v3.25.2
Financial Highlight
 6 Months Ended
Jun. 30, 2025
Investment Company, Financial Highlights [Abstract]  
Financial Highlights
7. Financial Highlights
The following financial highlights relate to investment performance and operations for each class of Unit outstanding for the six months ended June 30, 2025.
 
Per Unit Data
   
Class A-B
    
Class A-D
    
Class A-I
    
Class A-S
    
Class E
  
Net asset value per Unit, beginning of period
    $ —      $ —      $ —      $ —      $ —   
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Contributions for Units issued
      25.57       25.46       25.46       25.53       25.06  
Distributions for Units redeemed
      —        —        —        —        —   
Net investment loss
(a)
      (0.79 )      (0.80 )      (0.95 )      (0.70 )      (0.76 ) 
Net change in unrealized appreciation (depreciation) on investments
(a)
      2.87       2.83       2.87       2.89       2.90  
Management fees, net
      —        —        —        —        —   
Accrued servicing fees
      (0.89 )      (0.41 )      —        (1.49 )      —   
Performance participation allocation
      (0.45 )      (0.44 )      (0.45 )      (0.45 )      —   
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net increase in net assets
   
 
26.31
 
  
 
26.64
 
  
 
26.93
 
  
 
25.78
 
  
 
27.20
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net Asset Value per Unit, end of period
   
$
26.31
 
  
$
26.64
 
  
$
26.93
 
  
$
25.78
 
  
$
27.20
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
          
Units outstanding, end of period
   
 
3,035,582
 
  
 
785,642
 
  
 
11,680,112
 
  
 
4,368,705
 
  
 
399,045
 
Total return, at net asset value
(b)(c)
   
 
2.89
% 
  
 
4.63
% 
  
 
5.77
% 
  
 
0.98
% 
  
 
8.54
% 
Ratios to weighted-average net assets
(b)
:
           
Management fees
      (0.20 )%     (0.19 )%      (0.19 )%      (0.20 )%     0.00 % 
Management fees after fees waived
      0.00 %      0.00 %      0.00 %      0.00 %      0.00 % 
Performance participation allocation
      (1.76 )%     (1.71 )%     (1.72 )%     (1.80 )%     0.00 % 
Total expenses
(d)
      (2.99 )%     (2.84 )%     (3.13 )%     (3.25 )%     (3.60 )%
Total expenses after fees waived
(d)
      (2.79 )%     (2.64 )%     (2.93 )%     (3.05 )%     (3.60 )%
Net investment loss
      (4.05 )%     (3.87 )%     (4.16 )%     (4.34 )%     (3.08 )%
 
(a)
 
The amounts reported for a Unit outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Unit transactions in relation to the fluctuating fair values of the Fund’s investments.
(b)
 
Percentage is not annualized.
(c)
 
Total return is calculated for each
Unit
class as the change in the net asset value per each Unit class during the period, plus any distributions per Unit declared in the period, and assumes any distributions are reinvested in accordance with the Fund’s
distribution
reinvestment plan.
(d)
 
Ratio does not include the effects of any Performance Participation Allocation
.