No. While the Fund allows for periodic admissions of capital, it is not an open-ended or evergreen vehicle. The Fund is structured as a long-duration private investment vehicle with limited liquidity and defined governance around capital admissions, reinvestment, and redemptions.

NAV-based means that new investors are admitted at a price per unit determined by the Fund’s Net Asset Value (NAV), rather than at a fixed subscription price. The NAV is established through an independent third-party valuation of the Fund’s assets. This approach ensures equitable treatment of investors entering the Fund at different times.

The Fund engages an independent third-party valuation firm (such as Ankura or a comparable nationally recognized provider) to perform periodic valuations of the Fund’s assets. The General Partner does not unilaterally determine or adjust NAV.

The Fund expects to obtain an independent valuation annually.
Between valuation dates, new subscriptions are priced at the most recently determined NAV, subject to standard adjustments for accrued fees, expenses, and interim capital activity.

The Fund invests in illiquid private assets, where frequent mark-to-market pricing would add cost and noise without improving accuracy. Annual independent valuation is considered appropriate and market-standard for long-duration private investment vehicles.

The Fund targets up to $100 million of capital over time. The initial ~$20 million tranche is intentionally sized to capitalize a defined set of near-term opportunities already under evaluation.

Additional capital will be admitted as opportunities are identified and the portfolio develops, rather than pursuant to a single “final close.”

No. Because units are issued at NAV, later investors subscribe at fair value based on the independently determined NAV. This structure prevents dilution and ensures that all investors are treated equitably regardless of entry timing.

Yes. The Fund is designed to recycle capital returned from asset sales or refinancings, subject to the terms of the governing documents.

Recycled capital does not reset return calculations or economic waterfalls and is deployed in accordance with the Fund’s investment strategy.

The Fund is designed for long-term investment and is not intended to provide routine liquidity.

Any redemption rights, if offered, will:

• Be limited in frequency

• Be subject to available liquidity and gating provisions

• Be structured to protect remaining investors

Full details are set forth in the Fund’s governing documents.

Unlike a traditional closed-end fund with a single fundraising period and fixed pricing:

• Capital is admitted periodically rather than only at closing

• Units are priced at NAV rather than a fixed par value

• Capital deployment is aligned with opportunity rather than fundraising deadlines

This structure reduces pressure to deploy capital and supports consistent underwriting standards.

The Fund does not:

• Offer frequent liquidity

• Provide daily or monthly pricing

• Invest in liquid securities

It is a private, illiquid investment vehicle designed for long-term value creation.

Yes. Investors may choose to commit at a later date and will subscribe at the then-current NAV. Early investors benefit from earlier deployment and longer duration of capital at work, while later investors benefit from increased portfolio visibility.

This structure:

• Eliminates arbitrary pricing and preferential treatment

• Aligns capital deployment with opportunity

• Reduces dilution risk

• Supports long-term, repeatable value creation

The goal is to build a durable investment platform rather than a single-vintage fund.

The Fund is designed to operate as a scalable platform. Its governance, valuation discipline, and capital formation approach are intended to support future vehicles while preserving clarity and alignment for existing investors.