Glidepath Lab · Methodology · Appendix
Sources: published evergreen vehicle terms
This table collects repurchase and fee terms for US evergreen private-markets vehicles built for, or already used in, DC retirement plans, taken from SEC filings, sponsor prospectuses and trustee disclosures, accessed 2026-09-10. Every figure is copied from a document read in that session; “not stated” means the document did not give it. Citations — the source URL and the document’s own date — sit with every row.
This series’ catalogue archetypes are unnamed and illustrative: they are not modelled on, and carry no figure copied from, any vehicle named below.
The archetype’s terms — quarterly repurchase, up to 5% of NAV — match the discretionary quarterly tender offers most of the registered vehicles below actually run. The interval funds below carry a mandatory 5–25% repurchase floor instead of a discretionary offer, and the one NAV REIT below deals monthly rather than quarterly.
Terms by vehicle
| Vehicle | Sponsor | Structure | Repurchase frequency | Repurchase limit per period; mandatory or discretionary | Early repurchase deduction / holding period | Notice / deadline mechanics | Other liquidity tools | Management fee (rate, base) | Incentive fee (rate, hurdle, catch-up) | AFFE (fee table) | Total annual expense ratio (fee table) | Net assets (date) | Source(s) | Document date |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Partners Group Private Equity Fund, LLC (cover: “formerly, Partners Group Private Equity (Master Fund), LLC”) | Partners Group (USA) Inc. | Tender-offer fund (non-diversified closed-end LLC; classes A, S, I, M) | Quarterly, “on or about each January 1, April 1, July 1, and October 1” | “No more than 5% of the Fund’s net assets quarterly”; discretionary (“Board … in its sole discretion”). Minimum Repurchase Threshold test triggers a liquidation vote if over four quarters no offer was filled in full and less than 10% of average shares repurchased, or if more than 50% of shares are tendered in one offer. Current offer (30 Jul 2026): “approximately 5.00% of the net assets … (approximately $762,000,000)” | 2.00% before “the day immediately preceding the one-year anniversary” of purchase, FIFO; waivable by Board | Expiration “no sooner than 20 business days after the commencement date”; Valuation Date “approximately 35 days after the Expiration Date”; initial payment of at least 95% by non-interest-bearing promissory note “on or before the 20th business day after the Repurchase Date”, never “later than the 65th day following the Expiration Date”; balance after annual audit. Current offer: expires 26 Aug 2026, Valuation Date 30 Sep 2026 | Borrowing “up to 33⅓% of its total assets”; cash not expected above 20% of net assets for extended periods; Board may “suspend, postpone or terminate” an offer; may repurchase at a discount to NAV in stress; line of credit $2,061,000,000 to 12 Dec 2028 plus a broadly-syndicated-loan SPV facility $1,000,000,000 | 1.50% of the greater of NAV and NAV less cash plus undrawn commitments; capped at 1.75% of NAV; fee table shows 1.62% | 10% of net profits over the Loss Recovery Account balance, quarterly; no hurdle or catch-up stated | 0.40% | Class A 3.60%, S 3.15%, I 2.90%, M 2.90% (pre-effective registration statement). FY2026 actual gross incl. incentive: A 3.72%, I 3.04% (annual report) | $15,298,167,616 (31 Mar 2026, annual report); $15,239,800,986.64 (31 May 2026, tender offer statement) | Registration statement: https://www.sec.gov/Archives/edgar/data/1447247/000139834425023038/fp0096721-1_n2aixbrl.htm ; tender offer statement: https://www.sec.gov/Archives/edgar/data/1447247/000139834426013118/fp0100162-1_ex9912b.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1447247/000139834426010605/fp0098460-3_ncsr.htm | Registration statement 29 Dec 2025 (“Subject to completion”; cover date blank); tender offer statement 30 Jul 2026; annual report 9 Jun 2026 (FY to 31 Mar 2026) |
| Hamilton Lane Private Assets Fund | Hamilton Lane Advisors, L.L.C. | Tender-offer fund (non-diversified closed-end Delaware statutory trust; classes R, I, D) | Quarterly, “on or about each December 31, March 31, June 30 and September 30” | “No more than 5% of the Fund’s net assets each quarter”; discretionary (“not obligated to repurchase any Shares”); may take up to an additional 2.00% of aggregate NAV if oversubscribed, else pro rata. Current offer (6 Aug 2026): “approximately 5.00% of the net assets … (or approximately $323,208,001)” | 2.00% within one year of purchase, FIFO; waivable; not applied to reinvested-dividend shares | No fixed notice period in prospectus. Current offer: expires 3 Sep 2026, Valuation Date 30 Sep 2026; “payment … within 5 business days of the date of determination of the Fund’s NAV as of the Valuation Date” | Borrowing “limited to 33.33% of the Fund’s assets (50% of its net assets)”; liquid assets not expected above 20% of net assets for extended periods; Board may “postpone, suspend or terminate”; revolving credit line $250,000,000 (unused FY2026) plus SPV facilities | 1.40% of Managed Assets (total assets incl. borrowings less non-borrowing liabilities), monthly | 10% of net profits over the Loss Recovery Account balance; no hurdle or catch-up stated | 0.38% | Class R 3.99%, I 3.33%, D 3.54% (no waiver). FY2026 actual: I 3.40%, R 4.03%, D 3.64% (annual report) | $5,785,749,989 (31 Mar 2026) | Registration statement: https://www.sec.gov/Archives/edgar/data/1803491/000121390026082878/ea0296718-01_n2.htm ; tender offer statement: https://www.sec.gov/Archives/edgar/data/1803491/000121390026086088/ea0300288-01_ex99b.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1803491/000121390026066804/ea0291054-01_ncsr.htm | Prospectus 1 Aug 2026; tender offer statement 6 Aug 2026; annual report 9 Jun 2026 |
| StepStone Private Markets | StepStone Group Private Wealth LLC | Tender-offer fund (diversified closed-end Delaware statutory trust; classes S, D, I, R) | Quarterly, “typically … on March 15, June 15, September 15 and December 15” | “Up to 5% of the Fund’s outstanding Shares per quarter” (shares, not NAV); discretionary (“no obligation to repurchase Shares at any time”). Board raised the Sept 15, 2025 offer “up to 10.00% of the Fund’s outstanding Shares” | None: “the Fund does not impose any charges in connection with repurchases of Shares” | Current offer (11 Aug 2026): Notice Date, Withdrawal Date and Valuation Date all 15 Sep 2026, 4:00 p.m. ET; payment “as soon as possible following the determination of the NAV”; no fixed payment deadline | Fundamental policy: borrowing “no more than 33-1/3% of the value of the Fund’s total assets”; cash/Treasuries covering unfunded commitments count toward the 80% policy; revolving credit facility $500.0 million commitment, $200.0 million drawn at 31 Mar 2026 | 1.40% of daily net assets, monthly in arrears | None at fund level (no incentive-fee line in fee table; only underlying-fund performance fees described) | 0.78% | Class S 3.57%, D 2.97%, I 2.72%, R 3.57%. FY2026 actual: I 1.91%, D 2.17%, S 2.77%, R 2.78% (annual report) | $5,828,879,817 (31 Mar 2026); $6,370,609,619 (31 Jul 2026, offer to purchase) | Prospectus: https://www.sec.gov/Archives/edgar/data/1789470/000119312526323744/na-20260729.htm ; tender offer statement: https://www.sec.gov/Archives/edgar/data/1789470/000119312526343837/na-ex99_1a1ii.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1789470/000121390026066828/ea0293635-01_ncsr.htm | Prospectus 29 Jul 2026; tender offer statement 11 Aug 2026; annual report 9 Jun 2026 |
| Carlyle AlpInvest Private Markets Fund | AlpInvest Private Equity Investment Management, LLC (Carlyle) | Tender-offer fund (diversified closed-end Delaware statutory trust; classes A, W, I, X) | Quarterly; valuation dates 31 Mar, 30 Jun, 30 Sep, 31 Dec; “each repurchase offer will generally commence approximately 60 days prior to the applicable valuation date” | “Approximately 5% of the Fund’s net asset value” per quarter (current offer “up to 5% of the total net assets”); discretionary (“no obligation to repurchase Shares at any time”); pro rata if oversubscribed | 2% of NAV for shares held less than one year, FIFO; retained by the fund; waivable | Current offer (31 Jul 2026): expires 28 Aug 2026; Valuation Date 30 Sep 2026; initial payment of at least 95% “within 65 days after the Valuation Date” (Payment Date 30 Nov 2026); balance after next annual audit (“no later than 5 business days after the completion of such audit”); minimum account balance after partial tender $25,000 | Debt only with 300% asset coverage; credit facility $350 million at 31 Mar 2026 (undrawn all FY2026), upsized 28 Apr 2026 to $600 million; liquid sleeve of broadly syndicated loans and fixed income (no percentage cap stated); “may need to suspend or postpone repurchase offers” | 1.25% of NAV as of last day of month | 10% of net profits over the Loss Recovery Account balance, quarterly; no hurdle or catch-up stated. Fee table 1.00% assumes 10% return; FY2026 actual 1.36% (I) | 0.61% | Class A 3.74%, W 3.99%, I 3.24%, X 3.49% (no waiver). FY2026 actual: I 2.85%, A 3.26%, W 4.89%, X 2.74% (annual report) | $4,393,988,465 (31 Mar 2026) | Prospectus: https://www.sec.gov/Archives/edgar/data/1899610/000139834426013049/fp0099640-1_486bposixbrl.htm ; tender offer statement: https://www.sec.gov/Archives/edgar/data/1899610/000139834426013267/fp0100180-1_ex9912a1ii.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1899610/000189961026000006/capm_202603xn-csr.htm | Prospectus 29 Jul 2026; tender offer statement 31 Jul 2026; annual report 3 Jun 2026 |
| Ares Private Markets Fund | Ares Capital Management II LLC | Tender-offer fund (non-diversified closed-end Delaware statutory trust; classes A, D, I) | Quarterly, at fiscal quarter-ends; four offers in FY2026 (6,433,068 shares, $244,528,497) | “No more than 5% of the Fund’s net assets on a quarterly basis”; discretionary (“sole discretion of the Board”); pro rata if oversubscribed. Current offer (1 Sep 2026): “approximately 5.00% of the net assets … (or approximately $222,781,771.90)” | 2.00% within one year, FIFO; retained by the fund; waivable (death/disability, model programs, feeder funds, forced repurchases) | Offer commences “approximately 30 days prior to the last business day of each calendar quarter”; expiration “no sooner than 20 business days after the commencement date”; valuation and expiration “generally expected to be the same date”; “at least 95% of the repurchase offer proceeds within 65 days”; holdback up to 5% paid within 5 business days after audit. Current: expires 29 Sep 2026, Valuation Date 30 Sep 2026 | Borrowing “up to 33⅓% of its total assets”; liquid assets not expected above “5-10% of its net assets” for extended periods; Board may “suspend, postpone or terminate”; syndicated revolving facility max $1,700,000,000, $970,289,728 drawn at 5.16% (31 Mar 2026) | 1.40% of Managed Assets; fee table 1.67% of net assets (assumes borrowing 18.7% of net assets) | 12.5% of net profits over the Loss Recovery Account balance, quarterly; no hurdle or catch-up stated; fee table 1.59% (FY2026 actual) | 1.00% | Class A 6.86%, D 6.26%, I 6.01% gross; after waiver A 6.83%, D 6.23%, I 5.98% (incl. 1.42% interest). FY2026 actual net: I 4.99%, D 5.18%, A 5.82% (annual report) | $4,123,522,171 (31 Mar 2026); $4,455,581,704.01 (31 Jul 2026, offer to purchase) | Prospectus: https://www.sec.gov/Archives/edgar/data/1876006/000110465926088219/tm2621209d1_486bpos.htm ; tender offer statement: https://www.sec.gov/Archives/edgar/data/1876006/000110465926104342/tm2624317d1_ex99-xb.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1876006/000110465926070470/tm2616630d1_ncsr.htm | Prospectus 29 Jul 2026; tender offer statement 1 Sep 2026; annual report 4 Jun 2026 |
| Cliffwater Corporate Lending Fund | Cliffwater LLC | Interval fund (diversified closed-end Delaware statutory trust; Class I only offered, $10,000,000 minimum) | Quarterly (FY2026 deadlines 9 Jun 2025, 8 Sep 2025, 9 Dec 2025, 10 Mar 2026) | Fundamental policy (Investment Company Act Rule 23c-3): “not less than 5% nor more than 25% of the Fund’s outstanding Shares”; mandatory. FY2026 actual repurchased: 3.42%, 2.90%, 5.32%, 7.00% of outstanding shares ($1,025,311,527; $917,546,316; $1,756,725,615; $2,344,027,419) | None found; no shareholder-transaction line in fee table | Notice “generally thirty (30) days, but may vary from no more than forty-two (42) days to no less than twenty-one (21) days” before deadline; Pricing Date “no later than the fourteenth day after the Repurchase Request Deadline”; payment “no more than seven (7) days after the Repurchase Pricing Date”; may take an additional 2% of outstanding shares if oversubscribed, else pro rata | Borrowing “limited to 33.33% of the Fund’s assets (50% of its net assets)”; suspension only on the four Rule 23c-3 conditions; must hold liquid assets equal to the Repurchase Offer Amount; credit facility up to $7,690,000,000; senior credit facility $3,285,500,000 and senior notes $6,526,000,000 at 31 Mar 2026 | 1.00% of daily net assets, monthly in arrears | None stated | 0.21% | Class I 3.20% (Management 1.00, Interest 1.68, AFFE 0.21, Other 0.31; no waiver). FY2026 actual: 1.36% ex-interest, 3.31% incl. interest (annual report) | $31,261,116,288 (31 Mar 2026); Class I $30,389,789,753 outstanding (30 Jun 2026) | Prospectus: https://www.sec.gov/Archives/edgar/data/1735964/000121390026082700/ea0298424-01_486bpos.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1735964/000121390026066324/ea0291746-01_ncsr.htm | Prospectus 29 Jul 2026; annual report 8 Jun 2026 |
| BlackRock Private Investments Fund (BPIF) — the private-equity vehicle behind the Great Gray Panorix collective trust series | BlackRock Advisors, LLC | Tender-offer fund, not an interval fund (the registration statement’s Interval Fund box is unchecked; diversified closed-end; classes Institutional, D, S, T; monthly subscriptions) | Discretionary quarterly tender offers “with tender offer valuation dates occurring on the last business day of March, June, September and December … no assurance that any such tender offers will be conducted on a quarterly basis or at all” | “Intends, but is not obligated, to conduct quarterly tender offers for up to 5% of the common shares then outstanding”; discretionary. FY2026 actual (Institutional): 1.52%, 2.19%, 0.54%, 0.26% | 2.00% before the one-year anniversary of purchase, FIFO; waivable, including “for repurchase requests with respect to shares held in accounts of discretionary asset allocation programs” (Nov 2025 supplement) | Offers commenced about two months before each valuation date (e.g. 30 Apr 2025 for 30 Jun 2025); payment timing not stated in the text read | Borrowing “up to 33 1/3% of its Managed Assets (50% of its net assets)”; no borrowings outstanding at prospectus date; income-focused sleeve “no more than 20% of the Fund’s Managed Assets”; “may be less likely to conduct tenders during periods of exceptional market conditions”; pro rata if oversubscribed | “Prior to August 1, 2026 … 1.75% of the Fund’s net assets determined monthly”; “Beginning on August 1, 2026 … 1.50%”; net fee contractually reduced to 0.65% until 31 Jul 2026 | None at fund level; underlying funds “1.00% to 2.00%, and approximately 20% of net profits as a carried interest allocation” | 0.27% | Two versions of the July 28, 2026 prospectus differ. SEC filing (dated 27 Jul 2026): Management 1.75%; Total Institutional 3.09%, D 3.31%, S 3.91%, T 3.91%; after waiver 1.92%, 2.17%, 2.77%, 2.77%. Sponsor-site version: Management 1.50%; Total 2.84%, 3.06%, 3.66%, 3.66%; after waiver 2.77%, 3.02%, 3.62%, 3.62%. FY2026 actual (Institutional): 2.38% gross, 1.21% after waivers (annual report) | $467,929,479 (31 Mar 2026, annual report); $399,143,930 (30 Sep 2025, semi-annual report) | Registration statement: https://www.sec.gov/Archives/edgar/data/1816389/000119312526318135/d61389dn2.htm ; sponsor-site prospectus: https://www.blackrock.com/us/individual/literature/prospectus/pro-bpif-ce-us.pdf ; supplement: https://www.sec.gov/Archives/edgar/data/1816389/000119312525280239/d83173d424b3.htm ; annual report: https://www.sec.gov/Archives/edgar/data/1816389/000119312526256967/d121559dncsr.htm | Prospectus 28 Jul 2026 (both versions); supplement 13 Nov 2025; annual report 4 Jun 2026 |
| Capital Group KKR Core Plus+ (family name in prospectus: “Capital Group KKR Public-Private+ Funds”) | Capital Research and Management Company; sub-adviser KKR (sub-advisory fee paid by CRMC) | Interval fund (non-diversified closed-end Delaware statutory trust; classes A, A-2, A-3, F-2, F-3, R-6; public 29 Apr 2025). Target ~60% public debt, ~40% private credit | Quarterly | Fundamental policy (Rule 23c-3), 5% to 25%; “currently conducts quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances”; mandatory | “The fund does not impose a repurchase fee”; a contingent deferred sales charge applies on large Class A purchases (0.75% within 18 months on $500,000+) and Class A-2 (1.00% within 12 months on $250,000+) | Notice “at least twenty-one (21) days before” the deadline; Pricing Date same day or “up to fourteen (14) calendar days thereafter”; payment “between one (1) and three (3) business days after the Repurchase Pricing Date and … no later than seven (7) calendar days”; additional up to 2% per three-month period if oversubscribed | Suspension only on the four Rule 23c-3 conditions; liquid assets at least equal to offer percentage; borrowings “will not exceed 33⅓% of the total assets”; intention to borrow only for “temporary and/or extraordinary purposes” | 0.61% of average daily net assets | None stated | No line in fee table | Gross A 1.55%, A-2 1.83%, A-3 2.02%, F-2 1.27%, F-3 1.13%, R-6 1.13%; waiver (0.29)%; net A 1.26%, A-2 1.54%, A-3 1.73%, F-2 0.98%, F-3 0.84%, R-6 0.84% | $232,026 thousand (30 Jun 2026, unaudited) | Prospectus: https://www.sec.gov/Archives/edgar/data/2040315/000110465926025871/tm267072d1_486bpos.htm ; semi-annual report: https://www.sec.gov/Archives/edgar/data/2040315/000119312526383133/d134188dncsrs.htm | Prospectus 11 Mar 2026; semi-annual report 4 Sep 2026 |
| Capital Group KKR Multi-Sector+ | As above | Interval fund (as above). Target ~60% public credit, ~40% private credit | Quarterly | As above: fundamental 5% to 25%; currently 10% of outstanding shares; mandatory | As above: no repurchase fee; same contingent deferred sales charge terms | As above | As above | 0.66% of average daily net assets | None stated | No line in fee table | Gross A 1.46%, A-2 1.74%, A-3 1.93%, F-2 1.18%, F-3 1.04%, R-6 1.04%; waiver (0.15)%; net A 1.31%, A-2 1.59%, A-3 1.78%, F-2 1.03%, F-3 0.89%, R-6 0.89% | $357,870 thousand (30 Jun 2026, unaudited) | Prospectus: https://www.sec.gov/Archives/edgar/data/2040318/000110465926025880/tm267072d2_486bpos.htm ; semi-annual report: https://www.sec.gov/Archives/edgar/data/2040318/000119312526383142/d156081dncsrs.htm | Prospectus 11 Mar 2026; semi-annual report 4 Sep 2026 |
| BlackRock Private Credit Fund (BDEBT) | BlackRock Capital Investment Advisors, LLC | Non-traded perpetual-life business development company (Delaware statutory trust; classes S, D, Institutional) | Quarterly tender offers “at the discretion of our Board of Trustees” | “Up to 5% of the Fund’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter”; discretionary, Board “may amend or suspend … at any time”; no offer in a quarter where liquid assets plus undrawn leverage are “less than 25% of our net assets”; pro rata if oversubscribed. Q2 2026 requests ~5.3% vs 5% offered (prorated) | Shares “not outstanding for at least one year will be repurchased at 98% of such NAV” (fee table “Maximum Early Repurchase Deduction 2.0%”); waivable incl. “shares held in asset allocation / model portfolio programs” | Priced at quarter-end NAV, “not … available until after the expiration of the applicable tender offer”; paid “promptly after the determination of the relevant NAV per share is finalized”. H1 2026: deadlines 27 Feb 2026 and 8 Jun 2026, pricing 31 Mar and 30 Jun 2026 | Maintains “an allocation to syndicated loans and other liquid investments” (no percentage); 25%-of-net-assets gate above; asset coverage per unit $2,641 (30 Jun 2026) | 1.25% of net assets at end of month, monthly in arrears | Income: 12.5% of trailing-twelve-quarter net investment income, 5.0% hurdle, 100% catch-up between 5.0% and 5.714286%; capital gains 12.5%; both subject to 5% trailing total-return test | No line in fee table | Class S 9.90%, D 9.30%, Institutional 9.05% (incl. interest 6.11% assuming borrowing equal to 100% of net assets, incentive 1.20%) | $1,638,150,079 (30 Jun 2026) | Prospectus: https://www.sec.gov/Archives/edgar/data/1902649/000114036126016774/ef20071141_486bpos.htm ; quarterly report: https://www.sec.gov/Archives/edgar/data/1902649/000119312526338073/ck0001902649-20260630.htm | Prospectus 24 Apr 2026; quarterly report 6 Aug 2026 |
| Blackstone Private Credit Fund (BCRED) | Blackstone Private Credit Strategies LLC | Non-traded perpetual-life business development company (classes I, S, D) | Quarterly tender offers at Board discretion | “Up to 5% of the NAV of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter”; discretionary, Board “may amend or suspend … (including to offer to purchase fewer shares)”, must reconsider a suspension “at least quarterly”; pro rata with death/disability/divorce priority. Q1 2026: 7.0% of shares tendered vs 5% offered | 98% of NAV for shares “not outstanding for at least one year” (fee table 2.0%); waivable, incl. at Fund discretion for feeder vehicles, registered investment companies and “discretionary model portfolios” | Priced at quarter-end NAV (“Valuation Date”); “paid in cash pursuant to a promissory note after the determination of the relevant NAV per share is finalized”. H1 2026: deadlines 2 Mar 2026 and 29 May 2026 | Statutory asset coverage at least 150%; 221.3% at 30 Jun 2026; allocation to syndicated loans and liquid investments (no percentage); may fund repurchases from asset sales, borrowings, return of capital, offering proceeds “no limits” | 1.25% of net assets at start of month, settled quarterly in arrears | 12.5% of pre-incentive net investment income, 5.0% annualized hurdle, with catch-up; capital gains 12.5%, annual | 0.02% | Class I 7.07%, S 7.92%, D 7.32% (incl. interest 4.25%, incentive 1.38%) | $42,775,600 thousand (30 Jun 2026) | Prospectus: https://www.sec.gov/Archives/edgar/data/1803498/000119312526198102/d120436d486bpos.htm ; quarterly report: https://www.sec.gov/Archives/edgar/data/1803498/000180349826000048/bcred-20260630.htm | Prospectus 1 May 2026; quarterly report 12 Aug 2026 |
| Apollo Debt Solutions BDC | Apollo Credit Management, LLC | Non-traded perpetual-life business development company (Delaware statutory trust; classes S, D, I) | Quarterly tender offers at Board discretion; “not obligated to offer to repurchase any in any particular quarter” | “Up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter”; discretionary; “we began a period of prorated fulfillment of repurchase requests in March 2026” | 98% of NAV for shares not outstanding at least one year (fee table 2.0%); waivable incl. “discretionary model portfolio management programs” | Offers “on or around the last business day of that quarter” at quarter-end NAV; paid “promptly after the determination of the relevant NAV per share is finalized”. H1 2026: deadlines 16 Mar 2026 and 15 Jun 2026; 5.00% repurchased each quarter | Statutory asset coverage at least 150%; 213.9% at 30 Jun 2026; syndicated loans and liquid investments (no percentage); may fund repurchases from asset sales or borrowings “no limits” | 1.25% of net assets at start of month, monthly in arrears | 12.5% of pre-incentive net investment income, 5.0% annualized hurdle, with catch-up; capital gains 12.5%, annual | No line in fee table | Class S 7.14%, D 6.54%, I 6.29% (incl. interest 3.58%, incentive 1.17%) | $13,997,981 thousand (30 Jun 2026) | Prospectus: https://www.sec.gov/Archives/edgar/data/1837532/000119312526159295/ck0001837532-20260416.htm ; quarterly report: https://www.sec.gov/Archives/edgar/data/1837532/000119312526341358/ck0001837532-20260630.htm | Prospectus 16 Apr 2026; quarterly report 10 Aug 2026 |
| Blackstone Real Estate Income Trust (BREIT) | BX REIT Advisors L.L.C. | NAV REIT (non-traded perpetual Maryland corporation) | Monthly; “not obligated to repurchase any shares” | “No more than 2% of our aggregate NAV per month … and no more than 5% of our aggregate NAV per calendar quarter”; “both of these limits are assessed each month”; discretionary (Board may repurchase fewer or none, has made exceptions, may modify or suspend, “cannot terminate … absent a liquidity event”); pro rata. H1 2026: $2.1 billion repurchased, “satisfying all repurchase requests” | Shares “not outstanding for at least one year will be repurchased at 98% of the transaction price”; not on reinvested-dividend shares; waivable only for death, disability, divorce, error and “other limited circumstances” | Request “by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month”; repurchased “as of the opening of the last calendar day of that month” at the transaction price (generally prior month NAV); settlement “within three business days of the Repurchase Date” | Target leverage “approximately 60%”; charter limit 300% of net assets absent independent-director approval; leverage 44% at 30 Jun 2026; repurchases fundable from borrowings, asset sales, offering proceeds “no limits”; no liquid-sleeve percentage | 1.25% of NAV p.a. (Classes T-2, S-2, D-2, I, T, S, D, C); 1.00% (Class L); 0.85% (Class L-2); monthly | Performance participation 12.5% of Total Return, 5% Hurdle Amount, High Water Mark, with catch-up (10% for Classes L and L-2); annual measurement, quarterly allocation | Not stated | Not stated (prospectus has a compensation table, no expense-ratio fee table). Stockholder servicing 0.85% (T, S classes), 0.25% (D), none (I) | Total NAV $56,567,757 thousand (30 Jun 2026); GAAP total equity $25,202,982 thousand | Prospectus: https://www.sec.gov/Archives/edgar/data/1662972/000166297226000055/breitnavmarch2026a.htm ; quarterly report: https://www.sec.gov/Archives/edgar/data/1662972/000166297226000111/breit-20260630.htm | Prospectus 17 Apr 2026 (supplement 22 Apr 2026); quarterly report 7 Aug 2026 |
| Panorix Target Date Series (Great Gray / BlackRock glidepath / Wilshire / Goldman Sachs) | Great Gray Trust Company, LLC (trustee); BlackRock Financial Management (glidepath manager); Wilshire Advisors LLC (liquidity management); Goldman Sachs Asset Management (private credit collective trust) | Collective investment trust (“a set of bank collective investment trusts”); private equity via “a Great Gray CIT that invests in the BlackRock Private Investments Fund”; private credit via “Goldman Sachs Collective Trust – Private Credit Fund” (trustee Goldman Sachs Trust Company, N.A.; “has not been launched yet” as of 5 Aug 2025) | Participant level: “Participant-driven transactions will be accepted daily.” Plan level: initial investments “monthly with 30 days’ notice”; full plan redemptions “quarterly with 90 days’ notice” | Not stated (no participant gate published). “At least 80% of the fund will be in highly liquid, daily dealing index components” | Not stated | See frequency column | Wilshire manages “the quarterly redemption cycle of private asset components” | Not stated separately | Not stated | Not stated | “All-in total cost of implementation ranges from 26bps to 46bps based on the vintage year, with the average fee being 42.2 bps” (sponsor advisor FAQ, not a filing) | Not stated | Disclosure: https://greatgray.com/wp-content/uploads/2025/08/Panorix-Target-Date-Series-Disclosure-8.5.2025.pdf ; FAQ: https://greatgray.com/advisor-faq-incorporating-private-markets-in-defined-contribution-plans/ ; BlackRock release: https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2025/BlackRocks-Custom-Glidepath-to-Power-Great-Gray-Trust-Companys-New-Target-Date-Retirement-Solution-with-Access-to-Private-Markets/default.aspx ; sponsor release: https://am.gs.com/en-us/advisors/news/press-release/2025/private-credit-collective-investment-trust-launch (sponsor documents, not SEC filings) | Disclosure 5 Aug 2025; FAQ 5 Sep 2025; releases 26 Jun 2025 and 21 Jul 2025 |
| State Street Target Retirement IndexPlus | State Street Global Advisors; Apollo (private sleeve) | Collective investment trust (“bank-maintained collective investment trust maintained and managed by SSGA”); underlying “a pooled investment vehicle managed by Apollo” / “Apollo Aligned Alternatives”; “90% to public market exposures and 10% to private market exposures” | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated (“at a competitive fee level”) | Not stated for this product | Press release: https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Global-Advisors-Announces-State-Street-Target-Retirement-IndexPlus-Providing-Defined-Contribution-Investors-Access-to-Both-Public-and-Private-Markets-Exposures/default.aspx ; product page: https://www.ssga.com/us/en/institutional/capabilities/dc-overview/target-date-funds/state-street-target-retirement-indexplus-strategies (sponsor documents, not filings) | 10 Apr 2025; product page undated (AUM as of 31 Dec 2025) |
| Apollo Aligned Alternatives CIT (Alta Trust) — same Apollo strategy; not confirmed to be the vehicle inside IndexPlus | Alta Trust Company (trustee and investment manager); Apollo (underlying strategy) | Collective investment trust; “90-95% exposure to the Apollo Aligned Alternatives Strategy. 5-10% exposure to Alta Trust Short Term Investment Fund and short-term domestic treasuries” | “Daily subscriptions and quarterly redemptions”; redemption trade dates listed 2 Jan, 1 Apr, 1 Jul, 1 Oct 2025 | “Quarterly redemptions up to 5% of the fund’s NAV”; discretionary (“The Trustee … is unable to guarantee such liquidity”; “Redemptions may be suspended or deferred”); underlying “may limit quarterly redemptions to 5% of the Fund’s C-share class NAV” | Not stated | Not stated beyond quarterly trade dates | Suspension/deferral right; 5-10% short-term-investment and treasuries sleeve | Trustee/Management/Service fees 0.00%/0.00%/0.00% at trust level | Not stated at trust level; underlying “Carried interest typically ranges from 10% to 20% of net profits” | Acquired fund fees 1.82% (1 Sep 2024 disclosure); 1.77% (later disclosure) | Total Operating Expense 1.87% (1 Sep 2024); 1.83% (later disclosure); excludes underlying carried interest | Not stated | Disclosures: https://trustalta.com/wp-content/uploads/2024/11/2024-09-01-Apollo-Aligned-Alternatives-Investor-Disclosure-1.pdf and https://trustalta.com/wp-content/uploads/2026/06/2025-12-31-Apollo-Aligned-Alternatives-Investor-Disclosure.pdf ; fact sheet: https://trustalta.com/wp-content/uploads/2026/08/03771K106-Apollo-Aligned-Alternatives-CIT.pdf (trustee documents, not SEC filings) | 1 Sep 2024; 31 Dec 2025 (from URL; no date in text); fact sheet as of 30 Jun 2026 |
| Empower private markets partnership programme | Empower; partners “Apollo, Blackstone, Franklin Templeton, Goldman Sachs Asset Management, Neuberger Berman, Northleaf, Partners Group, PIMCO, and Sagard” | “Implemented through collective investment trusts (CITs)” inside “advice-based managed accounts”; trustee and managed-account provider not stated; requires “the investor to be an Accredited Investor” | Not stated | Not stated (“designed to provide liquidity protection”) | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated by Empower. Press only: “fees can range from 1% to 1.6% … allocation to private investments would generally be no more than 10%” | Not stated | Empower releases: https://www.empower.com/press-center/empower-offer-private-markets-investments-retirement-plans ; https://www.empower.com/press-center/empower-partners-blackstone-private-markets-investments ; product page: https://www.empower.com/financial-professionals/what-we-offer/private-market-investments ; press: https://www.planadviser.com/empower-401ks-will-get-access-private-investments/ | 14 May 2025; 14 Jan 2026 |
| Franklin Templeton Retirement Advantage Plus Funds | Franklin Templeton | Registered mutual fund target-date series; private sleeves via Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund; private allocation “approximately 2 percent to 8 percent over the glide path” | Daily (mutual fund) | Not applicable at wrapper level; underlying fund terms not fetched | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Not stated | Syndicated press release: https://finance.yahoo.com/news/franklin-templeton-expands-award-winning-130000577.html (press release; original source returned 403) | 12 Mar 2026 (repositioning effective 27 Feb 2026) |
| Blue Owl Alternative Credit Fund (OWLCX) — named in a Voya Advisor Managed Accounts collective-trust programme | Blue Owl Capital; Voya (distribution) | Interval fund per sponsor page; Voya release calls the DC wrapper a collective investment trust (trust-level terms not published) | Quarterly | “Generally offers to repurchase up to 5% of its outstanding shares each quarter” | “2% early withdrawal charge” under one year | Not stated on page read | Not stated | 0.75% of Managed Assets | 10% of net investment income, 6% hurdle; catch-up not stated | Not stated | Net total expense Class I 4.49%, U 5.24%, S 5.34% | “$1.74B” (31 Jul 2026) | Sponsor product page, not a filing: https://wealth.blueowl.com/solutions-product-owlcx ; Voya release: https://www.voya.com/news/2026/07/voya-financial-expands-its-advisor-managed-accounts-program-additional-capabilities | Page undated (data as of 31 Jul 2026); Voya release 7 Jul 2026 |
Coverage notes
- BlackRock Private Investments Fund: two prospectuses both dated July 28, 2026 carry different fee tables. The SEC filing (dated 27 Jul 2026) prints the 1.75% pre-August management fee and 3.09% Institutional total with a (1.17)% waiver; the sponsor-site PDF prints the 1.50% post-August fee, 2.84% total and (0.07)% waiver. Both verified directly. Which is the operative document for investors is not settled by what was read; use the SEC filing for the filed figures and note the restatement. Also: the sponsor’s own FAQ calls BPIF an “interval fund structure”; the SEC filing does not (the Interval Fund box is unchecked, repurchases are discretionary tenders), so it is classified above as a tender-offer fund.
- Partners Group: the only registered prospectus on file is a pre-effective registration statement marked “Subject to completion” with a blank cover date. Fee table figures come from that draft; the tender offer statement and annual report corroborate the 5% quarterly cadence, 1.50%/1.75%-cap fee, 10% incentive and 2.00% early repurchase fee.
- “The evergreen interval fund used by the Great Gray target-date series”: the private-equity sleeve is BPIF (via a Great Gray collective trust), not an interval fund; the private-credit sleeve is a Goldman Sachs collective trust with no registered fund named and no published terms. No Great Gray/BlackRock series named “LifePath Dynamic” with private markets was found; Great Gray’s series is branded Panorix with the glidepath manager’s index licensed. Partners Group is not named in any Great Gray/BlackRock DC document read. Panorix’s per-age private allocation (“5% to 20%”) appeared only in search summaries of press pages that returned 403, so it is not reported.
- Capital Group / KKR: registered names are “Capital Group KKR Core Plus+” and “Capital Group KKR Multi-Sector+” (family name “Public-Private+”); separate registration statements. AFFE is not shown in either fee table. The 33⅓% borrowing limit was read via a summarised fetch of the prospectus rather than raw text.
- Business development companies: tender deadlines and payment dates are set per offer; the deadlines shown come from quarterly-report repurchase tables, not the offer documents. BDEBT’s fee-table denominator prints as “$1,734.4 billion” (as filed). BDEBT’s statutory 150% asset-coverage sentence was not located in the text read.
- BREIT: no total expense ratio exists in the prospectus; no liquid-sleeve percentage stated.
- StepStone: no fixed payment deadline after the Valuation Date; no explicit suspension clause was located; “no incentive fee” rests on its absence from the fee table and fee sections.
- Carlyle AlpInvest: the fee table’s stated assumption of “$5,500,000” net assets is reproduced as printed (looks like a typo against $4.39bn actual).
- Empower: no partner vehicle names, trustee, managed-account provider, liquidity terms, official fees or availability date in any Empower or partner release; the 1%–1.6% fee and 10% cap are press only.
- State Street IndexPlus: fee, liquidity, launch date, net assets and legal name of the Apollo pooled vehicle are not published. The Alta Trust “Apollo Aligned Alternatives” collective trust is a different trustee’s wrapper on the same strategy; no document links it to IndexPlus.
- Other DC wrappers found with no published liquidity or fee terms (not tabulated): the Goldman Sachs private-credit collective trust (release 21 Jul 2025, “has not been launched yet”); a private-credit collective trust from another large asset manager (release 14 May 2026); a private-markets collective trust used by a plan-services provider (release 1 Sep 2026: “over $50 million in initial assets across 18 retirement plans”); another provider’s featured-partner programme (26 Aug 2026); several large managers have no DC product with public terms.
- Whether the business development companies and BREIT are actually held inside any workplace-retirement default was not verified from filings; they are tabulated as vehicles built for that use per the task list.
- Blocked pages (403/429): several trade-press and regulator sites returned access errors and were not read.
Range observed
Verified registered vehicles only; collective investment trusts excluded unless noted.
- Repurchase frequency: monthly (BREIT) to quarterly (all other registered vehicles). At the collective-trust participant level, Panorix states daily dealing; the Alta Apollo trust states daily subscriptions and quarterly redemptions.
- Repurchase limit: 2% of NAV per month / 5% per quarter (BREIT) to a fundamental 25% of outstanding shares per quarter ceiling (Cliffwater, Capital Group KKR); offers actually conducted range from 5% per quarter (tender funds, business development companies; StepStone 10% once, Sept 2025) to 10% per quarter (Capital Group KKR, current practice). Mandatory (Rule 23c-3) only for Cliffwater and the two Capital Group KKR funds; discretionary everywhere else.
- Management fee: 0.61% of average daily net assets (Capital Group KKR Core Plus+) to 1.75% of net assets (BPIF before 1 Aug 2026; Partners Group’s cap). Bases in use: net assets/NAV (most), Managed Assets incl. borrowings (Hamilton Lane, Ares, Blue Owl), greater-of NAV and NAV-plus-undrawn-commitments (Partners Group).
- Incentive fee: none (Cliffwater, StepStone, Capital Group KKR, BPIF) to 12.5% (Ares, BDEBT, BCRED, Apollo Debt Solutions, BREIT). Hurdle: none, Loss Recovery Account only (Partners Group, Hamilton Lane, Carlyle AlpInvest, Ares) to 5.0% (business development companies, BREIT) and 6% (Blue Owl, sponsor page).
- Total expense ratio (fee table, gross, before waivers): 1.04% (Capital Group KKR Multi-Sector+ F-3/R-6) to 9.90% (BDEBT Class S, incl. 6.11% interest). Lowest-fee class only: 1.04% to 9.05% (BDEBT Institutional). Net of waivers the floor is 0.84% (Capital Group KKR Core Plus+ F-3/R-6). BREIT: not stated.