Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Funds Investments by Fair Value Hierarchy Levels

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

Schedule of Changes in Fair Value Hierarchy Levels

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

Schedule of Quantitative Inputs and Assumptions User for Valuation of Investments

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

Private Debt Investments

88,273

Cost Plus Accrued Interest

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

Total Investments

779,427

(i) Weighted-Average Cost of Capital.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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