| Investments and Fair Value Measurements |
Investments and Fair Value Measurements During the six months ended June 30, 2026, the Fund acquired an incremental interest in one existing investment and interests in three additional portfolio companies, increasing the total number of Investments to twelve (nine investments as of December 31, 2025). The following table summarizes the valuation of the Fund’s investments by the fair value hierarchy levels as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Level I | | Level II | | Level III | | Total Fair Value | | | | Portfolio Companies | $ | — | | | $ | — | | | $ | 886,104 | | | $ | 886,104 | | | | | Private Debt Investments | — | | | — | | | 88,273 | | | 88,273 | | | | | Derivative Assets | — | | | 2,463 | | | — | | | 2,463 | | | | | Cash | 102 | | | — | | | — | | | 102 | | | | | Total | $ | 102 | | | $ | 2,463 | | | $ | 974,377 | | | $ | 976,942 | | | |
| | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level I | | Level II | | Level III | | Total Fair Value | | | | Portfolio Companies | $ | — | | | $ | — | | | $ | 759,671 | | | $ | 759,671 | | | | | Private Debt Investments | — | | | — | | | 19,756 | | | 19,756 | | | | | Derivative Assets | — | | | 1,070 | | | — | | | 1,070 | | | | | Cash | 17,534 | | | — | | | — | | | 17,534 | | | | | Total | $ | 17,534 | | | $ | 1,070 | | | $ | 779,427 | | | $ | 798,031 | | | |
The following tables present changes in the fair value of investments for which Level III inputs were used to determine the fair value for the three and six months ended June 30, 2026. No investments were held during the period from May 21, 2025 (Inception) to June 30, 2025:
| | | | | | | | | | Level III Financial Assets at Fair Value | | Three Months Ended June 30, 2026 | | Portfolio Companies | Debt Investments | | Balance as of April 1, 2026 | $ | 856,177 | | $ | 20,557 | | | Purchase of Investments | 11,278 | | 59,387 | | | | | | Capital Contribution on Purchase of Investment from Affiliate | 598 | | 5,713 | | | | | | Net Change in Unrealized Gain (Loss) on Investments | 18,051 | | 2,616 | | | Balance, as of June 30, 2026 | $ | 886,104 | | $ | 88,273 | |
| | | | | | | | | | Level III Financial Assets at Fair Value | | Six Months Ended June 30, 2026 | | Portfolio Companies | Debt Investments | | Balance as of January 1, 2026 | $ | 759,671 | | $ | 19,756 | | | Purchase of Investments | 74,031 | | 59,387 | | | | | | Capital Contribution on Purchase of Investment from Affiliate | 20,286 | | 5,713 | | | | | | Net Change in Unrealized Gain (Loss) on Investments | 32,116 | | 3,417 | | | Balance, as of June 30, 2026 | $ | 886,104 | | $ | 88,273 | |
The following summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level III Fair Value Measurements | | Fair Value | | Valuation Techniques | | Unobservable Inputs | | Ranges | | Weighted- Average | | Impact to Valuation from an increase in input | | | | | | | | | | | | | | Portfolio Companies | $ | 886,104 | | | Discounted Cash Flows | | WACC(i) | | 10.3% - 18.7% | | 11.8% | | Decrease | | . | | | | | Terminal Multiple | | 8.7x - 18.0x | | 11.5x | | Increase | | | | Hypothetical
Liquidation Approach | | EBITDA Multiple | | 7.7x - 7.7x | | 7.7x | | Increase | | | | Transaction Pricing | | N/A | | N/A | | N/A | | N/A | | Private Debt Investments | $ | 88,273 | | | Cost Plus Accrued Interest | | N/A | | N/A | | N/A | | N/A | | Total Investments | $ | 974,377 | | | | | | | | | | | |
(i) Weighted-Average Cost of Capital.
The following summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level III Fair Value Measurements | | Fair Value | | Valuation Techniques | | Unobservable Inputs | | Ranges | | Weighted- Average | | Impact to Valuation from an increase in input | | | | | | | | | | | | | | Portfolio Companies | $ | 759,671 | | | Discounted Cash Flows | | WACC(i) | | 10.2% - 18.7% | | 11.8% | | Decrease | | . | | | | | Terminal Multiple | | 8.7x - 18.0x | | 11.6x | | Increase | | Private Debt Investments | $ | 19,756 | | | Cost Plus Accrued Interest | | N/A | | N/A | | N/A | | N/A | | Total Investments | $ | 779,427 | | | | | | | | | | | |
(i) Weighted-Average Cost of Capital.
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