Core71 min5 ordered modules10 related modules

Evaluate a first fund

A practical sequence for reading structure, liquidity, fees, risks, tax, and manager quality before a product review.

Question routedWhat should I check before I compare two funds?

5Modules 5Concepts 7Tools 4Controlled examples 4Output packets

Ordered Modules

Move through the mechanics in advisor order.

01Structures / Start hereFund Structures: How Semi-Liquid Alternative Funds Are BuiltThe legal wrapper determines liquidity rights, tax treatment, oversight, and investor protections before a manager ever picks an asset.

Advisor jobCompare wrappersSeparate legal wrapper from underlying asset class.

Applied route

01 / ConceptNon-traded BDC

A business development company that is registered but not exchange listed.

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-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.

Non-traded BDC / fee stack05 / 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

ConceptsInterval fund Non-traded BDC Non-traded REIT

ToolsWrapper Matrix

EvidenceTender offer fund model scenario

ExamplesMODEL-BDC-FEE: Non-traded BDC / fee stack MODEL-PE-TENDER: Tender offer fund

02Liquidity / Start hereLiquidity and Redemptions: What Semi-Liquid Actually MeansHow repurchase programs, tender offers, caps, gates, queues, and redemption waves shape the real exit experience.

Advisor jobExplain redemption limitsDistinguish scheduled liquidity from guaranteed liquidity.

Applied route

01 / ConceptRepurchase program

A fund policy that lets investors request redemptions on a schedule, usually subject to caps.

Liquidity02 / ToolLiquidity Simulator

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

Live03 / Model scenarioRepurchase program 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

ConceptsRepurchase program Fill rate Gate

ToolsWrapper Matrix Liquidity Simulator

EvidenceRepurchase program model scenario Tender offer model scenario Proration model scenario

ExamplesMODEL-PE-TENDER: Tender offer fund

03Fees / Start hereFees: What You Actually Pay in Semi-Liquid Alternative FundsA plain-English map of management fees, incentive fees, loads, trail fees, leverage costs, and total expense ratios.

Advisor jobCompare share classesName the fee layers that show up before reported returns.

Applied route

01 / ConceptServicing fee

A distribution or shareholder-servicing charge often tied to retail share classes.

Fee02 / ToolFee Drag Lab

Translate a fee table into the amount of performance consumed by wrapper and distribution economics.

Live03 / Controlled exampleMODEL-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.

Non-traded BDC / fee stack04 / Advisor outputCheck the selected class before comparing performance

Use before comparing performance, yield, or peer rankings across classes or products.

Prospectus checks

ConceptsManagement fee Servicing fee Fee drag

ToolsFee Drag Lab Share Class Cost Comparator

ExamplesMODEL-BDC-FEE: Non-traded BDC / fee stack

04Risk / 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

ConceptsRepurchase program Fair-value hierarchy Gate

ToolsWrapper Matrix Liquidity Simulator

EvidenceGate model scenario

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

05Due 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

ConceptsSource document Fair-value hierarchy Fill rate

ToolsWrapper Matrix Liquidity Simulator

EvidenceFill rate model scenario

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

What you can explain after this

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

How to turn a pitch deck claim into a source-backed checklist.

Which mechanics deserve review before performance comparisons.

How liquidity, fees, risk, and manager discretion interact.

Prerequisite Concepts

Terms the path assumes or teaches early.

FilingSource documentThe filing, prospectus, report, or manager disclosure supporting a claim.LiquidityRepurchase programA fund policy that lets investors request redemptions on a schedule, usually subject to caps.FeeManagement feeThe recurring fee paid to the manager for running the strategy.FeeServicing feeA distribution or shareholder-servicing charge often tied to retail share classes.MetricFair-value hierarchyThe accounting framework that separates quoted prices, observable inputs, and model-based marks.

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.LiveFee Drag LabTranslate a fee table into the amount of performance consumed by wrapper and distribution economics.LiveShare Class Cost ComparatorMake share-class selection visible before advisors compare net performance.LiveDistribution Quality LabHelp advisors explain why a high distribution is not automatically a high-quality return.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 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

Repurchase program / 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%
Cap applied: 5% NAV
Accepted / requested: $50M / $116M

Controlled Examples

Where the education should stay in model scenarios.

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.

Wrapper type before asset class.
Class-level servicing or distribution charges.
Illustrative fee table language before comparing returns.

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.

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.

3 linked concepts / Investment committee 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.

1 linked concepts / Client meeting Manager questionsAsk what happens when demand exceeds capacity

What was the worst recent fill rate, how were unfilled requests handled, and which document proves the current cap, cadence, and discretion language?

1 linked concepts / Manager diligence Prospectus checksCheck the selected class before comparing performance

Confirm share class, management fee, incentive economics, servicing fees, loads, platform costs, and whether the return series is net of the same economics.

1 linked concepts / Product review

IC note frame

Review structure, liquidity capacity, fee layers, valuation inputs, source documents, and manager discretion as separate gates before discussing allocation fit.

Manager questions

Ask what happens when requests exceed capacity, which fees differ by share class, and which filings prove the current policy.