offers.

Wrapper02 / ToolWrapper Matrix

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

Live03 / Model scenarioTender offer fund model scenario

Inspect controlled model events tied to this mechanic.

Educational example only04 / Controlled exampleMODEL-PE-TENDER: Model 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.

Tender offer fund05 / Advisor outputSeparate structure, liquidity, fees, valuation, and source proof

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

Investment committee notes

ConceptsSource document Tender offer fund Interval fund

ToolsWrapper Matrix Filing Trail Decoder

EvidenceTender offer fund model scenario

ExamplesMODEL-PE-TENDER: Tender offer fund

05Managers / CoreManagers and Platforms: Who Runs These Funds and How to Evaluate ThemHow the major managers, distribution platforms, and platform due-diligence processes shape the market.

Advisor jobReview sponsor qualityAssess the sponsor and platform separately from the asset sleeve.

Applied route

01 / ConceptSource document

The filing, prospectus, report, or manager disclosure supporting a claim.

Filing02 / ToolWrapper Matrix

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

Live03 / Controlled exampleMODEL-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.

NAV / Level III context04 / Advisor outputSeparate structure, liquidity, fees, valuation, and source proof

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

Investment committee notes

ConceptsSource document

ToolsWrapper Matrix NAV / Valuation Lag Explainer

ExamplesMODEL-PE-NAV: NAV / Level III context

What you can explain after this

Pressure-test claims with source documents and structural context.

How valuation hierarchy affects confidence in reported NAV.

Where manager discretion matters during liquidity stress.

Which regulatory and filing trail details change diligence scope.

Prerequisite Concepts

Terms the path assumes or teaches early.

MetricFair-value hierarchyThe accounting framework that separates quoted prices, observable inputs, and model-based marks.MetricLevel IIIAssets valued with significant unobservable inputs.FilingSource documentThe filing, prospectus, report, or manager disclosure supporting a claim.WrapperTender offer fundA closed-end structure that may conduct board-approved tender offers.

Related Tools

Use the controlled lab before interpreting a model scenario.

LiveWrapper MatrixUse before applying strategy or performance claims so the wrapper does not get confused with the underlying asset class.LiveLiquidity SimulatorShow proration, deferred demand, and why a stated cap is not the same as a guaranteed exit.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 examples1 model scenarios

Use this path against controlled model scenarios.

When the path touches liquidity mechanics, Learn connects the lesson to a hypothetical event: the model code, fill math, simplified filing-style language, and next education route.

Scenarios shown1

Document checks1

Constrained scenarios1

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 EquityMODEL-PE-TENDEROpen scenario

Tender offer fund / 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

Where the education should stay in model scenarios.

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.

NAV date and valuation cadence.
Level III or model-based exposure where available.
Source document supporting the mark and the reporting period.

Open Learn example

Private EquityMODEL-PE-TENDER

Tender offer fund

Model 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.

Offer window timing and pricing basis.
Maximum repurchase amount.
What the documents say happens when requests exceed the offer.

Open Learn example

Advisor Outputs

Leave with language and questions, not just reading.

Investment committee notesSeparate 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.

2 linked concepts / Investment committee Explanation scriptExplain why NAV is a dated estimate

NAV is the fund's reported value at a point in time. In private markets, the date, valuation process, and Level III exposure matter as much as the number.

1 linked concepts / Client or IC context

IC note frame

Pressure-test NAV quality, liquidity discretion, source-document freshness, related-party economics, and platform diligence before relying on headline performance.

Manager questions

Ask how marks are governed, what discretion exists during stress, and which documents disclose the current liquidity and valuation policy.