{
"consolidatedKnowledge": {
"fund_overview_and_terms": {
"attributedTrackRecord": "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.",
"carriedInterest": {
"exact_amount": {
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},
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"source_number_text": "20%",
"unit": "PERCENT"
},
"catchUpProvision": {
"details": "GP catch-up",
"hasCatchUp": true
},
"classificationReasoning": "The fund is structured as a closed-end vehicle with a 5-year life and an 18-month investment period, focusing on buying secondary interests in unlisted and illiquid funds.",
"diversityClaims": [],
"domicile": "Cayman Islands",
"firmAUM": {
"currency": "USD",
"exact_amount": {
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"magnitude": "MILLIONS"
},
"normalized_exact_amount": 525000000,
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"unit": "MONETARY"
},
"foundingYear": 2016,
"fundLife": {
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"magnitude": "ONES"
},
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"unit": "YEARS"
},
"fundName": "Warana 2023 Master Fund LP",
"fundSeries": "2023",
"hurdleRate": {
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"magnitude": "ONES"
},
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"source_number_text": "8% per annum",
"unit": "PERCENT"
},
"investmentPeriod": {
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},
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"source_number_text": "18 months",
"unit": "MONTHS"
},
"isFirstTimeFund": false,
"isOpenEnded": false,
"keyRiskDisclosures": [
"highly illiquid",
"possibility of losing all of their invested capital"
],
"legalAdviserName": "Warana Capital, LLC",
"legalFundName": "Warana 2023 Master Fund LP",
"managementCompany": "Warana Capital, LLC",
"managementFee": {
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"magnitude": "ONES"
},
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"source_number_text": "2%",
"unit": "PERCENT"
},
"managerClassification": "Established",
"maturityClassificationReasoning": "Warana Capital has over a decade of experience since 2011 across Warana and predecessor brands, managing approximately $525 million in AUM across multiple fund vehicles.",
"offshoreEntities": [
"Warana SP Master Fund Segregated Portfolio Company",
"Warana SP Master Fund SPC – 2021 Segregated Portfolio"
],
"primaryAssetClass": "Private Equity",
"regulatoryExemptions": [],
"totalAUM": {
"currency": "USD",
"exact_amount": {
"amount": 106,
"magnitude": "MILLIONS"
},
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"unit": "MONETARY"
},
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},
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"source_number_text": "over a decade",
"unit": "COUNT"
},
"vintageYear": "2023"
},
"strategy_and_portfolio": {
"analystSummary": "Warana Capital's strategy exploits information asymmetries in the secondary market by acquiring illiquid, unlisted fund interests at an average discount of ~50% of NAV. The GP's competitive edge lies in its proprietary GP relationships, historical data tracking 500 LP interests, and a bottom-up underwriting approach that does not rely on underlying asset growth. This highly disciplined, selective model captures arbitrage value and cost-free non-core asset optionality while maintaining strong downside protection.",
"assetClass": "Private Equity",
"capitalRecycling": "No capital recycling allowed after the 18-month investment period expires [Page 10].",
"coInvestmentRights": "The GP intends to establish dedicated Co-Investment vehicles for larger transactions that exceed standard fund allocation limits or involve different risk/return profiles (such as infrastructure funds targeting lower IRRs) [Page 10].",
"concentrationLimits": "Funds are sized appropriately for the specific unlisted hedge fund secondary opportunity set, avoiding the necessity of 'style drift' [Page 7, Page 10].",
"dealSourcingStrategy": "Warana utilizes over 13 years of cumulative data and diligence materials, tracking approximately 500 LP interests managed by more than 200 different managers, alongside proprietary relationships within the secondary hedge fund market to bypass highly competitive auctions [Page 3].",
"holdingPeriod": "Under 4 years [Page 8]",
"illustrativeScenarios": [],
"investmentThemes": [
"Liquidating, gated, or side-pocketed funds [Page 4]",
"Private Equity secondaries [Page 8]",
"Listed Equity with selling restrictions [Page 8]",
"Corporate Debt in bankruptcy/restructuring [Page 8]",
"Real Estate collateralized credit funds [Page 8]",
"Cash-Heavy Holdings [Page 8]",
"Legal and Liquidation Claims [Page 8]"
],
"investmentThesis": "Warana Capital utilizes significant information asymmetries, extensive GP relationships, and a highly disciplined bottom-up underwriting approach to acquire illiquid, unlisted fund interests at deep discounts (averaging ~50%) to Net Asset Value (NAV) [Page 3, Page 5]. By targeting inefficient secondary market situations where investors are 'trapped' in liquidating or gated funds, the GP captures arbitrage value without relying on underlying asset or NAV growth [Page 4, Page 5].",
"keyClaims": [
"Acquires illiquid, unlisted fund interests at deep discounts averaging ~50% to Net Asset Value (NAV) [Page 3, Page 5]",
"Strategy does not rely on asset price appreciation or manager-reported NAV growth to achieve target returns [Page 5]",
"Maintains high barriers to entry via restricted access to asset supply, GP transfer approval requirements, and proprietary relationships [Page 3]",
"Winning bids represent a selective ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7]",
"Systematically prices highly complex, non-core assets at zero or nominal cost, capturing them as cost-free 'options' [Page 7]",
"Historical performance has generated a cumulative 20.7% IRR and 1.5x TVPI net of fees across Dakota and Warana fund track records [Page 3]"
],
"leadInvestorStatus": "Other",
"leverageLimits": "Not specified in the document.",
"modelAssumptions": [
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"GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager [Page 5]",
"A target gross return hurdle of >20% (>1.3x multiple) is applied as a discount rate, scaled upward for risk [Page 9]",
"Expected recovery rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9]"
],
"primaryObjective": "Target gross returns of >20% IRR and >1.3x Multiple on Invested Capital (MOIC) by purchasing unlisted, illiquid fund interests at substantial discounts [Page 5].",
"qualitativeThemes": [
"Information Advantage",
"Proprietary Sourcing",
"Downside Protection",
"Strict Underwriting Discipline"
],
"targetGeographies": [
"Global (excluding Emerging and Frontier Markets) [Page 8]"
],
"targetReturns": {
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},
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"netMoic": {
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"targetSectors": [
"Private Equity [Page 8]",
"Listed Equity [Page 8]",
"Corporate Debt [Page 8]",
"Real Estate [Page 8]",
"Cash-Heavy Holdings [Page 8]",
"Legal and Liquidation Claims [Page 8]"
],
"targetStages": [
"Secondaries [Page 3]",
"Special Situations [Page 4]",
"Liquidating Funds [Page 4]"
],
"valueCreationPlaybook": [
"Bypassing highly competitive auctions through proprietary GP relationships [Page 3]",
"Purchasing assets at steep discounts to capture the valuation spread over the medium term [Page 5]",
"Pricing highly complex, non-core assets at zero or nominal cost to capture cost-free optionality [Page 7]",
"Tail-End Management: Selling the remaining fund tail once NAV falls below $5 million to optimize holding costs [Page 10]"
]
},
"team_and_track_record": {
"additionalTeamMembers": [
{
"firstName": "Bjorg",
"lastName": "Klem",
"title": "Managing Director"
},
{
"firstName": "Daniel",
"lastName": "Nolan",
"title": "Managing Director, Head of Origination"
},
{
"firstName": "Mark",
"lastName": "Downey",
"title": "Investment Analyst"
},
{
"firstName": "Robin",
"lastName": "Dong",
"title": "Investment Analyst"
},
{
"firstName": "Brandon Bo",
"lastName": "Lee",
"title": "Controller"
},
{
"firstName": "Ruchama",
"lastName": "Bin-Nun",
"title": "Senior Associate"
},
{
"firstName": "Andrew",
"lastName": "Chen",
"title": "Senior Associate"
},
{
"firstName": "Kevin",
"lastName": "Wang",
"title": "Analyst"
},
{
"firstName": "Vita",
"lastName": "Pan",
"title": "Analyst"
},
{
"firstName": "Jennifer",
"lastName": "Howrigan",
"title": "Head of Investor Relations & Business Development"
}
],
"advisorsAndOperatingPartners": [
{
"firstName": "Lawrence",
"lastName": "Myers",
"title": "Advisory Committee Member"
},
{
"firstName": "Michael",
"lastName": "Sternberg",
"title": "Advisory Committee Member"
}
],
"aggregateFirmMetrics": {
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"exact_amount": {
"amount": 20.7,
"magnitude": "ONES"
},
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}
},
"caseStudies": [],
"firmLeadership": [
{
"firstName": "Sun",
"lastName": "Chin",
"title": "CFO & COO"
}
],
"keyPrincipals": [
{
"education": [
"Graduate Diploma of Applied Finance and Investment from the Securities Institute (now FINSIA)",
"Bachelor of Commerce from the University of Queensland",
"Bachelor of Economics from the University of Queensland"
],
"firstName": "Tim",
"isInvestmentCommittee": true,
"isInvestmentTeam": true,
"lastName": "Ivers",
"priorFirms": [
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"Dakota Capital",
"Everest Financial Group",
"UBS",
"Merrill Lynch",
"Ernst & Young"
],
"title": "Founder & CEO"
},
{
"education": [
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"BA in History from Duke University"
],
"firstName": "Grant",
"isInvestmentCommittee": true,
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"lastName": "Gillespie",
"priorFirms": [
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"Merrill Lynch"
],
"title": "Partner"
}
],
"performanceAsOfDate": "June 30, 2023",
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{
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},
"source_number_text": "Targeting Net >15-20%",
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},
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"exact_amount": {
"amount": 1.3,
"magnitude": "ONES"
},
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"source_number_text": "Targeting Net 1.3x",
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},
"vehicleName": "Warana 2023 Fund",
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},
{
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"netMoic": {
"exact_amount": {
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},
{
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"fundSize": {
"currency": "USD",
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"vehicleName": "Warana 2019 Fund",
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},
{
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},
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},
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},
{
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},
{
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"fundSize": {
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"magnitude": "MILLIONS"
},
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},
"netIrr": {
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},
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"exact_amount": {
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},
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"unit": "MULTIPLIER"
},
"vehicleName": "Dakota Funds",
"vintageYear": 2010
}
]
},
"warehoused_deals": {
"pipelineCompanies": []
}
},
"deckText": "",
"extractedSecEntities": {
"claimed_aum": "approximately $525 million",
"corporate_names": [
{
"name": "Warana Capital, LLC",
"rationale": "Identified as the management company and legal adviser in the fund_overview_and_terms section."
},
{
"name": "Dakota Capital",
"rationale": "Identified in the team_and_track_record section as a predecessor brand and firm co-founded by Tim Ivers."
},
{
"name": "Everest Financial Group",
"rationale": "Listed as a prior firm for Tim Ivers in the team_and_track_record section."
},
{
"name": "Axle Capital",
"rationale": "Listed as a prior firm for Tim Ivers in the team_and_track_record section."
}
],
"fund_names": [
{
"name": "Warana 2023 Master Fund LP",
"rationale": "Explicitly named as the primary fund and legal fund name in the fund_overview_and_terms section."
},
{
"name": "Warana SP Master Fund Segregated Portfolio Company",
"rationale": "Listed as an offshore entity in the fund_overview_and_terms section."
},
{
"name": "Warana SP Master Fund SPC – 2021 Segregated Portfolio",
"rationale": "Listed as an offshore entity in the fund_overview_and_terms section."
},
{
"name": "Warana 2023 Fund",
"rationale": "Listed as a prior vehicle in the team_and_track_record section."
},
{
"name": "Warana 2021 Fund",
"rationale": "Listed as a prior vehicle in the team_and_track_record section."
},
{
"name": "Warana 2019 Fund",
"rationale": "Listed as a prior vehicle in the team_and_track_record section."
},
{
"name": "Warana 2018 Fund",
"rationale": "Listed as a prior vehicle in the team_and_track_record section."
},
{
"name": "Warana 2017 Fund",
"rationale": "Listed as a prior vehicle in the team_and_track_record section."
},
{
"name": "Dakota Funds",
"rationale": "Listed as a collection of prior vehicles in the team_and_track_record section."
}
],
"headquarters_city": "null",
"headquarters_state": "null",
"website": "null"
},
"extractions": [
{
"markdown_content": "### TOPIC: fund_overview_and_terms\n\n* **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].\n* **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].\n* **Formal Fund Name & Legal Structure**: \n * The latest fund is the **Warana 2023 Master Fund LP**, which is organized as a Cayman Islands Exempted Limited Partnership [Page 2].\n * Each respective Warana fund is only accessible via one of its feeder funds [Page 2].\n * 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].\n* **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].\n* **Primary Asset Class & Core Strategy**: \n * The primary asset class consists of unlisted, illiquid fund interests, specifically unlisted hedge fund secondaries and \"leftover\" private equity [Page 3, Page 5].\n * 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].\n * 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].\n* **Fund Sizes & Capital Raised (Track Record)** [Page 4]:\n * *Warana 2023 Fund*: $106.0 million raised (78% Cash Calls for the 2021 Fund; 2023 Fund is active) [Page 4].\n * *Warana 2021 Fund*: $106.0 million raised [Page 4].\n * *Warana 2019 Fund*: $77.5 million raised [Page 4].\n * *Warana 2018 Fund*: $50.5 million raised [Page 4].\n * *Warana 2017 Fund*: $34.4 million raised (fully closed) [Page 4].\n * *Dakota Funds*: $252.6 million raised (<1% NAV remaining) [Page 4].\n* **Key Fund Terms (Based on Previous Warana Fund Terms)** [Page 10]:\n * *Investment Period*: 18 months from the initial capital call, with no recycling of capital permitted post-investment period [Page 10].\n * *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].\n * *Carried Interest (Performance Fee)*: 20% carried interest [Page 10]. Performance fees are paid on actual cash returns, not on estimated fund valuation [Page 10].\n * *Hurdle Rate (Preferred Return)*: 8% per annum (non-compounding) hurdle with a GP catch-up [Page 10].\n * *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].\n * *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].\n * *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].\n * *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].\n * *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].\n * *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].\n* **Target Returns & Investment Philosophy**:\n * The Warana 2023 Fund targets net returns of >15-20% Net IRR and a Net TVPI targeting 1.3x [Page 4].\n * 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].\n * 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].\n * 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].\n* **Exemptions & Risk Disclosures**:\n * The presentation does not constitute an offer to sell or a solicitation of an offer to buy securities [Page 2].\n * The investments are highly illiquid, and prospective investors should be prepared for the possibility of losing all of their invested capital [Page 2].\n * Historical performance metrics (IRR, DPI, TVPI) are reported net of all applicable management, performance, and other fees and expenses [Page 2].",
"schema_name": "fund_overview_and_terms",
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"attributedTrackRecord": "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.",
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},
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"markdown_content": "### TOPIC: strategy_and_portfolio\n\n#### Executive Summary\nWarana Capital utilizes significant information asymmetries, extensive GP relationships, and a highly disciplined bottom-up underwriting approach to acquire illiquid, unlisted fund interests at deep discounts (averaging ~50%) to Net Asset Value (NAV) [Page 3, Page 5]. By targeting inefficient secondary market situations where investors are \"trapped\" in liquidating or gated funds, the GP captures arbitrage value without relying on underlying asset or NAV growth, securing substantial downside protection [Page 4, Page 5]. This specialized strategy has historically generated a cumulative performance of 20.7% IRR and 1.5x TVPI net of fees and expenses across its unified Dakota and Warana fund track record [Page 3].\n\n---\n\n#### 1. Primary Investment Objective & Core Strategy\n* **Primary Objective:** Target gross returns of >20% IRR and >1.3x Multiple on Invested Capital (MOIC) by purchasing unlisted, illiquid fund interests at substantial discounts [Page 5].\n* **Core Arbitrage Playbook:** The strategy centers on providing immediate liquidity to investors who are otherwise locked or \"trapped\" in liquidating, gated, or side-pocketed funds, purchasing their positions at a steep discount, and capturing the valuation spread over the medium term as the underlying assets are resolved and distributed [Page 4, Page 5].\n* **No Reliance on NAV Growth:** Warana's model does not rely on asset price appreciation or manager-reported NAV growth to achieve its target returns; value creation is almost entirely driven by the initial purchase discount capture [Page 5].\n* **Conservative Valuations:** The GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager, maintaining a strict margin of safety [Page 5].\n\n---\n\n#### 2. Target Asset Classes, Situations, and Investment Criteria\n\n##### Target Situations & Fund Assets (Preferred)\n* **Private Equity:** Equity managers awaiting a liquidity event or credit managers holding post-restructuring equity [Page 8].\n* **Listed Equity:** Situations where the manager is unable or unwilling to sell due to valuation, post-IPO lock-ups, large size relative to daily trading volume, or board seat restrictions [Page 8].\n* **Corporate Debt:** Unresolved or defaulted debt that is yet to mature or is currently in the midst of bankruptcy/restructuring [Page 8].\n* **Real Estate:** Direct purchases out of funds or holdings in credit funds where real estate serves as collateral and the borrower has defaulted [Page 8].\n* **Cash-Heavy Holdings:** Funds holding excess cash reserves earmarked against future fees, operational expenses, taxes, or potential litigation claims [Page 8].\n* **Legal and Liquidation Claims:** Historical liquidation claims (such as Lehman estate claims), bankruptcy claims, tax claims, and other leftover litigation [Page 8].\n\n##### Situations Avoided or Priced Nominally\n* **No Earnings or Asset Value:** Tangible assets and cash flow are deemed crucial to assigning value; assets lacking these are avoided [Page 8].\n* **Binary Outcomes:** Avoidance of assets highly dependent on volatile commodity prices or regulatory approvals, particularly in energy and biotechnology sectors [Page 8].\n* **Early Stage / Venture Capital:** The GP avoids valuations based on revenue multiples or preceding financing rounds [Page 8].\n* **Emerging or Frontier Markets:** Holdings in jurisdictions where Warana cannot rely on the rule of law or where there is high currency exposure [Page 8].\n* **Longer Recovery Timelines:** Avoidance of long-dated assets where the projected path to liquidity exceeds 4 years [Page 8].\n* **Suspicion of Fraud or Illegal Activity:** Avoided completely unless there is a clear, viable path to whistle-blowing or immediate manager replacement [Page 8].\n\n---\n\n#### 3. Sourcing Strategy & Competitive Advantages\n* **Information Advantage:** Warana utilizes over 13 years of cumulative data and diligence materials, tracking approximately 500 LP interests managed by more than 200 different managers [Page 3].\n* **Proprietary Sourcing:** The GP utilizes proprietary relationships and an established reputation within the secondary hedge fund market to bypass highly competitive auctions [Page 3].\n* **High Barriers to Entry:** Market entry is limited by restricted access to asset supply, GP transfer approval requirements, and the difficulty of obtaining reliable underlying diligence information [Page 3].\n* **Bidding Selectivity:** Warana maintains strict underwriting discipline; winning bids represent ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7].\n* **\"Free\" Optionality Capture:** Warana systematically prices highly complex, non-core assets (e.g., litigation claims, agricultural land in emerging markets like Brazil, and levered real estate) at zero or nominal cost. These assets act as cost-free \"options\" that generate meaningful upside upon recovery, with the number of options per fund rising from ~11 in the 2017 Fund to ~49 in the 2021 Fund [Page 7].\n\n---\n\n#### 4. Model Price Construction & Due Diligence Methodology\nThe GP builds its target model price through a four-part bottom-up framework:\n1. **Expected Recovery:** Calculated as the standalone expected sale price of the asset; the model rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9].\n2. **Liquidity Timing:** Acknowledges that timing is highly challenging to estimate and that the vast majority of recoveries take longer than initial manager guidance [Page 9].\n3. **Manager Overlay:** Crucial evaluation of interest divergence between managers and investors, alongside qualitative assessments of GP quality accumulated over 10+ years of active market experience [Page 9].\n4. **Discount Rate:** Applying a target gross return hurdle of >20% (>1.3x multiple), which is scaled upward to account for additional perceived risk [Page 9].\n\n---\n\n#### 5. Portfolio Construction Parameters & Terms\nBased on previous Warana funds, the core portfolio parameters include:\n* **Investment Period:** 18 months from the initial capital call, with no capital recycling allowed after this period expires [Page 10].\n* **Concentration Limits & Scale:** Funds are sized appropriately for the specific unlisted hedge fund secondary opportunity set, avoiding the necessity of \"style drift\" as the pipeline grows [Page 7, Page 10].\n* **Tail-End Management:** The GP maintains the contractual ability to sell the remaining fund \"tail\" once the total fund NAV falls below $5 million, optimizing holding costs against slow recoveries [Page 10].\n* **Co-Investment Rights:** The GP intends to establish dedicated Co-Investment vehicles for larger transactions that exceed standard fund allocation limits or involve different risk/return profiles (such as infrastructure funds targeting lower IRRs) [Page 10].\n* **Foreign Exchange Policy:** Fund assets are expected to have primarily USD exposure. The fund does not hedge FX exposure; instead, any perceived FX risks are factored directly into upfront asset pricing [Page 10].\n\n---\n\n#### 6. Historical Performance and Financial Models\n\n##### Historical Track Record (as of June 30, 2023)\n* **Dakota Funds (Vintage 2011–2015):** $252.6mm USD raised. Average purchase price: 40% of NAV. Projected Net IRR: 28%. Net TVPI: 1.70x. Net DPI: 1.69x. Less than 1% NAV remains [Page 4].\n* **Warana 2017 Fund:** $34.4mm USD raised. Cash calls: 89%. Average purchase price: 56% of NAV. Projected Net IRR: 12%. Net TVPI: 1.29x. Net DPI: 1.29x. Net Cash Multiple: 1.32x (fully closed) [Page 4].\n* **Warana 2018 Fund:** $50.5mm USD raised. Cash calls: 70%. Average purchase price: 51% of NAV. Projected Net IRR: 15%. Net TVPI: 1.40x. Net DPI: 1.19x. Net Cash Multiple: 1.55x [Page 4].\n* **Warana 2019 Fund:** $77.5mm USD raised. Cash calls: 66%. Average purchase price: 24% (skewed by an outlier deep discount trade; average is 38% excluding this trade). Projected Net IRR: 18%. Net TVPI: 1.44x. Net DPI: 0.93x. Net Cash Multiple: 1.66x [Page 4].\n* **Warana 2021 Fund:** $106.0mm USD raised. Cash calls: 78%. Average purchase price: 59% of NAV. Projected Net IRR: 22%. Net TVPI: 1.62x. Net DPI: 0.55x. Net Cash Multiple: 1.79x [Page 4].\n\n##### Current Fund Targets (Warana 2023 Fund)\n* **Capital Raised:** $106.0mm USD [Page 4].\n* **Average Purchase Price:** 59% of NAV [Page 4].\n* **Target Net Return:** Targeting Net IRR of >15–20% [Page 4].\n* **Target Multiple:** Targeting Net TVPI of 1.3x [Page 4].\n\n##### Core Fund Terms\n* **Management Fees:** 2% per annum calculated solely on called capital during the investment period plus 4 years (capped at a maximum of 6 years including all extensions) [Page 10].\n* **Carried Interest:** 20% carried interest over an 8% per annum non-compounding hurdle rate, featuring a general partner catch-up [Page 10]. Performance fees are explicitly structured to be paid on actual cash returns rather than paper valuations [Page 10].\n* **Distributions:** During the active investment period, distributions are generally netted directly against capital calls. Post-investment period, cash distributions are returned to LPs as received, typically whenever available cash exceeds 1% of total invested capital [Page 10].",
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"Maintains high barriers to entry via restricted access to asset supply, GP transfer approval requirements, and proprietary relationships [Page 3]",
"Winning bids represent a selective ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7]",
"Systematically prices highly complex, non-core assets at zero or nominal cost, capturing them as cost-free 'options' [Page 7]",
"Historical performance has generated a cumulative 20.7% IRR and 1.5x TVPI net of fees across Dakota and Warana fund track records [Page 3]"
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"leadInvestorStatus": "Other",
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"GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager [Page 5]",
"A target gross return hurdle of >20% (>1.3x multiple) is applied as a discount rate, scaled upward for risk [Page 9]",
"Expected recovery rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9]"
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"targetSectors": [
"Private Equity [Page 8]",
"Listed Equity [Page 8]",
"Corporate Debt [Page 8]",
"Real Estate [Page 8]",
"Cash-Heavy Holdings [Page 8]",
"Legal and Liquidation Claims [Page 8]"
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"Purchasing assets at steep discounts to capture the valuation spread over the medium term [Page 5]",
"Pricing highly complex, non-core assets at zero or nominal cost to capture cost-free optionality [Page 7]",
"Tail-End Management: Selling the remaining fund tail once NAV falls below $5 million to optimize holding costs [Page 10]"
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{
"markdown_content": "# Team and Track Record\n\n## Leadership, Investment, and Operational Team\n\nThe Warana Capital team consists of thirteen professionals across Investments, Operations, and Investor Relations `[Page 3]`, plus an Advisory Committee. Below is the detailed roster of team members extracted from the presentation, categorized by their primary responsibilities:\n\n### Investment Team (isInvestmentTeam: True)\n*These team members' primary roles involve investing, underwriting, portfolio management, or deal sourcing.*\n\n* **Tim Ivers, Founder & CEO** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Biography & Context**:\n * Founded Warana Capital in 2016 `[Page 3, Page 11]`.\n * Founded Axle Capital and co-founded Dakota Capital in 2010 `[Page 11]`.\n * Previously served as the CEO of both Axle Capital Pty Limited and Dakota Capital Pty Limited, where his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles `[Page 2]`.\n * Former Head of Investment at Everest Financial Group, where he managed 19 funds in wind-down `[Page 11]`.\n * Prior professional experience includes roles at UBS, Merrill Lynch, and Ernst & Young `[Page 11]`.\n * Credentials: Chartered Financial Analyst (CFA) and Certified Practicing Accountant (CPA), Australia `[Page 11]`.\n * Education: Graduate Diploma of Applied Finance and Investment from the Securities Institute (now FINSIA); Bachelor of Commerce and Bachelor of Economics from the University of Queensland `[Page 11]`.\n* **Grant Gillespie, Partner** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Biography & Context**:\n * Has completed over 200 transactions since joining Warana Capital at its inception `[Page 11]`.\n * Former Director of a structured credit & real estate hedge fund `[Page 11]`.\n * Former President & COO of Kristian Regale, Inc. `[Page 11]`.\n * Former Associate at Merrill Lynch `[Page 11]`.\n * Credentials: Chartered Financial Analyst (CFA) `[Page 11]`.\n * Education: MBA from Columbia Graduate School of Business; BA in History from Duke University `[Page 11]`.\n* **Bjorg Klem, Managing Director** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Senior investment professional within the Investments team `[Page 11]`.\n* **Daniel Nolan, Managing Director, Head of Origination** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Leads the deal origination and sourcing vertical `[Page 11]`.\n* **Mark Downey, Investment Analyst** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`.\n* **Robin Dong, Investment Analyst** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`.\n\n---\n\n### Finance, Operations, and IR Team (isInvestmentTeam: False)\n*These team members' primary roles involve operations, client relations, marketing, or general business administration.*\n\n* **Sun Chin, CFO & COO** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Heads the Finance & Operations department `[Page 11]`.\n* **Brandon Bo Lee, Controller** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Ruchama Bin-Nun, Senior Associate** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Andrew Chen, Senior Associate** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Kevin Wang, Analyst** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Vita Pan, Analyst** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Jennifer Howrigan, Head of Investor Relations & Business Development** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Heads IR & Marketing department `[Page 11]`.\n\n---\n\n### Advisory Committee (isInvestmentTeam: False)\n* **Lawrence Myers** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n* **Michael Sternberg** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n\n---\n\n## Historical Track Record\n\n### Cumulative Performance\nAs of June 30, 2023, the cumulative track record across all Predecessor Dakota Funds and Warana Funds is:\n* **Cumulative Proj. Net IRR**: 20.7% (Net of all fees and expenses) `[Page 3]`.\n* **Cumulative Net TVPI**: 1.5x (Net of all fees and expenses) `[Page 3]`.\n\n---\n\n### Individual Fund Performance Breakdown\nData is as of June 30, 2023 (except DPI, which is updated as of October 18, 2023). All figures are reported in USD and net of all applicable management, performance, and other fees/expenses `[Page 4]`.\n\n| Fund / Vintage | USD Raised | % Cash Calls | Avg. Purchase Price (% of Manager NAV)¹ | Proj. Net IRR | Net TVPI | Net DPI | Net Cash Multiple² |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net >15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%³ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund**⁴ | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds**⁵ | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n#### Track Record Footnotes & Explanatory Context:\n1. **Average Purchase Price**: Measured as a percentage of the underlying Manager's Net Asset Value (NAV) on a look-through, unadjusted basis at the time of purchase, including trades agreed as of June 30, 2023 `[Page 4]`.\n2. **Net Cash Multiple**: Defined as the ratio of an investor's net profit (realized and projected) divided by total cash funded calls (drawn capital less distributions during the Investment Period) `[Page 4]`.\n3. **Warana 2019 Fund Average Purchase Price**: The average purchase price of 24% includes an outlier trade acquired at a very large discount. Excluding this outlier trade, the average purchase price for the 2019 Fund was 38% `[Page 4]`.\n4. **Warana 2017 Fund Status**: Fully closed with 1.29x DPI `[Page 4]`.\n5. **Dakota Funds Status**: Fully in harvest mode with less than 1% of Net Asset Value (NAV) remaining as of June 30, 2023 `[Page 2, Page 4]`. timothy Ivers was CEO and responsible for investment decisions `[Page 2]`. Original capital raised in AUD was converted to USD at the Reserve Bank of Australia closing exchange rates on relevant dates, with projections reflecting an RBA USD:AUD rate of 0.6630 `[Page 2]`. Warana was appointed trustee of these funds on July 1, 2021 `[Page 2]`.\n\n---\n\n## Investment Strategy, Underwriting Metrics, and \"Free\" Optionality Case Highlights\n\n*Specific named portfolio company/asset-level case studies are not detailed in this presentation. However, the following key metrics highlight how Warana generates its investment returns:*\n\n### Target Investment Criteria & Performance Philosophy\n* **Return Targets**: Warana targets gross returns of >20% IRR and >1.3x gross MOIC (with net TVPIs for all funds targeting >1.4x) `[Page 5]`.\n* **Discount to NAV**: Warana targets transactions at an average of ~50% discount to Net Asset Value `[Page 5]`.\n* **Low Dependency on Growth**: Underwriting emphasizes \"No/Limited Reliance on NAV Growth\" and downside protection `[Page 5]`. Warana rarely forecasts recovery above a given fund manager's current Net Asset Value `[Page 5]`. \n\n### Bid Volume and Conversion Trends\n* **Winning Bids Statistics**: Underlining conservative underwriting, Warana's winning bids account for only ~5% or lower of total NAV volume bid on across its funds `[Page 7]`.\n* **Pipeline Growth**: Overall pipeline volumes have increased 3.7x since the closure of Warana's first fund in 2017 `[Page 7]`.\n\n### \"Free\" Optionality Strategy\nWarana frequently prices certain fund assets at zero or nominal cost during valuation, presenting \"free\" upside optionality `[Page 7]`. Examples of these zero-cost priced options include:\n* Litigation claims or cash held back for contingent liabilities `[Page 7]`.\n* Agricultural land in emerging markets (e.g., Brazil) `[Page 7]`.\n* Levered real estate `[Page 7]`.\n\nThe cumulative number of these zero-cost priced \"options\" acquired per vintage fund shows steady growth `[Page 7]`:\n* **2017 Fund**: ~11 options acquired `[Page 7]`.\n* **2018 Fund**: ~35 options acquired `[Page 7]`.\n* **2019 Fund**: ~49 options acquired `[Page 7]`.\n* **2021 Fund**: ~49 options acquired `[Page 7]`.",
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"markdown_content": "# Warehoused Deals\n\nBased on a comprehensive review of the Warana Capital pitch deck dated October 2023, there is no explicit list of specific, named seed assets, pre-identified warehoused portfolios, or individual pipeline transactions designated to be seeded into the Warana 2023 Fund at its initial close. \n\nHowever, the presentation provides the following highly relevant contextual data, metrics, and parameters regarding the Warana 2023 Fund's status, transaction agreements, and general pipeline activity:\n\n* **Warana 2023 Fund Transactional Status:** As of the reporting date, the Warana 2023 Fund has raised $106.0mm in USD. It has an average purchase price of 59% of Manager Net Asset Value (NAV) on a look-through, unadjusted basis at the time of purchase, which explicitly includes \"trades agreed as of June 30, 2023\" [Page 4].\n* **Investment Period and Capital Recycling Terms:** The fund terms specify an Investment Period of 18 months from the initial call, with \"no recycling post investment period\" permitted [Page 10].\n* **Pipeline Sourcing and Bid Statistics:**\n * Overall pipeline volumes have expanded significantly, increasing by 3.7x since the closure of Warana's first fund in 2017 [Page 7].\n * Warana maintains strict underwriting discipline to prevent style drift as the pipeline grows; its winning bids historically represent only \"~5% or lower of total NAV volume across [their] funds\" [Page 7].\n * Historical bid volumes and statistics indicate that for the preceding 2021 Fund, the total pipeline volume analyzed was over $9 billion, of which only a tiny fraction (represented by the \"Won\" category) was successfully converted into portfolio deals [Page 7].",
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"markdown_content": "# Pitch_deck_schema_fund_overview_and_terms Response\n\n## Technical Context\n- **Task Name**: pitch_deck_schema_fund_overview_and_terms\n- **Workflow Run ID**: 34\n- **Timestamp**: 2026-09-14T17:03:44.898Z\n\n## Grounded Intelligence Data\n### TOPIC: fund_overview_and_terms\n\n* **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].\n* **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].\n* **Formal Fund Name & Legal Structure**: \n * The latest fund is the **Warana 2023 Master Fund LP**, which is organized as a Cayman Islands Exempted Limited Partnership [Page 2].\n * Each respective Warana fund is only accessible via one of its feeder funds [Page 2].\n * 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].\n* **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].\n* **Primary Asset Class & Core Strategy**: \n * The primary asset class consists of unlisted, illiquid fund interests, specifically unlisted hedge fund secondaries and \"leftover\" private equity [Page 3, Page 5].\n * 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].\n * 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].\n* **Fund Sizes & Capital Raised (Track Record)** [Page 4]:\n * *Warana 2023 Fund*: $106.0 million raised (78% Cash Calls for the 2021 Fund; 2023 Fund is active) [Page 4].\n * *Warana 2021 Fund*: $106.0 million raised [Page 4].\n * *Warana 2019 Fund*: $77.5 million raised [Page 4].\n * *Warana 2018 Fund*: $50.5 million raised [Page 4].\n * *Warana 2017 Fund*: $34.4 million raised (fully closed) [Page 4].\n * *Dakota Funds*: $252.6 million raised (<1% NAV remaining) [Page 4].\n* **Key Fund Terms (Based on Previous Warana Fund Terms)** [Page 10]:\n * *Investment Period*: 18 months from the initial capital call, with no recycling of capital permitted post-investment period [Page 10].\n * *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].\n * *Carried Interest (Performance Fee)*: 20% carried interest [Page 10]. Performance fees are paid on actual cash returns, not on estimated fund valuation [Page 10].\n * *Hurdle Rate (Preferred Return)*: 8% per annum (non-compounding) hurdle with a GP catch-up [Page 10].\n * *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].\n * *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].\n * *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].\n * *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].\n * *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].\n * *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].\n* **Target Returns & Investment Philosophy**:\n * The Warana 2023 Fund targets net returns of >15-20% Net IRR and a Net TVPI targeting 1.3x [Page 4].\n * 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].\n * 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].\n * 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].\n* **Exemptions & Risk Disclosures**:\n * The presentation does not constitute an offer to sell or a solicitation of an offer to buy securities [Page 2].\n * The investments are highly illiquid, and prospective investors should be prepared for the possibility of losing all of their invested capital [Page 2].\n * Historical performance metrics (IRR, DPI, TVPI) are reported net of all applicable management, performance, and other fees and expenses [Page 2].\n",
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"content": "{\n \"assetClass\": \"Private Equity\",\n \"targetStages\": [\n \"Secondaries [Page 3]\",\n \"Special Situations [Page 4]\",\n \"Liquidating Funds [Page 4]\"\n ],\n \"targetSectors\": [\n \"Private Equity [Page 8]\",\n \"Listed Equity [Page 8]\",\n \"Corporate Debt [Page 8]\",\n \"Real Estate [Page 8]\",\n \"Cash-Heavy Holdings [Page 8]\",\n \"Legal and Liquidation Claims [Page 8]\"\n ],\n \"targetGeographies\": [\n \"Global (excluding Emerging and Frontier Markets) [Page 8]\"\n ],\n \"primaryObjective\": \"Target gross returns of >20% IRR and >1.3x Multiple on Invested Capital (MOIC) by purchasing unlisted, illiquid fund interests at substantial discounts [Page 5].\",\n \"holdingPeriod\": \"Under 4 years [Page 8]\",\n \"investmentThesis\": \"Warana Capital utilizes significant information asymmetries, extensive GP relationships, and a highly disciplined bottom-up underwriting approach to acquire illiquid, unlisted fund interests at deep discounts (averaging ~50%) to Net Asset Value (NAV) [Page 3, Page 5]. By targeting inefficient secondary market situations where investors are 'trapped' in liquidating or gated funds, the GP captures arbitrage value without relying on underlying asset or NAV growth [Page 4, Page 5].\",\n \"investmentThemes\": [\n \"Liquidating, gated, or side-pocketed funds [Page 4]\",\n \"Private Equity secondaries [Page 8]\",\n \"Listed Equity with selling restrictions [Page 8]\",\n \"Corporate Debt in bankruptcy/restructuring [Page 8]\",\n \"Real Estate collateralized credit funds [Page 8]\",\n \"Cash-Heavy Holdings [Page 8]\",\n \"Legal and Liquidation Claims [Page 8]\"\n ],\n \"valueCreationPlaybook\": [\n \"Bypassing highly competitive auctions through proprietary GP relationships [Page 3]\",\n \"Purchasing assets at steep discounts to capture the valuation spread over the medium term [Page 5]\",\n \"Pricing highly complex, non-core assets at zero or nominal cost to capture cost-free optionality [Page 7]\",\n \"Tail-End Management: Selling the remaining fund tail once NAV falls below $5 million to optimize holding costs [Page 10]\"\n ],\n \"dealSourcingStrategy\": \"Warana utilizes over 13 years of cumulative data and diligence materials, tracking approximately 500 LP interests managed by more than 200 different managers, alongside proprietary relationships within the secondary hedge fund market to bypass highly competitive auctions [Page 3].\",\n \"qualitativeThemes\": [\n \"Information Advantage\",\n \"Proprietary Sourcing\",\n \"Downside Protection\",\n \"Strict Underwriting Discipline\"\n ],\n \"analystSummary\": \"Warana Capital's strategy exploits information asymmetries in the secondary market by acquiring illiquid, unlisted fund interests at an average discount of ~50% of NAV. The GP's competitive edge lies in its proprietary GP relationships, historical data tracking 500 LP interests, and a bottom-up underwriting approach that does not rely on underlying asset growth. This highly disciplined, selective model captures arbitrage value and cost-free non-core asset optionality while maintaining strong downside protection.\",\n \"keyClaims\": [\n \"Acquires illiquid, unlisted fund interests at deep discounts averaging ~50% to Net Asset Value (NAV) [Page 3, Page 5]\",\n \"Strategy does not rely on asset price appreciation or manager-reported NAV growth to achieve target returns [Page 5]\",\n \"Maintains high barriers to entry via restricted access to asset supply, GP transfer approval requirements, and proprietary relationships [Page 3]\",\n \"Winning bids represent a selective ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7]\",\n \"Systematically prices highly complex, non-core assets at zero or nominal cost, capturing them as cost-free 'options' [Page 7]\",\n \"Historical performance has generated a cumulative 20.7% IRR and 1.5x TVPI net of fees across Dakota and Warana fund track records [Page 3]\"\n ],\n \"leadInvestorStatus\": \"Other\",\n \"concentrationLimits\": \"Funds are sized appropriately for the specific unlisted hedge fund secondary opportunity set, avoiding the necessity of 'style drift' [Page 7, Page 10].\",\n \"leverageLimits\": \"Not specified in the document.\",\n \"coInvestmentRights\": \"The GP intends to establish dedicated Co-Investment vehicles for larger transactions that exceed standard fund allocation limits or involve different risk/return profiles (such as infrastructure funds targeting lower IRRs) [Page 10].\",\n \"capitalRecycling\": \"No capital recycling allowed after the 18-month investment period expires [Page 10].\",\n \"targetReturns\": {\n \"grossIrr\": {\n \"value\": {\n \"source_number_text\": \">20%\",\n \"unit\": \"PERCENT\",\n \"range\": {\n \"min\": {\n \"amount\": 20,\n \"magnitude\": \"ONES\"\n }\n },\n \"normalized_range_min\": 20\n },\n \"is_applicable\": true\n },\n \"netIrr\": {\n \"value\": {\n \"source_number_text\": \">15–20%\",\n \"unit\": \"PERCENT\",\n \"range\": {\n \"min\": {\n \"amount\": 15,\n \"magnitude\": \"ONES\"\n },\n \"max\": {\n \"amount\": 20,\n \"magnitude\": \"ONES\"\n }\n },\n \"normalized_range_min\": 15,\n \"normalized_range_max\": 20\n },\n \"is_applicable\": true\n },\n \"grossMoic\": {\n \"value\": {\n \"source_number_text\": \">1.3x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.3,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.3\n },\n \"is_applicable\": true\n },\n \"netMoic\": {\n \"value\": {\n \"source_number_text\": \"1.3x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.3,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.3\n },\n \"is_applicable\": true\n },\n \"cashYield\": {\n \"is_applicable\": false,\n \"not_applicable_reason\": \"Strategy targets capital appreciation from the recovery of liquidating/gated fund interests at a discount rather than ongoing cash yield.\"\n }\n },\n \"illustrativeScenarios\": [],\n \"modelAssumptions\": [\n \"Value creation is almost entirely driven by the initial purchase discount capture [Page 5]\",\n \"GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager [Page 5]\",\n \"A target gross return hurdle of >20% (>1.3x multiple) is applied as a discount rate, scaled upward for risk [Page 9]\",\n \"Expected recovery rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9]\"\n ]\n}",
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"markdown_content": "# Pitch_deck_schema_strategy_and_portfolio Response\n\n## Technical Context\n- **Task Name**: pitch_deck_schema_strategy_and_portfolio\n- **Workflow Run ID**: 34\n- **Timestamp**: 2026-09-14T17:03:54.558Z\n\n## Grounded Intelligence Data\n### TOPIC: strategy_and_portfolio\n\n#### Executive Summary\nWarana Capital utilizes significant information asymmetries, extensive GP relationships, and a highly disciplined bottom-up underwriting approach to acquire illiquid, unlisted fund interests at deep discounts (averaging ~50%) to Net Asset Value (NAV) [Page 3, Page 5]. By targeting inefficient secondary market situations where investors are \"trapped\" in liquidating or gated funds, the GP captures arbitrage value without relying on underlying asset or NAV growth, securing substantial downside protection [Page 4, Page 5]. This specialized strategy has historically generated a cumulative performance of 20.7% IRR and 1.5x TVPI net of fees and expenses across its unified Dakota and Warana fund track record [Page 3].\n\n---\n\n#### 1. Primary Investment Objective & Core Strategy\n* **Primary Objective:** Target gross returns of >20% IRR and >1.3x Multiple on Invested Capital (MOIC) by purchasing unlisted, illiquid fund interests at substantial discounts [Page 5].\n* **Core Arbitrage Playbook:** The strategy centers on providing immediate liquidity to investors who are otherwise locked or \"trapped\" in liquidating, gated, or side-pocketed funds, purchasing their positions at a steep discount, and capturing the valuation spread over the medium term as the underlying assets are resolved and distributed [Page 4, Page 5].\n* **No Reliance on NAV Growth:** Warana's model does not rely on asset price appreciation or manager-reported NAV growth to achieve its target returns; value creation is almost entirely driven by the initial purchase discount capture [Page 5].\n* **Conservative Valuations:** The GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager, maintaining a strict margin of safety [Page 5].\n\n---\n\n#### 2. Target Asset Classes, Situations, and Investment Criteria\n\n##### Target Situations & Fund Assets (Preferred)\n* **Private Equity:** Equity managers awaiting a liquidity event or credit managers holding post-restructuring equity [Page 8].\n* **Listed Equity:** Situations where the manager is unable or unwilling to sell due to valuation, post-IPO lock-ups, large size relative to daily trading volume, or board seat restrictions [Page 8].\n* **Corporate Debt:** Unresolved or defaulted debt that is yet to mature or is currently in the midst of bankruptcy/restructuring [Page 8].\n* **Real Estate:** Direct purchases out of funds or holdings in credit funds where real estate serves as collateral and the borrower has defaulted [Page 8].\n* **Cash-Heavy Holdings:** Funds holding excess cash reserves earmarked against future fees, operational expenses, taxes, or potential litigation claims [Page 8].\n* **Legal and Liquidation Claims:** Historical liquidation claims (such as Lehman estate claims), bankruptcy claims, tax claims, and other leftover litigation [Page 8].\n\n##### Situations Avoided or Priced Nominally\n* **No Earnings or Asset Value:** Tangible assets and cash flow are deemed crucial to assigning value; assets lacking these are avoided [Page 8].\n* **Binary Outcomes:** Avoidance of assets highly dependent on volatile commodity prices or regulatory approvals, particularly in energy and biotechnology sectors [Page 8].\n* **Early Stage / Venture Capital:** The GP avoids valuations based on revenue multiples or preceding financing rounds [Page 8].\n* **Emerging or Frontier Markets:** Holdings in jurisdictions where Warana cannot rely on the rule of law or where there is high currency exposure [Page 8].\n* **Longer Recovery Timelines:** Avoidance of long-dated assets where the projected path to liquidity exceeds 4 years [Page 8].\n* **Suspicion of Fraud or Illegal Activity:** Avoided completely unless there is a clear, viable path to whistle-blowing or immediate manager replacement [Page 8].\n\n---\n\n#### 3. Sourcing Strategy & Competitive Advantages\n* **Information Advantage:** Warana utilizes over 13 years of cumulative data and diligence materials, tracking approximately 500 LP interests managed by more than 200 different managers [Page 3].\n* **Proprietary Sourcing:** The GP utilizes proprietary relationships and an established reputation within the secondary hedge fund market to bypass highly competitive auctions [Page 3].\n* **High Barriers to Entry:** Market entry is limited by restricted access to asset supply, GP transfer approval requirements, and the difficulty of obtaining reliable underlying diligence information [Page 3].\n* **Bidding Selectivity:** Warana maintains strict underwriting discipline; winning bids represent ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7].\n* **\"Free\" Optionality Capture:** Warana systematically prices highly complex, non-core assets (e.g., litigation claims, agricultural land in emerging markets like Brazil, and levered real estate) at zero or nominal cost. These assets act as cost-free \"options\" that generate meaningful upside upon recovery, with the number of options per fund rising from ~11 in the 2017 Fund to ~49 in the 2021 Fund [Page 7].\n\n---\n\n#### 4. Model Price Construction & Due Diligence Methodology\nThe GP builds its target model price through a four-part bottom-up framework:\n1. **Expected Recovery:** Calculated as the standalone expected sale price of the asset; the model rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9].\n2. **Liquidity Timing:** Acknowledges that timing is highly challenging to estimate and that the vast majority of recoveries take longer than initial manager guidance [Page 9].\n3. **Manager Overlay:** Crucial evaluation of interest divergence between managers and investors, alongside qualitative assessments of GP quality accumulated over 10+ years of active market experience [Page 9].\n4. **Discount Rate:** Applying a target gross return hurdle of >20% (>1.3x multiple), which is scaled upward to account for additional perceived risk [Page 9].\n\n---\n\n#### 5. Portfolio Construction Parameters & Terms\nBased on previous Warana funds, the core portfolio parameters include:\n* **Investment Period:** 18 months from the initial capital call, with no capital recycling allowed after this period expires [Page 10].\n* **Concentration Limits & Scale:** Funds are sized appropriately for the specific unlisted hedge fund secondary opportunity set, avoiding the necessity of \"style drift\" as the pipeline grows [Page 7, Page 10].\n* **Tail-End Management:** The GP maintains the contractual ability to sell the remaining fund \"tail\" once the total fund NAV falls below $5 million, optimizing holding costs against slow recoveries [Page 10].\n* **Co-Investment Rights:** The GP intends to establish dedicated Co-Investment vehicles for larger transactions that exceed standard fund allocation limits or involve different risk/return profiles (such as infrastructure funds targeting lower IRRs) [Page 10].\n* **Foreign Exchange Policy:** Fund assets are expected to have primarily USD exposure. The fund does not hedge FX exposure; instead, any perceived FX risks are factored directly into upfront asset pricing [Page 10].\n\n---\n\n#### 6. Historical Performance and Financial Models\n\n##### Historical Track Record (as of June 30, 2023)\n* **Dakota Funds (Vintage 2011–2015):** $252.6mm USD raised. Average purchase price: 40% of NAV. Projected Net IRR: 28%. Net TVPI: 1.70x. Net DPI: 1.69x. Less than 1% NAV remains [Page 4].\n* **Warana 2017 Fund:** $34.4mm USD raised. Cash calls: 89%. Average purchase price: 56% of NAV. Projected Net IRR: 12%. Net TVPI: 1.29x. Net DPI: 1.29x. Net Cash Multiple: 1.32x (fully closed) [Page 4].\n* **Warana 2018 Fund:** $50.5mm USD raised. Cash calls: 70%. Average purchase price: 51% of NAV. Projected Net IRR: 15%. Net TVPI: 1.40x. Net DPI: 1.19x. Net Cash Multiple: 1.55x [Page 4].\n* **Warana 2019 Fund:** $77.5mm USD raised. Cash calls: 66%. Average purchase price: 24% (skewed by an outlier deep discount trade; average is 38% excluding this trade). Projected Net IRR: 18%. Net TVPI: 1.44x. Net DPI: 0.93x. Net Cash Multiple: 1.66x [Page 4].\n* **Warana 2021 Fund:** $106.0mm USD raised. Cash calls: 78%. Average purchase price: 59% of NAV. Projected Net IRR: 22%. Net TVPI: 1.62x. Net DPI: 0.55x. Net Cash Multiple: 1.79x [Page 4].\n\n##### Current Fund Targets (Warana 2023 Fund)\n* **Capital Raised:** $106.0mm USD [Page 4].\n* **Average Purchase Price:** 59% of NAV [Page 4].\n* **Target Net Return:** Targeting Net IRR of >15–20% [Page 4].\n* **Target Multiple:** Targeting Net TVPI of 1.3x [Page 4].\n\n##### Core Fund Terms\n* **Management Fees:** 2% per annum calculated solely on called capital during the investment period plus 4 years (capped at a maximum of 6 years including all extensions) [Page 10].\n* **Carried Interest:** 20% carried interest over an 8% per annum non-compounding hurdle rate, featuring a general partner catch-up [Page 10]. Performance fees are explicitly structured to be paid on actual cash returns rather than paper valuations [Page 10].\n* **Distributions:** During the active investment period, distributions are generally netted directly against capital calls. Post-investment period, cash distributions are returned to LPs as received, typically whenever available cash exceeds 1% of total invested capital [Page 10].\n",
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"content": "{\n \"keyPrincipals\": [\n {\n \"firstName\": \"Tim\",\n \"lastName\": \"Ivers\",\n \"title\": \"Founder & CEO\",\n \"isInvestmentTeam\": true,\n \"isInvestmentCommittee\": true,\n \"education\": [\n \"Graduate Diploma of Applied Finance and Investment from the Securities Institute (now FINSIA)\",\n \"Bachelor of Commerce from the University of Queensland\",\n \"Bachelor of Economics from the University of Queensland\"\n ],\n \"priorFirms\": [\n \"Axle Capital\",\n \"Dakota Capital\",\n \"Everest Financial Group\",\n \"UBS\",\n \"Merrill Lynch\",\n \"Ernst & Young\"\n ]\n },\n {\n \"firstName\": \"Grant\",\n \"lastName\": \"Gillespie\",\n \"title\": \"Partner\",\n \"isInvestmentTeam\": true,\n \"isInvestmentCommittee\": true,\n \"education\": [\n \"MBA from Columbia Graduate School of Business\",\n \"BA in History from Duke University\"\n ],\n \"priorFirms\": [\n \"Kristian Regale, Inc.\",\n \"Merrill Lynch\"\n ]\n }\n ],\n \"firmLeadership\": [\n {\n \"firstName\": 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\"firstName\": \"Jennifer\",\n \"lastName\": \"Howrigan\",\n \"title\": \"Head of Investor Relations & Business Development\"\n }\n ],\n \"advisorsAndOperatingPartners\": [\n {\n \"firstName\": \"Lawrence\",\n \"lastName\": \"Myers\",\n \"title\": \"Advisory Committee Member\"\n },\n {\n \"firstName\": \"Michael\",\n \"lastName\": \"Sternberg\",\n \"title\": \"Advisory Committee Member\"\n }\n ],\n \"performanceAsOfDate\": \"June 30, 2023\",\n \"aggregateFirmMetrics\": {\n \"blendedNetIrr\": {\n \"source_number_text\": \"20.7%\",\n \"unit\": \"PERCENT\",\n \"exact_amount\": {\n \"amount\": 20.7,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 20.7\n }\n },\n \"priorVehicles\": [\n {\n \"vehicleName\": \"Warana 2023 Fund\",\n \"vintageYear\": 2023,\n \"fundSize\": {\n \"source_number_text\": \"$106.0mm\",\n \"unit\": \"MONETARY\",\n \"currency\": \"USD\",\n \"exact_amount\": {\n \"amount\": 106,\n \"magnitude\": \"MILLIONS\"\n },\n \"normalized_exact_amount\": 106000000\n 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\"source_number_text\": \"1.19x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.19,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.19\n }\n },\n {\n \"vehicleName\": \"Warana 2017 Fund\",\n \"vintageYear\": 2017,\n \"fundSize\": {\n \"source_number_text\": \"$34.4mm\",\n \"unit\": \"MONETARY\",\n \"currency\": \"USD\",\n \"exact_amount\": {\n \"amount\": 34.4,\n \"magnitude\": \"MILLIONS\"\n },\n \"normalized_exact_amount\": 34400000\n },\n \"netIrr\": {\n \"source_number_text\": \"12%\",\n \"unit\": \"PERCENT\",\n \"exact_amount\": {\n \"amount\": 12,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 12\n },\n \"netMoic\": {\n \"source_number_text\": \"1.29x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.29,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.29\n },\n \"dpi\": {\n \"source_number_text\": \"1.29x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.29,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.29\n }\n },\n {\n \"vehicleName\": \"Dakota Funds\",\n \"vintageYear\": 2010,\n \"fundSize\": {\n \"source_number_text\": \"$252.6mm\",\n \"unit\": \"MONETARY\",\n \"currency\": \"USD\",\n \"exact_amount\": {\n \"amount\": 252.6,\n \"magnitude\": \"MILLIONS\"\n },\n \"normalized_exact_amount\": 252600000\n },\n \"netIrr\": {\n \"source_number_text\": \"28%\",\n \"unit\": \"PERCENT\",\n \"exact_amount\": {\n \"amount\": 28,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 28\n },\n \"netMoic\": {\n \"source_number_text\": \"1.70x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.7,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.7\n },\n \"dpi\": {\n \"source_number_text\": \"1.69x\",\n \"unit\": \"MULTIPLIER\",\n \"exact_amount\": {\n \"amount\": 1.69,\n \"magnitude\": \"ONES\"\n },\n \"normalized_exact_amount\": 1.69\n }\n }\n ],\n \"caseStudies\": []\n}",
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"markdown_content": "# Pitch_deck_schema_team_and_track_record Response\n\n## Technical Context\n- **Task Name**: pitch_deck_schema_team_and_track_record\n- **Workflow Run ID**: 34\n- **Timestamp**: 2026-09-14T17:04:04.909Z\n\n## Grounded Intelligence Data\n# Team and Track Record\n\n## Leadership, Investment, and Operational Team\n\nThe Warana Capital team consists of thirteen professionals across Investments, Operations, and Investor Relations `[Page 3]`, plus an Advisory Committee. Below is the detailed roster of team members extracted from the presentation, categorized by their primary responsibilities:\n\n### Investment Team (isInvestmentTeam: True)\n*These team members' primary roles involve investing, underwriting, portfolio management, or deal sourcing.*\n\n* **Tim Ivers, Founder & CEO** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Biography & Context**:\n * Founded Warana Capital in 2016 `[Page 3, Page 11]`.\n * Founded Axle Capital and co-founded Dakota Capital in 2010 `[Page 11]`.\n * Previously served as the CEO of both Axle Capital Pty Limited and Dakota Capital Pty Limited, where his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles `[Page 2]`.\n * Former Head of Investment at Everest Financial Group, where he managed 19 funds in wind-down `[Page 11]`.\n * Prior professional experience includes roles at UBS, Merrill Lynch, and Ernst & Young `[Page 11]`.\n * Credentials: Chartered Financial Analyst (CFA) and Certified Practicing Accountant (CPA), Australia `[Page 11]`.\n * Education: Graduate Diploma of Applied Finance and Investment from the Securities Institute (now FINSIA); Bachelor of Commerce and Bachelor of Economics from the University of Queensland `[Page 11]`.\n* **Grant Gillespie, Partner** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Biography & Context**:\n * Has completed over 200 transactions since joining Warana Capital at its inception `[Page 11]`.\n * Former Director of a structured credit & real estate hedge fund `[Page 11]`.\n * Former President & COO of Kristian Regale, Inc. `[Page 11]`.\n * Former Associate at Merrill Lynch `[Page 11]`.\n * Credentials: Chartered Financial Analyst (CFA) `[Page 11]`.\n * Education: MBA from Columbia Graduate School of Business; BA in History from Duke University `[Page 11]`.\n* **Bjorg Klem, Managing Director** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Senior investment professional within the Investments team `[Page 11]`.\n* **Daniel Nolan, Managing Director, Head of Origination** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Leads the deal origination and sourcing vertical `[Page 11]`.\n* **Mark Downey, Investment Analyst** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`.\n* **Robin Dong, Investment Analyst** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`.\n\n---\n\n### Finance, Operations, and IR Team (isInvestmentTeam: False)\n*These team members' primary roles involve operations, client relations, marketing, or general business administration.*\n\n* **Sun Chin, CFO & COO** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Heads the Finance & Operations department `[Page 11]`.\n* **Brandon Bo Lee, Controller** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Ruchama Bin-Nun, Senior Associate** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Andrew Chen, Senior Associate** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Kevin Wang, Analyst** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Vita Pan, Analyst** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Jennifer Howrigan, Head of Investor Relations & Business Development** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Heads IR & Marketing department `[Page 11]`.\n\n---\n\n### Advisory Committee (isInvestmentTeam: False)\n* **Lawrence Myers** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n* **Michael Sternberg** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n\n---\n\n## Historical Track Record\n\n### Cumulative Performance\nAs of June 30, 2023, the cumulative track record across all Predecessor Dakota Funds and Warana Funds is:\n* **Cumulative Proj. Net IRR**: 20.7% (Net of all fees and expenses) `[Page 3]`.\n* **Cumulative Net TVPI**: 1.5x (Net of all fees and expenses) `[Page 3]`.\n\n---\n\n### Individual Fund Performance Breakdown\nData is as of June 30, 2023 (except DPI, which is updated as of October 18, 2023). All figures are reported in USD and net of all applicable management, performance, and other fees/expenses `[Page 4]`.\n\n| Fund / Vintage | USD Raised | % Cash Calls | Avg. Purchase Price (% of Manager NAV)¹ | Proj. Net IRR | Net TVPI | Net DPI | Net Cash Multiple² |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net >15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%³ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund**⁴ | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds**⁵ | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n#### Track Record Footnotes & Explanatory Context:\n1. **Average Purchase Price**: Measured as a percentage of the underlying Manager's Net Asset Value (NAV) on a look-through, unadjusted basis at the time of purchase, including trades agreed as of June 30, 2023 `[Page 4]`.\n2. **Net Cash Multiple**: Defined as the ratio of an investor's net profit (realized and projected) divided by total cash funded calls (drawn capital less distributions during the Investment Period) `[Page 4]`.\n3. **Warana 2019 Fund Average Purchase Price**: The average purchase price of 24% includes an outlier trade acquired at a very large discount. Excluding this outlier trade, the average purchase price for the 2019 Fund was 38% `[Page 4]`.\n4. **Warana 2017 Fund Status**: Fully closed with 1.29x DPI `[Page 4]`.\n5. **Dakota Funds Status**: Fully in harvest mode with less than 1% of Net Asset Value (NAV) remaining as of June 30, 2023 `[Page 2, Page 4]`. timothy Ivers was CEO and responsible for investment decisions `[Page 2]`. Original capital raised in AUD was converted to USD at the Reserve Bank of Australia closing exchange rates on relevant dates, with projections reflecting an RBA USD:AUD rate of 0.6630 `[Page 2]`. Warana was appointed trustee of these funds on July 1, 2021 `[Page 2]`.\n\n---\n\n## Investment Strategy, Underwriting Metrics, and \"Free\" Optionality Case Highlights\n\n*Specific named portfolio company/asset-level case studies are not detailed in this presentation. However, the following key metrics highlight how Warana generates its investment returns:*\n\n### Target Investment Criteria & Performance Philosophy\n* **Return Targets**: Warana targets gross returns of >20% IRR and >1.3x gross MOIC (with net TVPIs for all funds targeting >1.4x) `[Page 5]`.\n* **Discount to NAV**: Warana targets transactions at an average of ~50% discount to Net Asset Value `[Page 5]`.\n* **Low Dependency on Growth**: Underwriting emphasizes \"No/Limited Reliance on NAV Growth\" and downside protection `[Page 5]`. Warana rarely forecasts recovery above a given fund manager's current Net Asset Value `[Page 5]`. \n\n### Bid Volume and Conversion Trends\n* **Winning Bids Statistics**: Underlining conservative underwriting, Warana's winning bids account for only ~5% or lower of total NAV volume bid on across its funds `[Page 7]`.\n* **Pipeline Growth**: Overall pipeline volumes have increased 3.7x since the closure of Warana's first fund in 2017 `[Page 7]`.\n\n### \"Free\" Optionality Strategy\nWarana frequently prices certain fund assets at zero or nominal cost during valuation, presenting \"free\" upside optionality `[Page 7]`. Examples of these zero-cost priced options include:\n* Litigation claims or cash held back for contingent liabilities `[Page 7]`.\n* Agricultural land in emerging markets (e.g., Brazil) `[Page 7]`.\n* Levered real estate `[Page 7]`.\n\nThe cumulative number of these zero-cost priced \"options\" acquired per vintage fund shows steady growth `[Page 7]`:\n* **2017 Fund**: ~11 options acquired `[Page 7]`.\n* **2018 Fund**: ~35 options acquired `[Page 7]`.\n* **2019 Fund**: ~49 options acquired `[Page 7]`.\n* **2021 Fund**: ~49 options acquired `[Page 7]`.\n",
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"markdown_content": "# Pitch_deck_schema_warehoused_deals Response\n\n## Technical Context\n- **Task Name**: pitch_deck_schema_warehoused_deals\n- **Workflow Run ID**: 34\n- **Timestamp**: 2026-09-14T17:04:14.572Z\n\n## Grounded Intelligence Data\n# Warehoused Deals\n\nBased on a comprehensive review of the Warana Capital pitch deck dated October 2023, there is no explicit list of specific, named seed assets, pre-identified warehoused portfolios, or individual pipeline transactions designated to be seeded into the Warana 2023 Fund at its initial close. \n\nHowever, the presentation provides the following highly relevant contextual data, metrics, and parameters regarding the Warana 2023 Fund's status, transaction agreements, and general pipeline activity:\n\n* **Warana 2023 Fund Transactional Status:** As of the reporting date, the Warana 2023 Fund has raised $106.0mm in USD. It has an average purchase price of 59% of Manager Net Asset Value (NAV) on a look-through, unadjusted basis at the time of purchase, which explicitly includes \"trades agreed as of June 30, 2023\" [Page 4].\n* **Investment Period and Capital Recycling Terms:** The fund terms specify an Investment Period of 18 months from the initial call, with \"no recycling post investment period\" permitted [Page 10].\n* **Pipeline Sourcing and Bid Statistics:**\n * Overall pipeline volumes have expanded significantly, increasing by 3.7x since the closure of Warana's first fund in 2017 [Page 7].\n * Warana maintains strict underwriting discipline to prevent style drift as the pipeline grows; its winning bids historically represent only \"~5% or lower of total NAV volume across [their] funds\" [Page 7].\n * Historical bid volumes and statistics indicate that for the preceding 2021 Fund, the total pipeline volume analyzed was over $9 billion, of which only a tiny fraction (represented by the \"Won\" category) was successfully converted into portfolio deals [Page 7].\n",
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"markdown_content": "# Extracted_sec_entities Response\n\n## Technical Context\n- **Task Name**: extracted_sec_entities\n- **Workflow Run ID**: 34\n- **Timestamp**: 2026-09-14T17:04:29.950Z\n\n## Grounded Intelligence Data\n## Corporate Names\n### Item #1\n**Name**: Warana Capital, LLC\n\n**Rationale**: Identified as the management company and legal adviser in the fund_overview_and_terms section.\n\n### Item #2\n**Name**: Dakota Capital\n\n**Rationale**: Identified in the team_and_track_record section as a predecessor brand and firm co-founded by Tim Ivers.\n\n### Item #3\n**Name**: Everest Financial Group\n\n**Rationale**: Listed as a prior firm for Tim Ivers in the team_and_track_record section.\n\n### Item #4\n**Name**: Axle Capital\n\n**Rationale**: Listed as a prior firm for Tim Ivers in the team_and_track_record section.\n\n## Fund Names\n### Item #1\n**Name**: Warana 2023 Master Fund LP\n\n**Rationale**: Explicitly named as the primary fund and legal fund name in the fund_overview_and_terms section.\n\n### Item #2\n**Name**: Warana SP Master Fund Segregated Portfolio Company\n\n**Rationale**: Listed as an offshore entity in the fund_overview_and_terms section.\n\n### Item #3\n**Name**: Warana SP Master Fund SPC – 2021 Segregated Portfolio\n\n**Rationale**: Listed as an offshore entity in the fund_overview_and_terms section.\n\n### Item #4\n**Name**: Warana 2023 Fund\n\n**Rationale**: Listed as a prior vehicle in the team_and_track_record section.\n\n### Item #5\n**Name**: Warana 2021 Fund\n\n**Rationale**: Listed as a prior vehicle in the team_and_track_record section.\n\n### Item #6\n**Name**: Warana 2019 Fund\n\n**Rationale**: Listed as a prior vehicle in the team_and_track_record section.\n\n### Item #7\n**Name**: Warana 2018 Fund\n\n**Rationale**: Listed as a prior vehicle in the team_and_track_record section.\n\n### Item #8\n**Name**: Warana 2017 Fund\n\n**Rationale**: Listed as a prior vehicle in the team_and_track_record section.\n\n### Item #9\n**Name**: Dakota Funds\n\n**Rationale**: Listed as a collection of prior vehicles in the team_and_track_record section.\n\n**Website**: null\n\n**Headquarters City**: null\n\n**Headquarters State**: null\n\n**Claimed Aum**: approximately $525 million\n",
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"markdown_content": "# Sec_diligence_sec_form_d Response\n\n## Technical Context\n- **Task Name**: sec_diligence_sec_form_d\n- **Workflow Run ID**: 34\n- **Timestamp**: 2026-09-14T17:08:46.087Z\n\n## Grounded Intelligence Data\n**Issuer / Entity Name**: DAKOTA CAPITAL FUND, LLC\n\n**Doc Type**: SEC Form D\n\n**Source**: sec_downloads/Archives_edgar_data_1533247_000153324711000001_xslFormDX01_primary_doc_xml.xml\n\n**Schema**: form_d_summary\n\n## Output Meta\n**Id**: 3021880881\n\n**Name**: form_d_summary\n\n**Domain**: sec\n\n**Description**: Deduplicated summary of Form D filing including offering amounts, investors, and related persons.\n\n**Is Output**: true\n\n## Deterministic Data\n**Submission Type**: D\n\n**Date Of First Sale**: N/A\n",
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"agent_markdown_context": "### TOPIC: strategy_and_portfolio\n\n#### Executive Summary\nWarana Capital utilizes significant information asymmetries, extensive GP relationships, and a highly disciplined bottom-up underwriting approach to acquire illiquid, unlisted fund interests at deep discounts (averaging ~50%) to Net Asset Value (NAV) [Page 3, Page 5]. By targeting inefficient secondary market situations where investors are \"trapped\" in liquidating or gated funds, the GP captures arbitrage value without relying on underlying asset or NAV growth, securing substantial downside protection [Page 4, Page 5]. This specialized strategy has historically generated a cumulative performance of 20.7% IRR and 1.5x TVPI net of fees and expenses across its unified Dakota and Warana fund track record [Page 3].\n\n---\n\n#### 1. Primary Investment Objective & Core Strategy\n* **Primary Objective:** Target gross returns of >20% IRR and >1.3x Multiple on Invested Capital (MOIC) by purchasing unlisted, illiquid fund interests at substantial discounts [Page 5].\n* **Core Arbitrage Playbook:** The strategy centers on providing immediate liquidity to investors who are otherwise locked or \"trapped\" in liquidating, gated, or side-pocketed funds, purchasing their positions at a steep discount, and capturing the valuation spread over the medium term as the underlying assets are resolved and distributed [Page 4, Page 5].\n* **No Reliance on NAV Growth:** Warana's model does not rely on asset price appreciation or manager-reported NAV growth to achieve its target returns; value creation is almost entirely driven by the initial purchase discount capture [Page 5].\n* **Conservative Valuations:** The GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager, maintaining a strict margin of safety [Page 5].\n\n---\n\n#### 2. Target Asset Classes, Situations, and Investment Criteria\n\n##### Target Situations & Fund Assets (Preferred)\n* **Private Equity:** Equity managers awaiting a liquidity event or credit managers holding post-restructuring equity [Page 8].\n* **Listed Equity:** Situations where the manager is unable or unwilling to sell due to valuation, post-IPO lock-ups, large size relative to daily trading volume, or board seat restrictions [Page 8].\n* **Corporate Debt:** Unresolved or defaulted debt that is yet to mature or is currently in the midst of bankruptcy/restructuring [Page 8].\n* **Real Estate:** Direct purchases out of funds or holdings in credit funds where real estate serves as collateral and the borrower has defaulted [Page 8].\n* **Cash-Heavy Holdings:** Funds holding excess cash reserves earmarked against future fees, operational expenses, taxes, or potential litigation claims [Page 8].\n* **Legal and Liquidation Claims:** Historical liquidation claims (such as Lehman estate claims), bankruptcy claims, tax claims, and other leftover litigation [Page 8].\n\n##### Situations Avoided or Priced Nominally\n* **No Earnings or Asset Value:** Tangible assets and cash flow are deemed crucial to assigning value; assets lacking these are avoided [Page 8].\n* **Binary Outcomes:** Avoidance of assets highly dependent on volatile commodity prices or regulatory approvals, particularly in energy and biotechnology sectors [Page 8].\n* **Early Stage / Venture Capital:** The GP avoids valuations based on revenue multiples or preceding financing rounds [Page 8].\n* **Emerging or Frontier Markets:** Holdings in jurisdictions where Warana cannot rely on the rule of law or where there is high currency exposure [Page 8].\n* **Longer Recovery Timelines:** Avoidance of long-dated assets where the projected path to liquidity exceeds 4 years [Page 8].\n* **Suspicion of Fraud or Illegal Activity:** Avoided completely unless there is a clear, viable path to whistle-blowing or immediate manager replacement [Page 8].\n\n---\n\n#### 3. Sourcing Strategy & Competitive Advantages\n* **Information Advantage:** Warana utilizes over 13 years of cumulative data and diligence materials, tracking approximately 500 LP interests managed by more than 200 different managers [Page 3].\n* **Proprietary Sourcing:** The GP utilizes proprietary relationships and an established reputation within the secondary hedge fund market to bypass highly competitive auctions [Page 3].\n* **High Barriers to Entry:** Market entry is limited by restricted access to asset supply, GP transfer approval requirements, and the difficulty of obtaining reliable underlying diligence information [Page 3].\n* **Bidding Selectivity:** Warana maintains strict underwriting discipline; winning bids represent ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7].\n* **\"Free\" Optionality Capture:** Warana systematically prices highly complex, non-core assets (e.g., litigation claims, agricultural land in emerging markets like Brazil, and levered real estate) at zero or nominal cost. These assets act as cost-free \"options\" that generate meaningful upside upon recovery, with the number of options per fund rising from ~11 in the 2017 Fund to ~49 in the 2021 Fund [Page 7].\n\n---\n\n#### 4. Model Price Construction & Due Diligence Methodology\nThe GP builds its target model price through a four-part bottom-up framework:\n1. **Expected Recovery:** Calculated as the standalone expected sale price of the asset; the model rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9].\n2. **Liquidity Timing:** Acknowledges that timing is highly challenging to estimate and that the vast majority of recoveries take longer than initial manager guidance [Page 9].\n3. **Manager Overlay:** Crucial evaluation of interest divergence between managers and investors, alongside qualitative assessments of GP quality accumulated over 10+ years of active market experience [Page 9].\n4. **Discount Rate:** Applying a target gross return hurdle of >20% (>1.3x multiple), which is scaled upward to account for additional perceived risk [Page 9].\n\n---\n\n#### 5. Portfolio Construction Parameters & Terms\nBased on previous Warana funds, the core portfolio parameters include:\n* **Investment Period:** 18 months from the initial capital call, with no capital recycling allowed after this period expires [Page 10].\n* **Concentration Limits & Scale:** Funds are sized appropriately for the specific unlisted hedge fund secondary opportunity set, avoiding the necessity of \"style drift\" as the pipeline grows [Page 7, Page 10].\n* **Tail-End Management:** The GP maintains the contractual ability to sell the remaining fund \"tail\" once the total fund NAV falls below $5 million, optimizing holding costs against slow recoveries [Page 10].\n* **Co-Investment Rights:** The GP intends to establish dedicated Co-Investment vehicles for larger transactions that exceed standard fund allocation limits or involve different risk/return profiles (such as infrastructure funds targeting lower IRRs) [Page 10].\n* **Foreign Exchange Policy:** Fund assets are expected to have primarily USD exposure. The fund does not hedge FX exposure; instead, any perceived FX risks are factored directly into upfront asset pricing [Page 10].\n\n---\n\n#### 6. Historical Performance and Financial Models\n\n##### Historical Track Record (as of June 30, 2023)\n* **Dakota Funds (Vintage 2011–2015):** $252.6mm USD raised. Average purchase price: 40% of NAV. Projected Net IRR: 28%. Net TVPI: 1.70x. Net DPI: 1.69x. Less than 1% NAV remains [Page 4].\n* **Warana 2017 Fund:** $34.4mm USD raised. Cash calls: 89%. Average purchase price: 56% of NAV. Projected Net IRR: 12%. Net TVPI: 1.29x. Net DPI: 1.29x. Net Cash Multiple: 1.32x (fully closed) [Page 4].\n* **Warana 2018 Fund:** $50.5mm USD raised. Cash calls: 70%. Average purchase price: 51% of NAV. Projected Net IRR: 15%. Net TVPI: 1.40x. Net DPI: 1.19x. Net Cash Multiple: 1.55x [Page 4].\n* **Warana 2019 Fund:** $77.5mm USD raised. Cash calls: 66%. Average purchase price: 24% (skewed by an outlier deep discount trade; average is 38% excluding this trade). Projected Net IRR: 18%. Net TVPI: 1.44x. Net DPI: 0.93x. Net Cash Multiple: 1.66x [Page 4].\n* **Warana 2021 Fund:** $106.0mm USD raised. Cash calls: 78%. Average purchase price: 59% of NAV. Projected Net IRR: 22%. Net TVPI: 1.62x. Net DPI: 0.55x. Net Cash Multiple: 1.79x [Page 4].\n\n##### Current Fund Targets (Warana 2023 Fund)\n* **Capital Raised:** $106.0mm USD [Page 4].\n* **Average Purchase Price:** 59% of NAV [Page 4].\n* **Target Net Return:** Targeting Net IRR of >15–20% [Page 4].\n* **Target Multiple:** Targeting Net TVPI of 1.3x [Page 4].\n\n##### Core Fund Terms\n* **Management Fees:** 2% per annum calculated solely on called capital during the investment period plus 4 years (capped at a maximum of 6 years including all extensions) [Page 10].\n* **Carried Interest:** 20% carried interest over an 8% per annum non-compounding hurdle rate, featuring a general partner catch-up [Page 10]. Performance fees are explicitly structured to be paid on actual cash returns rather than paper valuations [Page 10].\n* **Distributions:** During the active investment period, distributions are generally netted directly against capital calls. Post-investment period, cash distributions are returned to LPs as received, typically whenever available cash exceeds 1% of total invested capital [Page 10].",
"citations": [],
"payload": {
"strategy_and_portfolio": {
"analystSummary": "Warana Capital's strategy exploits information asymmetries in the secondary market by acquiring illiquid, unlisted fund interests at an average discount of ~50% of NAV. The GP's competitive edge lies in its proprietary GP relationships, historical data tracking 500 LP interests, and a bottom-up underwriting approach that does not rely on underlying asset growth. This highly disciplined, selective model captures arbitrage value and cost-free non-core asset optionality while maintaining strong downside protection.",
"assetClass": "Private Equity",
"capitalRecycling": "No capital recycling allowed after the 18-month investment period expires [Page 10].",
"coInvestmentRights": "The GP intends to establish dedicated Co-Investment vehicles for larger transactions that exceed standard fund allocation limits or involve different risk/return profiles (such as infrastructure funds targeting lower IRRs) [Page 10].",
"concentrationLimits": "Funds are sized appropriately for the specific unlisted hedge fund secondary opportunity set, avoiding the necessity of 'style drift' [Page 7, Page 10].",
"dealSourcingStrategy": "Warana utilizes over 13 years of cumulative data and diligence materials, tracking approximately 500 LP interests managed by more than 200 different managers, alongside proprietary relationships within the secondary hedge fund market to bypass highly competitive auctions [Page 3].",
"holdingPeriod": "Under 4 years [Page 8]",
"illustrativeScenarios": [],
"investmentThemes": [
"Liquidating, gated, or side-pocketed funds [Page 4]",
"Private Equity secondaries [Page 8]",
"Listed Equity with selling restrictions [Page 8]",
"Corporate Debt in bankruptcy/restructuring [Page 8]",
"Real Estate collateralized credit funds [Page 8]",
"Cash-Heavy Holdings [Page 8]",
"Legal and Liquidation Claims [Page 8]"
],
"investmentThesis": "Warana Capital utilizes significant information asymmetries, extensive GP relationships, and a highly disciplined bottom-up underwriting approach to acquire illiquid, unlisted fund interests at deep discounts (averaging ~50%) to Net Asset Value (NAV) [Page 3, Page 5]. By targeting inefficient secondary market situations where investors are 'trapped' in liquidating or gated funds, the GP captures arbitrage value without relying on underlying asset or NAV growth [Page 4, Page 5].",
"keyClaims": [
"Acquires illiquid, unlisted fund interests at deep discounts averaging ~50% to Net Asset Value (NAV) [Page 3, Page 5]",
"Strategy does not rely on asset price appreciation or manager-reported NAV growth to achieve target returns [Page 5]",
"Maintains high barriers to entry via restricted access to asset supply, GP transfer approval requirements, and proprietary relationships [Page 3]",
"Winning bids represent a selective ~5% or lower of total evaluated NAV volume across their historical pipeline [Page 7]",
"Systematically prices highly complex, non-core assets at zero or nominal cost, capturing them as cost-free 'options' [Page 7]",
"Historical performance has generated a cumulative 20.7% IRR and 1.5x TVPI net of fees across Dakota and Warana fund track records [Page 3]"
],
"leadInvestorStatus": "Other",
"leverageLimits": "Not specified in the document.",
"modelAssumptions": [
"Value creation is almost entirely driven by the initial purchase discount capture [Page 5]",
"GP rarely forecasts asset recovery values above the current net asset value published by the target fund's manager [Page 5]",
"A target gross return hurdle of >20% (>1.3x multiple) is applied as a discount rate, scaled upward for risk [Page 9]",
"Expected recovery rarely assumes audited manager valuations will be recovered in full and rarely incorporates cash flow growth [Page 9]"
],
"primaryObjective": "Target gross returns of >20% IRR and >1.3x Multiple on Invested Capital (MOIC) by purchasing unlisted, illiquid fund interests at substantial discounts [Page 5].",
"qualitativeThemes": [
"Information Advantage",
"Proprietary Sourcing",
"Downside Protection",
"Strict Underwriting Discipline"
],
"targetGeographies": [
"Global (excluding Emerging and Frontier Markets) [Page 8]"
],
"targetReturns": {
"cashYield": {
"is_applicable": false,
"not_applicable_reason": "Strategy targets capital appreciation from the recovery of liquidating/gated fund interests at a discount rather than ongoing cash yield."
},
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"is_applicable": true,
"value": {
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"source_number_text": ">15–20%",
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"targetSectors": [
"Private Equity [Page 8]",
"Listed Equity [Page 8]",
"Corporate Debt [Page 8]",
"Real Estate [Page 8]",
"Cash-Heavy Holdings [Page 8]",
"Legal and Liquidation Claims [Page 8]"
],
"targetStages": [
"Secondaries [Page 3]",
"Special Situations [Page 4]",
"Liquidating Funds [Page 4]"
],
"valueCreationPlaybook": [
"Bypassing highly competitive auctions through proprietary GP relationships [Page 3]",
"Purchasing assets at steep discounts to capture the valuation spread over the medium term [Page 5]",
"Pricing highly complex, non-core assets at zero or nominal cost to capture cost-free optionality [Page 7]",
"Tail-End Management: Selling the remaining fund tail once NAV falls below $5 million to optimize holding costs [Page 10]"
]
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"data": {
"agent_markdown_context": "# Team and Track Record\n\n## Leadership, Investment, and Operational Team\n\nThe Warana Capital team consists of thirteen professionals across Investments, Operations, and Investor Relations `[Page 3]`, plus an Advisory Committee. Below is the detailed roster of team members extracted from the presentation, categorized by their primary responsibilities:\n\n### Investment Team (isInvestmentTeam: True)\n*These team members' primary roles involve investing, underwriting, portfolio management, or deal sourcing.*\n\n* **Tim Ivers, Founder & CEO** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Biography & Context**:\n * Founded Warana Capital in 2016 `[Page 3, Page 11]`.\n * Founded Axle Capital and co-founded Dakota Capital in 2010 `[Page 11]`.\n * Previously served as the CEO of both Axle Capital Pty Limited and Dakota Capital Pty Limited, where his role included primary day-to-day responsibility for investment decisions for both firms across all vehicles `[Page 2]`.\n * Former Head of Investment at Everest Financial Group, where he managed 19 funds in wind-down `[Page 11]`.\n * Prior professional experience includes roles at UBS, Merrill Lynch, and Ernst & Young `[Page 11]`.\n * Credentials: Chartered Financial Analyst (CFA) and Certified Practicing Accountant (CPA), Australia `[Page 11]`.\n * Education: Graduate Diploma of Applied Finance and Investment from the Securities Institute (now FINSIA); Bachelor of Commerce and Bachelor of Economics from the University of Queensland `[Page 11]`.\n* **Grant Gillespie, Partner** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Biography & Context**:\n * Has completed over 200 transactions since joining Warana Capital at its inception `[Page 11]`.\n * Former Director of a structured credit & real estate hedge fund `[Page 11]`.\n * Former President & COO of Kristian Regale, Inc. `[Page 11]`.\n * Former Associate at Merrill Lynch `[Page 11]`.\n * Credentials: Chartered Financial Analyst (CFA) `[Page 11]`.\n * Education: MBA from Columbia Graduate School of Business; BA in History from Duke University `[Page 11]`.\n* **Bjorg Klem, Managing Director** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Senior investment professional within the Investments team `[Page 11]`.\n* **Daniel Nolan, Managing Director, Head of Origination** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Leads the deal origination and sourcing vertical `[Page 11]`.\n* **Mark Downey, Investment Analyst** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`.\n* **Robin Dong, Investment Analyst** `[Page 11]`\n * **isInvestmentTeam**: True `[Page 11]`\n * **Role**: Investment professional focused on deal analysis and underwriting `[Page 11]`.\n\n---\n\n### Finance, Operations, and IR Team (isInvestmentTeam: False)\n*These team members' primary roles involve operations, client relations, marketing, or general business administration.*\n\n* **Sun Chin, CFO & COO** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Heads the Finance & Operations department `[Page 11]`.\n* **Brandon Bo Lee, Controller** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Ruchama Bin-Nun, Senior Associate** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Andrew Chen, Senior Associate** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Kevin Wang, Analyst** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Vita Pan, Analyst** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Finance & Operations `[Page 11]`.\n* **Jennifer Howrigan, Head of Investor Relations & Business Development** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n * **Role**: Heads IR & Marketing department `[Page 11]`.\n\n---\n\n### Advisory Committee (isInvestmentTeam: False)\n* **Lawrence Myers** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n* **Michael Sternberg** `[Page 11]`\n * **isInvestmentTeam**: False `[Page 11]`\n\n---\n\n## Historical Track Record\n\n### Cumulative Performance\nAs of June 30, 2023, the cumulative track record across all Predecessor Dakota Funds and Warana Funds is:\n* **Cumulative Proj. Net IRR**: 20.7% (Net of all fees and expenses) `[Page 3]`.\n* **Cumulative Net TVPI**: 1.5x (Net of all fees and expenses) `[Page 3]`.\n\n---\n\n### Individual Fund Performance Breakdown\nData is as of June 30, 2023 (except DPI, which is updated as of October 18, 2023). All figures are reported in USD and net of all applicable management, performance, and other fees/expenses `[Page 4]`.\n\n| Fund / Vintage | USD Raised | % Cash Calls | Avg. Purchase Price (% of Manager NAV)¹ | Proj. Net IRR | Net TVPI | Net DPI | Net Cash Multiple² |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| **Warana 2023 Fund** | $106.0mm | NA | 59% | Targeting Net >15-20% | Targeting Net 1.3x | NA | NA |\n| **Warana 2021 Fund** | $106.0mm | 78% | 59% | 22% | 1.62x | 0.55x | 1.79x |\n| **Warana 2019 Fund** | $77.5mm | 66% | 24% / 38%³ | 18% | 1.44x | 0.93x | 1.66x |\n| **Warana 2018 Fund** | $50.5mm | 70% | 51% | 15% | 1.40x | 1.19x | 1.55x |\n| **Warana 2017 Fund**⁴ | $34.4mm | 89% | 56% | 12% | 1.29x | 1.29x | 1.32x |\n| **Dakota Funds**⁵ | $252.6mm | NA | 40% | 28% | 1.70x | 1.69x | NA |\n\n#### Track Record Footnotes & Explanatory Context:\n1. **Average Purchase Price**: Measured as a percentage of the underlying Manager's Net Asset Value (NAV) on a look-through, unadjusted basis at the time of purchase, including trades agreed as of June 30, 2023 `[Page 4]`.\n2. **Net Cash Multiple**: Defined as the ratio of an investor's net profit (realized and projected) divided by total cash funded calls (drawn capital less distributions during the Investment Period) `[Page 4]`.\n3. **Warana 2019 Fund Average Purchase Price**: The average purchase price of 24% includes an outlier trade acquired at a very large discount. Excluding this outlier trade, the average purchase price for the 2019 Fund was 38% `[Page 4]`.\n4. **Warana 2017 Fund Status**: Fully closed with 1.29x DPI `[Page 4]`.\n5. **Dakota Funds Status**: Fully in harvest mode with less than 1% of Net Asset Value (NAV) remaining as of June 30, 2023 `[Page 2, Page 4]`. timothy Ivers was CEO and responsible for investment decisions `[Page 2]`. Original capital raised in AUD was converted to USD at the Reserve Bank of Australia closing exchange rates on relevant dates, with projections reflecting an RBA USD:AUD rate of 0.6630 `[Page 2]`. Warana was appointed trustee of these funds on July 1, 2021 `[Page 2]`.\n\n---\n\n## Investment Strategy, Underwriting Metrics, and \"Free\" Optionality Case Highlights\n\n*Specific named portfolio company/asset-level case studies are not detailed in this presentation. However, the following key metrics highlight how Warana generates its investment returns:*\n\n### Target Investment Criteria & Performance Philosophy\n* **Return Targets**: Warana targets gross returns of >20% IRR and >1.3x gross MOIC (with net TVPIs for all funds targeting >1.4x) `[Page 5]`.\n* **Discount to NAV**: Warana targets transactions at an average of ~50% discount to Net Asset Value `[Page 5]`.\n* **Low Dependency on Growth**: Underwriting emphasizes \"No/Limited Reliance on NAV Growth\" and downside protection `[Page 5]`. Warana rarely forecasts recovery above a given fund manager's current Net Asset Value `[Page 5]`. \n\n### Bid Volume and Conversion Trends\n* **Winning Bids Statistics**: Underlining conservative underwriting, Warana's winning bids account for only ~5% or lower of total NAV volume bid on across its funds `[Page 7]`.\n* **Pipeline Growth**: Overall pipeline volumes have increased 3.7x since the closure of Warana's first fund in 2017 `[Page 7]`.\n\n### \"Free\" Optionality Strategy\nWarana frequently prices certain fund assets at zero or nominal cost during valuation, presenting \"free\" upside optionality `[Page 7]`. Examples of these zero-cost priced options include:\n* Litigation claims or cash held back for contingent liabilities `[Page 7]`.\n* Agricultural land in emerging markets (e.g., Brazil) `[Page 7]`.\n* Levered real estate `[Page 7]`.\n\nThe cumulative number of these zero-cost priced \"options\" acquired per vintage fund shows steady growth `[Page 7]`:\n* **2017 Fund**: ~11 options acquired `[Page 7]`.\n* **2018 Fund**: ~35 options acquired `[Page 7]`.\n* **2019 Fund**: ~49 options acquired `[Page 7]`.\n* **2021 Fund**: ~49 options acquired `[Page 7]`.",
"citations": [],
"payload": {
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{
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{
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{
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{
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{
"firstName": "Brandon Bo",
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},
{
"firstName": "Ruchama",
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},
{
"firstName": "Andrew",
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{
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{
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{
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],
"advisorsAndOperatingPartners": [
{
"firstName": "Lawrence",
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"title": "Advisory Committee Member"
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{
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],
"aggregateFirmMetrics": {
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],
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"title": "Founder & CEO"
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