v3.25.2
Investment Valuation and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Investment Valuation and Fair Value Measurements [Abstract]  
Summary of Funds Investments Categorized In The Fair Value Hierarchy
The following table summarizes the Fund’s investments categorized in the fair value hierarchy as of June 30, 2025. The Fund held no investments as of December 31, 2024.
 
Investments
   
Level 1
     
Level 2
     
Level 3
     
Total
  
Portfolio Companies
    $ —       $ —       $  388,044,057      $  388,044,057  
Money Market Fund
      176,807,547        —         —         176,807,547  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
    $ 176,807,547      $ —       $ 388,044,057      $ 564,851,604  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Valuation Techniques And Significant Inputs Used To Determine The Valuation Of Investments Categorized In Level 3 Of The Fair Value Hierarchy
The following table summarizes the valuation techniques and significant inputs used to determine the valuation of investments categorized
in
Level 3 of the fair value hierarchy as of June 30, 2025.

 
Investments
   
Fair Value
     
Valuation Techniques
   
Unobservable Inputs
   
Ranges
     
Weighted Average
   
Input to Valuation
from an Increase
in Input
(a)
Portfolio Companies
   
$349,944,057
 
  
Discounted Cash Flow Method
  
Revenue Growth Rate
  
 
6.4% -74.1%
 
  
 14.6%
 
 Increase
  
  
  
EBITDA Margin
  
 
2.5% -50.8%
 
  
 37.3%
 
 Increase
  
  
  
Weighted Average Cost of Capital
  
 
15.2% -28.4%
 
  
 21.1%
 
 Decrease
  
  
  
Terminal Revenue Multiple
  
 
7.5x - 10.0x
 
  
8.13x
 
 Increase
  
  
  
Terminal EBITDA Multiple
  
 
13.5x - 23.0x
 
  
18.9x
 
 Increase
 
 
  
  
Market Approach
  
Revenue Multiple
  
 
5.0x - 16.0x
 
  
8.7x
 
 Increase
  
  
  
EBITDA Multiple
  
 
20.0x - 32.0x
 
  
25.2x
 
 Increase
 
 
  
 
38,100,000
 
  
 Transaction Price
  
N/A
  
  
 
 
 
(a)
 
Represents the directional change in the fair value of the Level 3 investment(s) that would have resulted from an increase in the corresponding input at period end. A decrease in the unobservable input would have had the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
 
Summary of Reconciliation Of The Funds Level 3 Investments For Which Significant Unobservable Inputs Were Used In Determining Fair Value
The following table provides a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining fair value for the six months ended June 30, 2025:
 
    
Investments in

Portfolio Companies

  
Balance, beginning of period
    $ —   
Purchases
      340,853,159  
Sales
      —   
Net realized gain
      —   
Net change in unrealized appreciation (depreciation)
(a)
      47,190,898  
 
 
 
 
 
Balance, end of period
    $ 388,044,057  
 
 
 
 
 
 
 
 
 
 
Net change in unrealized appreciation (depreciation) on investments still held at reporting date
      47,190,898  
 
(a)
Included in the related
N
et change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.