Joywinclub · Research by Charlie Ng

Funds on the shelf, explained plainly

00Start here

A door that used to be shut

Ten years ago, most of the private-market funds on this page did not exist in a form an individual could buy.

Apollo, Blackstone, KKR, PIMCO, Ares, Carlyle, Hamilton Lane, Barings, Golub, Franklin Templeton, Macquarie, BlackRock, Neuberger Berman — these are the managers institutions and sovereign funds use, and their private funds came with commitments in the millions and a decade of your money locked away. That has genuinely changed. KKR's private markets fund asks $25,000. Nuveen Churchill and BlackRock's private credit funds ask $2,500. Apollo, Blackstone, Golub and HPS sit at $50,000, and Hamilton Lane's infrastructure fund starts at $20,000. Every one of those is open only to accredited or professional investors, so the qualification test rather than the cheque is the real threshold — only {ELIGR} of the funds here are authorised for sale to the retail public. {NMONTHLY} let you redeem monthly or more often and {NQUARTERLY} quarterly, where the old private-markets bargain was ten years and no exit at all. Subscribing is easier than redeeming in most of them — money often goes in monthly and comes back quarterly — so it is worth reading the two halves of a dealing line separately.

That is worth being genuinely pleased about, and it is why this page exists. But an open door is not the same as an easy walk. These are real institutional products with real terms, and reading them well is a skill — one that takes about twenty minutes to learn and then serves you for life. The rest of this page is that walk-through, using the funds in the table below as live examples.

Three kinds of money, and what you are actually buying

Everything here is one of three things. What separates them is what you own and how it is valued — get those two straight and the rest of the page reads easily. Each comes with a reason people want it and a reason to pay attention; both are worth knowing.
Each of the three comes with terms attached — how often you can deal, what it costs, who may buy it. Those are in the table below, and Reading a factsheet well covers how to weigh them.
01The funds

All the funds

Every fund, with what it returned, who sells it, who may buy it and what it costs to get in. Filtered by default to the {NMIN100} available at $100,000 or less. Click any name for its full record.

Click a fund name to open its full record — structure, fees, liquidity terms and every note recorded against it. Click a column heading to sort; the heading row stays put as you scroll. An em dash means the document does not state it. The table opens in name order on purpose: the return column mixes IRRs, NAV total returns and unstated bases over periods that differ from fund to fund, so sorting by it ranks measurements rather than performance. The minimum filter starts at $100k and under — press All to see every fund.
How to read the Bought through and Open to columns
Bought through is the platform the document itself names as the route in — the feeder's sponsor, the named distributor or placement agent, or the branding on the page. Some copies carry a distributor's recipient watermark; that is noted in grey but not counted, and the distributor is not named, because a watermark records who a document was released to rather than who is authorised to sell the fund. {NNOPLAT} name no platform anywhere.
Open to is who the document says may invest. Retail means the fund is authorised for sale to the general public. Accredited is Singapore's threshold under the Securities and Futures Act — broadly, net personal assets above S$2 million, of which net equity in the primary residence counts for at most S$1 million, or S$1 million in financial assets, or income above S$300,000 in the past year; it is opt-in, and opting in gives up some of the protections a retail investor keeps. Professional and institutional are stricter and come from other rulebooks — Hong Kong's professional investor, Europe's professional client, the American qualified purchaser. Because those definitions come from different regimes rather than one ladder, a fund marked professional here is not straightforwardly "one rung above" one marked accredited; it means its document addressed a different rulebook. Across this set: Retail {ELIGR}, Accredited {ELIGA}, Professional {ELIGP}, and {ELIGN} where the document does not say.
Asset class
Minimum
Platform
Fund Asset class Bought through Open to Ann. return Basis Vol Max DD Minimum Covers Record
02Asset classes

What kind of fund each one is

{NACLASS} kinds of fund, ranked by median annualised return. The top two bars each rest on a single fund, so read them as an indication rather than a ranking.

{NACLASS} kinds of fund, ranked by the median annualised return of those in each group that report one. The faded bars rest on a single fund each — {NINFRAR} of the {NINFRA} infrastructure funds and {NSECR} of the {NSEC} secondaries funds report a return, so those are indicative rather than medians. Read the whole chart as a rough level, not a league table: these groups behave differently enough that comparing across them is usually a mistake, and a private credit fund's volatility and a macro fund's are not two points on one scale.
Private credit lends to companies; private equity buys them; private infrastructure owns roads, grids and data centres; secondaries buys second-hand stakes in other private funds. All four hold assets that do not trade, so they are valued by appraisal rather than by a market price. Hedge funds here covers multi-strategy, macro, long/short and single-strategy vehicles, which mostly trade listed instruments. Public equity is listed shares.
03Return and volatility

What each fund returned, and what it cost in volatility

Not a shortlist — these are simply the {NRETVOL} funds whose documents publish both figures, which are the only ones that can be drawn this way. They are ordered by return so you can see the volatility that came with it; each fund's pair covers its own period, so read the pairs rather than the order.

Named, and ranked by return. {NVOL} funds report a volatility, and {NVOLNORET} of those do not also report a return, which leaves {NRETVOL} that can be plotted. Most of them are hedge funds, for a mechanical reason: a volatility needs a frequent price series, and market-priced funds are the ones that have one. So this chart shows the market-priced part of the shelf, which is where both figures naturally live. The chart always shows all {NRETVOL}; the filters in the table above do not change it. Each figure is annualised over that fund's own period, and those periods differ, so read it as a set of individual records rather than a ranking. Each row is one fund: the solid dot is its annualised return, the grey dot is its annualised volatility, and the bar between them is the gap. Both figures exactly as printed.
A long bar to the right means the fund returned far more than it moved about. A long bar to the left means the opposite — the year-to-year swing was larger than the gain. Worth noticing that the ordering is not a straight line: the most volatile fund here is not the highest returning, and the steadiest is not the lowest. Over a period this short that is normal, and a useful reminder that volatility describes the ride rather than the destination.
A listed fund's NAV comes from market prices; a private-market fund's comes from a periodic appraisal of holdings that do not trade. That appraisal is a governed process, not an opinion — section 07 sets out what these documents say about auditors and valuation firms — but it is not the same measurement as a traded price. Barings' private credit document puts it plainly: its holdings are valued with third-party guidance and are "generally not reflective of broad liquid market sentiments". That is why the dots are coloured apart. Hollow rings mark records that include modelled or predecessor performance.

Volatility is the size of the typical year-to-year swing. A fund returning 10% a year with 3% volatility mostly lands between 7% and 13%. The same 10% with 25% volatility mostly lands between −15% and +35%. Identical average, completely different experience of owning it — which is why the two numbers are only worth reading together.

What does the volatility figure actually mean?
It is the typical size of the swing around the average, per year. A fund returning 10% a year with 3% volatility mostly lands somewhere between 7% and 13%. The same 10% with 25% volatility mostly lands between −15% and +35%. Same average, completely different experience of owning it. The rough rule is that about two years in three fall within one volatility of the average, and about nineteen years in twenty fall within two.
Two funds in this set make the point. Winfield Global returned 21.8% a year with 2.6% volatility — a narrow, steady band. Neuberger Berman's connectivity fund returned 10.7% with 26.4% — its typical year runs anywhere from a 16% loss to a 37% gain. Two very different experiences of owning a fund, and both are perfectly reasonable things to want.
One thing worth knowing about how it is calculated. Volatility comes from the fund's own reported price series. For a listed fund that series is a market price updating daily; for private credit, private equity, infrastructure and secondaries it is a valuation struck monthly or quarterly by appraisal. An appraisal moves on a schedule and a market price moves on news, so appraised series are smoother by construction — which is why the lowest figure in this study is {VOLLO}. Both are real numbers, measured on different clocks.
04What is inside

What is inside each fund

Holdings, concentration and sector mix as each document reports them — and how to tell whether a holdings count means spread or concentration.

What each document publishes about the portfolio itself.

What one "holding" is depends on what the fund buys.

Every fund publishes a holdings count, and it is the most useful single line about the portfolio once you know the unit behind it. Four units appear on this page.

20
pre-IPO companies
Concentrated by design. Each name is a real slice of the fund — that is how a growth-equity manager expresses conviction.
295
loans to companies
Spread by design. No single borrower can move it much, which is how a lending fund produces steady income.
10
other hedge funds
The widest of all. Each of those ten runs hundreds of positions itself, so ten managers is really thousands of holdings.
25
strategies
A multi-strategy fund counts strategies rather than positions, which tells you how the manager divides the work.

So 20 is not automatically riskier than 295 — the two funds are built for different jobs. A small count of companies is a conviction portfolio; a large count of loans is an income portfolio designed to absorb a few defaults. The table below prints the count and the unit side by side, so you can see which job a fund is built for.

Where a document gives a sector split, the technology share is shown — {NTECH} funds do, from {TECHLO} to {TECHHI}, median {TECHMED}. Worth a glance against what you already hold, because technology can arrive through a fund that is not called a technology fund.

Asset class
Minimum
Fund Asset class Holdings Counting what Top 10 Largest In tech Beta Public equity Benchmark
05Diversification

How diversified is what you already own?

Most portfolios are one thing: listed shares, mostly American. Two questions tell you whether a fund adds anything new — does it own a different kind of asset, and does it invest in a different economy? The grid places every fund on both, so you can see which of the two you would actually be buying.

Diversification here has two independent dimensions. What you own — securities that trade on a market, or private assets that do not. And where the money goes. A fund can be completely different from your portfolio on one and identical on the other, which is why the grid below shows both at once. Every fund is placed by what its own document states.

Start with your own holdings, not with the fund.

If what you hold is an S&P 500 tracker, a global equity fund, a Singapore unit trust or a handful of American shares, then you own listed securities, in the American economy. That is one corner of the grid, and a world index is roughly two-thirds American by value, so a "global" fund is usually a good deal of the same bet. It is a perfectly sound place to be — it is simply one place. Everything below is measured from it: the further a fund sits from that corner, the more it changes about your position rather than repeating it.

state a mandate outside the United States — mostly Asia and Singapore, as written in their own documents.
hold assets that do not trade, so they move to a different rhythm from listed markets whatever country they invest in. That is diversification of a different kind.

The two kinds do different jobs, so pick the one you actually want.

Private markets change the asset type and the rhythm. Private credit and private equity do not move with the stock market day to day, and that steadiness is a real benefit and much of why people hold them. What they do not necessarily change is the economy underneath: {NUSUNL} of the {NUS} US-centred funds here hold unlisted assets.

Both are genuine diversification, and the grid lets you pick. If you want a different rhythm, take the unlisted column. If you want a different economy, take the {NNONUS} funds in the "somewhere else" row. Knowing which of the two you are buying is the whole point of the map.

Read the grid as a map, not a ranking — no box is better than another, they simply sit in different places relative to a portfolio of listed shares. Global mandate means the document states a global remit without a country breakdown; world equity indices are roughly two-thirds American by value, so a global mandate usually carries a substantial US weight. Not stated means the document gives no geography, mandate or benchmark. A dagger (†) marks a fund measured against a US index without stating a US exposure — a benchmark is a comparator rather than a holding, which is why it does not place a fund on its own: GAM's private shares fund is benchmarked to MSCI Small Cap USA and reports a beta of −0.02 to it.
06Reading a factsheet

Reading a factsheet well

Seven habits that make any factsheet quick to read and easy to compare with the next one, plus three questions worth asking of every fund.

Seven habits that make these documents easy to compare. None is a criticism of any particular fund — they are simply the questions an analyst asks of every document, and they become quick once they are routine.
What does "beta" mean?
Beta answers one question: when the stock market moves 1%, how much does this fund move? A beta of 1.0 means it moves with the market — you are holding the market. 0.5 means half as much. 0 means the two have nothing to do with each other. A negative beta means it tends to move the opposite way. It is the cleanest single check on whether a fund is doing something different from the index.
Two funds here show both ends. The Neuberger Berman connectivity fund states a beta of 1.31, so it moves rather more than the market and in the same direction — which is what you would expect of a concentrated equity fund. The GAM private shares fund states −0.02 against its own benchmark, about as unrelated as it gets.
Beta always has to be measured against something, and the document has to say what. A beta against a hedge fund index means something completely different from a beta against the S&P 500. Of the {NBETA} funds here that report one, the reference index is not always named, so it is worth checking.

Three questions worth asking of any of them

Each is answerable from the document in front of you, which is what makes them useful.
One thing to hold on to about "low risk" and "high risk". The lowest volatility in this study is {VOLLO}, and it belongs to a private credit fund whose NAV is struck on unlisted loans; the highest is {VOLHI} and belongs to a listed equity fund. Taken at face value that reads as one being far safer than the other, but the two figures are built differently: one from prices a market set daily, the other from a periodic appraisal of assets that do not trade. Both are properly produced. They simply answer the question on different timescales, so the comparison works within an asset class and not across them.
07How this was built

Method

How every figure was extracted, and the two rules that govern it: nothing is computed, and every number is labelled by its basis.

Each document was put through five steps: classify what the file is; extract a fixed set of 34 fields, seventeen of which are the facts the Covers column scores; label the basis of every number; note anything a reader would want drawn to their attention; and compile. Nothing is sourced from outside the documents, nothing is estimated, and where a field is absent the record says so.

On the platform column. A fund is listed against a platform only where its document names that platform in a distributing role — as the issuer of the feeder vehicle, the named distributor or placement agent, the subscription route, or the branding on the document itself. Where a platform appears only in a recipient watermark, the fact is noted in grey but the platform is not named and not counted, because a watermark records who a document was released to rather than who may sell the fund. {NNOPLAT} name no platform at all.

On the eligibility column. Taken from the document's own audience statement or investor-eligibility term, not from disclaimer boilerplate — the sentence "not available to retail investors" is evidence against retail access, not for it. Where a document lists several tiers, the least restrictive one actually offered to is shown.

On "appraised" and "market-priced". Where a fund holds assets that do not trade, its NAV is an appraisal rather than a quoted price. That is not an informality: these documents name auditors including KPMG, Deloitte, BDO and Ernst & Young, describe independent third-party valuation firms engaged to support portfolio marks, and several operate a formal valuation designee reporting to a board of trustees. The label in this study distinguishes how a number is produced, not how trustworthy it is.

This is a study of disclosure, not of manager quality. A fund that discloses little may be excellent; a fund that discloses everything may be poor. The point is that the second can be assessed and the first cannot.