v3.26.1
Investments and Fair Value Measurement
 3 Months Ended
Jun. 30, 2026
MIF Cayman, L.P.  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Investments and Fair Value Measurement
3.
Investments and Fair Value Measurement

The following table summarizes the valuation of the Aggregator’s investments by the fair value hierarchy levels:

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

NAV

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-affiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

-

 

 

$

-

 

 

$

1,148,708,697

 

 

 

-

 

 

$

1,148,708,697

 

Debt investments

 

 

-

 

 

 

-

 

 

 

14,802,300

 

 

 

-

 

 

 

14,802,300

 

Total non-affiliated investments

 

 

-

 

 

 

-

 

 

 

1,163,510,997

 

 

 

-

 

 

 

1,163,510,997

 

Investments in affiliated fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investee funds

 

 

-

 

 

 

-

 

 

 

-

 

 

 

210,494,937

 

 

 

210,494,937

 

Total investments

 

$

-

 

 

$

-

 

 

$

1,163,510,997

 

 

$

210,494,937

 

 

$

1,374,005,934

 

 

 

 

 

 

March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

NAV

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-affiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

-

 

 

$

-

 

 

$

818,954,865

 

 

 

-

 

 

$

818,954,865

 

Debt investments

 

 

-

 

 

 

-

 

 

 

34,577,371

 

 

 

-

 

 

 

34,577,371

 

Total non-affiliated investments

 

 

-

 

 

 

-

 

 

 

853,532,236

 

 

 

-

 

 

 

853,532,236

 

Investments in affiliated fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investee funds

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37,429,665

 

 

 

37,429,665

 

Total investments

 

$

-

 

 

$

-

 

 

$

853,532,236

 

 

$

37,429,665

 

 

$

890,961,901

 

 

The Aggregator may hold equity securities that are subject to sale restrictions that are contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual restrictions may include but are not limited to (a) consent-rights or event-based transfer restrictions imposed by third parties, (b) underwriter lock-ups and (c) sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or after a predetermined date. The Aggregator’s Level 3 equity securities are generally illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements.

The Aggregator’s investment in the affiliated funds is generally valued based on the latest NAV reported or provided by the investment adviser or investment manager. NAV as a practical expedient is appropriate if the reported NAV of the investment in affiliated funds is calculated in a manner consistent with the measurement principles applied to investment companies. As of June 30, 2026 and March 31, 2026, the Aggregator measured investments of $210,494,937 and $37,429,665, respectively, using NAV as a practical expedient and had no unfunded commitments.

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level 3 of the fair value hierarchy as of June 30, 2026 and March 31, 2026:

 

 

 

June 30, 2026

 

 

Fair Value

 

 

Valuation
Techniques

 

Unobservable
Inputs

Ranges

 

Weighted‐ 
Average

 

Impact to Valuation from an Increase in Input

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

962,188,936

 

 

Discounted Cash Flows

 

Discount rate

10.00%-15.00%

 

12.9%

 

Lower

 

 

 

 

 

 

 

Terminal value multiple

1.0x-15.0x

 

8.6x

 

Higher

Debt investments

 

 

14,802,300

 

 

Discounted Cash Flows

 

Yield

8.3%-15.6%

 

13.7%

 

Lower

Total investments

 

$

976,991,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2026

 

 

Fair Value

 

 

Valuation
Techniques

 

Unobservable
Inputs

Ranges

 

Weighted‐ 
Average

 

Impact to Valuation from an Increase in Input

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

635,616,666

 

 

Discounted Cash Flows

 

Discount rate

10.0%-15.0%

 

10.9%

 

Lower

 

 

 

 

 

 

 

Terminal value multiple

1.0x-15.0x

 

6.0x

 

Higher

Debt investments

 

 

34,577,371

 

 

Discounted Cash Flows

 

Yield

8.3%-15.6%

 

13.7%

 

Lower

Total investments

 

$

670,194,037

 

 

 

 

 

 

 

 

 

 

The investment in Aligned Data Centers, with a fair value of $186,519,761 as of June 30, 2026, and $183,338,199 as of March 31, 2026, has been valued based on the price listed in the October 13, 2025 sale and purchase agreement, by discounting proceeds expected to be received by the Aggregator using discount rates between 5% and 10%.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:

 

 

Level 3 Financial Assets at Fair Value

 

 

 

Three Months Ended June 30, 2026

 

 

 

Equity
investments

 

 

Debt
investments

 

 

 

Total

 

Balance, beginning of period

 

$

818,954,865

 

 

$

34,577,371

 

 

 

$

853,532,236

 

Purchases

 

 

257,586,536

 

 

 

1,309,935

 

 

 

 

258,896,471

 

Sales and proceeds from investments

 

 

-

 

 

 

(19,745,807

)

 

 

 

(19,745,807

)

Net realized and unrealized gain (loss) on investments and translation of assets and liabilities in foreign currencies

 

 

72,167,296

 

 

 

(1,339,199

)

 

 

 

70,828,097

 

Balance, end of period

 

$

1,148,708,697

 

 

$

14,802,300

 

 

 

$

1,163,510,997

 

There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the three months ended June 30, 2026.