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Ten ordered modules that teach semi-liquid mechanics first: subscription, NAV, repurchase, gates, wrappers, source proof, documents, valuation, fees, distributions, advisor language, strategy context, and drawdown contrast.

0 / 10 modules visitedStartFND-B1
Ordered modules

Semi-liquid mechanics first; drawdown/J-curve appears only as final contrast. Education only, no live fund data.

  1. 01FND-B1 · FoundationsWhat semi-liquid actually meansPlace semi-liquid vehicles between daily-liquid funds and drawdown private funds.
  2. 02LIQ-B1 · Liquidity and secondariesThe semi-liquid capital cycleExplain subscription at NAV, periodic repurchase/tender windows, gates, proration, and liquidity budget.
  3. 03STR-B1 · Structure and wrappersWrapper literacy before strategyCompare interval funds, tender-offer funds, non-traded BDCs, NAV REITs, and unregistered perpetual vehicles.
  4. 04FND-B2 · FoundationsSource hierarchy for filed and governing proofMap a question to the correct filed, governing, rule, or marketing source family and state proof limits.
  5. 05DOC-B1 · Source-document literacyRegistered and unregistered document stacksDistinguish prospectus/N-2/10-K style filings from PPM/LPA/subscription governing documents.
  6. 06VAL-B1 · Valuation and marksNAV, fair value, and why marks are not exitsDistinguish NAV, fair value, mark, and realization.
  7. 07PERF-B1 · Performance and benchmarkingDistributions, fees, and return metricsSeparate distribution yield, income, ROC, NAV total return, fees, and drawdown performance metrics.
  8. 08COM-B1 · Advisor and client explanationAdvisor-safe explanation without promisesRewrite semi-liquid mechanics into client-safe language without promising liquidity or making a recommendation.
  9. 09PE-B1 · Private equityUnderlying strategy is contextSeparate wrapper mechanics from underlying PE, credit, real estate, and infrastructure strategy labels.
  10. 10FND-I1 · FoundationsDrawdown lifecycle and J-curve contrastContrast commitment/call/J-curve mechanics against the semi-liquid subscription/NAV/repurchase cycle.
What you can explain after this

Explain the semi-liquid operating cycle, source proof, document stacks, NAV limits, liquidity constraints, fees, distributions, and drawdown contrast before live diligence.

  • Why semi-liquid vehicles are neither daily-liquid funds nor drawdown funds.
  • How subscription, NAV, repurchase/tender windows, gates, proration, and liquidity budgets work.
  • Which source family proves a wrapper, liquidity term, fee term, valuation policy, or marketing claim.