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Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
All Company investments will be recorded and reported at fair value in accordance with the principles of U.S. GAAP, ASC 820 (Fair Value Measurement).
The Company values its portfolio securities based on the market value of each respective security when reliable market quotations are “readily available” for those securities. Given the Company’s investment strategy of investing primarily in the form of SAFEs and equity securities that are not publicly traded, the fair value of many of the Company’s investments may not be readily determinable. The Company will value such securities at fair value according to written valuation procedures that have been approved by the Board and as determined in good faith by the Adviser, which has been
appointed Valuation Designee by the Board, under the oversight of the Board. The Company will use those fair values in calculating its NAV.
ASC 820 was created to establish a framework for measuring fair value through the use of certain methods and inputs and shall be used by the Adviser in combination with the directives of Rule 2a-5 of the 1940 Act. ASC 820 defines fair value as the price of an asset that one would observe in an orderly purchase and sale transaction between market participants at a specific point in time. Data inputs used to perform a valuation are categorized as follows:
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by us.
Level 2 – quoted prices for similar assets and liabilities in an active market, quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 – unobservable inputs that are significant to the fair value of the assets or liabilities.
The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics of the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Company’s investments will be fair valued on a quarterly basis and the Company will calculate its NAV as of the close of each business quarter. Fluctuations in an investment’s fair value may be caused by volatility in economic conditions, among other factors. Such fluctuations in the fair value are classified as unrealized gains or losses in the Company’s Statement of Operations. Upon the disposition of an investment, the corresponding gain or loss is classified as realized and will also be noted in the Statement of Operations.
The following table summarizes the levels within the fair value hierarchy for the Company’s investments measured at fair value as of June 30, 2026:
Investments at fair value:
Level 1Level 2Level 3Total
SAFEs in Private Companies
$— $— $19,600,000 $19,600,000 
Total Investments at fair value
$— $— $19,600,000 $19,600,000 
The following table summarizes the levels within the fair value hierarchy for the Company’s investments measured at fair value as of March 31, 2026:
Investments at fair value:
Level 1Level 2Level 3Total
SAFEs in Private Companies
$— $— $8,850,000 $8,850,000 
Total Investments at fair value
$— $— $8,850,000 $8,850,000 
The changes in fair value of investments and liabilities for which the Company has used Level 3 inputs to determine the fair value are as follows:
SAFEs in Private CompaniesTotal
Balance as of March 31, 2026$8,850,000 $8,850,000 
Change in unrealized appreciation on investments
— — 
Net realized gain on investments
— — 
Purchase of investments
10,750,000 10,750,000 
Sale of investments
— — 
Transfer into Level 3
— — 
Transfer out of Level 3— — 
Balance as of June 30, 2026$19,600,000 $19,600,000 
The Company commenced operations on March 16, 2026. Accordingly, no comparative prior period financial information is presented.
Significant Unobservable Inputs
The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of June 30, 2026 and March 31, 2026:
Category
Fair Value June 30, 2026
Valuation Approach
Unobservable Inputs
Impact to Valuation from an Increase to Input
Range
Weighted Average
SAFEs in Private Companies
$19,600,000 Market ApproachPrecedent TransactionIncreaseN/AN/A
CategoryFair Value March 31, 2026Valuation ApproachUnobservable InputsImpact to Valuation from an Increase to InputRangeWeighted Average
SAFEs in Private Companies$8,850,000 Market ApproachPrecedent TransactionIncreaseN/AN/A