Net Assets |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Net Assets Value [Abstract] | |
| Net Assets | 5. Net Assets As of September 30, 2026, the Fund offers or offered nine classes of Units to third party investors of the Fund: Class A-B Units, Class B Units, Class A-D Units, Class D Units, Class A-I Units, Class I Units, Class A-S Units, Class S Units and Class R Units. Additionally, the Fund offers Class E Units to Vista affiliates, officers, directors, employees and certain strategic partners, in Vista’s sole discretion. The key differences between each such Unit class relate to the ongoing servicing fees, upfront subscription fees, Management Fees and Performance Participation Allocation. The Fund, at the discretion of the General Partner, has the authority to issue an unlimited number of Units of each Unit class. As of September 30, 2026, no Class D Units have been issued since inception. The purchase price per Unit of each class is equal to the Transactional NAV per Unit for such class as of the last calendar day of the immediately preceding month. The Transactional NAV per Unit for each class is determined by dividing the total assets of the Fund attributable to such class, less the value of any liabilities of such class, adjusted for Expense Support advanced by the Manager, accrued servicing fees and certain deferred tax liabilities, as applicable, by the total number of outstanding Units of such class. Units to third party investors were first issued on April 1, 2025, and the Transactional NAV was first determined as of April 30, 2025. Prior to April 30, 2025, the initial subscription price for Units was $25.00 per Unit plus applicable subscription fees. Unit issuances related to monthly subscriptions are effective as of the first calendar day of each month. Units are issued at a price per Unit equivalent to the Fund’s most recent Transactional NAV per Unit for each class, which is the Fund’s prior month-end Transactional NAV per Unit. The Consolidated Statements of Changes in Net Assets provides a summary of the Units issued through September 30, 2026 and September 30, 2025. Repurchase Program The Fund offers a Unit repurchase plan pursuant to which, on a quarterly basis, unitholders may request that the Fund repurchase all or any portion of their Units. The Fund may repurchase fewer Units than have been requested in any particular quarter to be repurchased under the Unit repurchase plan, or none at all, at the General Partner’s discretion. In addition, the aggregate amount of repurchases in any calendar quarter will not exceed 5% of the aggregate Transactional NAV attributable to Investor Units and Class E Units, based on the average aggregate Transactional NAV attributable to Investor Units and Class E Units at the end of the immediately preceding calendar quarter. Subject to certain limited exceptions, any repurchase request relating to Investor Units (other than Class R Units) and Class E Units that have not been outstanding for at least two years will be subject to an early repurchase deduction equal to 5% of the value of the Fund’s Transactional NAV of the Units being repurchased. The General Partner may, from time to time, waive the early repurchase deduction in its discretion. The Unit repurchase program became effective as of September 5, 2025. During the three and nine months ended September 30, 2026, the Fund repurchased 7,279 and 842,064 Units of Class A-B Units, pursuant to its repurchase program, at an average price per Unit of $31.50 and $30.49, respectively. During the nine months ended September 30, 2026, the Fund repurchased 385,642 Units of Class A-D Units, pursuant to its repurchase program, at an average price per Unit of $30.56. The Fund did not repurchase any Class A-D Units during the three months ended September 30, 2026. During the three and nine months ended September 30, 2026, the Fund repurchased 797,971 and 898,149 Units of Class A-I Units, respectively, including through the Feeder’s investment in the Fund, pursuant to its repurchase program, at an average price per Unit of $31.70 and $31.59, respectively. During the three and nine months ended September 30, 2026, the Fund repurchased 87,564 and 315,508 Units of Class A-S Units, pursuant to its repurchase program, at an average price per Unit of $31.37 and $30.65, respectively. During the three and nine months ended September 30, 2026, the Fund repurchased 1,803 Units of Class I Units, through the Feeder’s investment in the Fund, pursuant to its repurchase program, at an average price per Unit of $31.51.
The Fund did not repurchase any Units under its unit repurchase program during the three and nine months ended September 30, 2025. Class V Units are not subject to the repurchase program and are subject to a separate repurchase arrangement. Repurchases of any units, shares or interests used to satisfy the Management Fee, Performance Participation Allocation or Expense Support reimbursement are not subject to the repurchase program or the early repurchase deduction and may be redeemed at the General Partner’s request. |