Pitch_deck_schema_fund_overview_and_terms Response

Technical Context

• Task Name: pitch_deck_schema_fund_overview_and_terms
• Workflow Run ID: 34
• Timestamp: 2026-09-14T17:03:44.898Z

Grounded Intelligence Data

TOPIC: fund_overview_and_terms

• Manager Name & Background: The fund manager is Warana Capital, LLC and its affiliates (“Warana Capital”) [Page 2]. The firm was founded in 2016 by Tim Ivers [Page 3]. Prior to founding Warana, Tim Ivers co-founded Dakota Capital in 2010 and raised and invested 12 Dakota-branded funds (plus 4 co-investment vehicles) with the same secondary investment focus [Page 3, Page 11]. Tim Ivers serves as Founder & CEO [Page 11].
• Manager Maturity & Regulatory Status: Warana Capital is an SEC registered investment adviser and an Australian Financial Services License holder [Page 3]. With over a decade of experience investing in unlisted hedge fund secondaries (since 2011 under both Warana and Dakota Capital brands) and managing approximately $525 million of assets under management (AUM) across multiple fund vehicles, the manager represents an established specialist in the illiquid secondaries market [Page 3].
• Formal Fund Name & Legal Structure:
  • The latest fund is the Warana 2023 Master Fund LP, which is organized as a Cayman Islands Exempted Limited Partnership [Page 2].
  • Each respective Warana fund is only accessible via one of its feeder funds [Page 2].
  • Prior vintage funds, such as the Warana 2021 Fund, were structured as segregated portfolios within the Warana SP Master Fund Segregated Portfolio Company (e.g., “Warana SP Master Fund SPC – 2021 Segregated Portfolio”) [Page 2].
• Predecessor Entities: “Predecessor Dakota Funds” or “Dakota Funds” include all Dakota and Axle-related funds [Page 2]. Warana was appointed trustee of the Dakota Funds as of July 1, 2021, and manages them in a substantially similar manner [Page 2]. All Dakota Funds are currently in harvest mode [Page 2].
• Primary Asset Class & Core Strategy:
  • The primary asset class consists of unlisted, illiquid fund interests, specifically unlisted hedge fund secondaries and “leftover” private equity [Page 3, Page 5].
  • The core strategy involves buying existing investors out of illiquid funds at a discount to the Net Asset Value (NAV) published by the underlying fund managers [Page 4].
  • Warana targets assets from funds in liquidation for an extended period, where investors are “trapped” and seek liquidity, creating an inefficient market with significant information asymmetries [Page 3, Page 4, Page 5].
• Fund Sizes & Capital Raised (Track Record) [Page 4]:
  • Warana 2023 Fund: $106.0 million raised (78% Cash Calls for the 2021 Fund; 2023 Fund is active) [Page 4].
  • Warana 2021 Fund: $106.0 million raised [Page 4].
  • Warana 2019 Fund: $77.5 million raised [Page 4].
  • Warana 2018 Fund: $50.5 million raised [Page 4].
  • Warana 2017 Fund: $34.4 million raised (fully closed) [Page 4].
  • Dakota Funds: $252.6 million raised (<1% NAV remaining) [Page 4].
• Key Fund Terms (Based on Previous Warana Fund Terms) [Page 10]:
  • Investment Period: 18 months from the initial capital call, with no recycling of capital permitted post-investment period [Page 10].
  • Management Fees: 2% per annum, charged strictly on called capital (not on committed capital) during the investment period plus 4 years only, with a maximum limit of 6 years including all extensions [Page 10].
  • Carried Interest (Performance Fee): 20% carried interest [Page 10]. Performance fees are paid on actual cash returns, not on estimated fund valuation [Page 10].
  • Hurdle Rate (Preferred Return): 8% per annum (non-compounding) hurdle with a GP catch-up [Page 10].
  • Fund Life / Vehicle Term: The full term is 5 years with two optional two-year extensions. Additionally, the General Partner (GP) has the right to sell the fund “tail” once the NAV falls below $5 million, particularly when holding costs outweigh expected recovery [Page 10].
  • Distributions: During the investment period, distributions are generally netted against capital calls [Page 10]. Post-investment period, distributions are distributed as cash is received, generally when cash available exceeds 1% of invested capital [Page 10].
  • Co-Investments: The GP intends to establish separate Co-Investment vehicles for larger transactions that cannot be fully allocated to the main Fund due to size limitations, or for investments with alternative return profiles (e.g., infrastructure funds with lower target IRRs) [Page 10].
  • Functional & Reporting Currency: The functional currency of all Warana Funds is US Dollars (USD) [Page 2]. Dakota Funds used Australian Dollars (AUD) as their functional currency, which have been converted to USD in reports at the Reserve Bank of Australia (RBA) closing exchange rate of 0.6630 [Page 2].
  • Foreign Exchange (FX) Policy: The fund expects to hold largely USD exposure, though underlying assets may vary [Page 10]. FX exposure is not expected to be hedged; instead, any perceived FX risk is priced upfront into the asset acquisition model [Page 10].
  • Investor Reporting: LPs receive quarterly summary reports and commentaries, annual audited financial statements (for master and feeder funds), and annual tax statements for onshore feeder investors [Page 10].
• Target Returns & Investment Philosophy:
  • The Warana 2023 Fund targets net returns of >15-20% Net IRR and a Net TVPI targeting 1.3x [Page 4].
  • The historical cumulative performance of Dakota + Warana Funds is a 20.7% Net IRR and a 1.5x TVPI (net of all fees and expenses) [Page 3].
  • Target gross investment criteria include gross returns of >20% IRR, a >1.3x gross multiple of invested capital (MOIC), and acquisition at an average discount of ~50% to NAV [Page 5].
  • Underwriting philosophy is conservative, rarely forecasting asset recovery values above the underlying fund manager’s current Net Asset Value (focusing on discount capture rather than asset price growth) [Page 5].
• Exemptions & Risk Disclosures:
  • The presentation does not constitute an offer to sell or a solicitation of an offer to buy securities [Page 2].
  • The investments are highly illiquid, and prospective investors should be prepared for the possibility of losing all of their invested capital [Page 2].
  • Historical performance metrics (IRR, DPI, TVPI) are reported net of all applicable management, performance, and other fees and expenses [Page 2].