FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

3. FAIR VALUE MEASUREMENTS

The following table summarizes the valuation of the Fund’s investments, derivative assets and derivative liabilities held at

fair value by the fair value hierarchy levels as of December 31, 2025:

	December 31, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash and Cash Equivalents
Money Market Fund	$10,833	$—	$—	$—	$10,833
Total Cash and Cash Equivalents(1)	10,833	—	—	—	10,833
Investments
Investments in portfolio companies	—	—	35,962	—	35,962
Investments in affiliated and non- affiliated investee funds	—	—	—	8,938	8,938
Total Investments	—	—	35,962	8,938	44,900
Derivative Assets	—	759	—	—	759
Total	$10,833	$759	$35,962	$8,938	$56,492
Liabilities
Derivative Liabilities	$—	$359	$—	$—	$359

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(1)Cash held at banks of $0.3 million is carried at cost, which approximates fair value, and is therefore not included in the fair value hierarchy.

The following tables summarize the quantitative information related to the significant unobservable inputs for Level III

instruments which are carried at fair value as of December 31, 2025:

	Fair Value as of December 31, 2025	Valuation Techniques	Significant Unobservable Inputs	Range		Weighted Average	Impact to Valuation from Increase in Input
				Low	High
Investments in portfolio companies	$35,962	Discounted Cash  Flow	Discount Rate	8.20%	16.78%	12.19%	Lower
			Terminal Growth Rate	2.00%	11.00%	4.28%	Higher
		Comparable Multiple	EBITDA Multiple	6.31x	23.77x	14.43x	Higher
			Revenue Multiple	4.78x	8.34x	5.19x	Higher
Total Level III Investments	$35,962

The changes in the Fund’s investments at fair value for which the Fund has used Level III inputs to determine fair value

and net change in unrealized appreciation (depreciation) included in earnings for Level III investments still held are as follows

for the period from Inception through December 31, 2025:

	Equity Securities
Balance, beginning of period	$—
Purchases	33,823
Sales and proceeds from Investments	—
Transfers into Level III	—
Transfers out of Level III	—
Net realized gains (losses)	—
Net change in unrealized appreciation	2,139
Balance, end of period	$35,962
Net change in unrealized appreciation included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation on investments on the consolidated statement of operations	$2,139