Refugio Research · SEC-filing-based research, not investment advice Data through 2026-07-02 · rendered 2026-07-13 23:14

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Finding firmer ground in alternative investments.

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Data health.

The sentinel's live board: automated monitors for series staleness (a fund keeps filing but a series goes quiet), extractor yield (filings processed, zero facts: template drift), arithmetic identities (return sanity bands, NAV jumps, coverage-basis divergence, flow magnitudes), and sponsor-stated vs computed return reconciliation. These findings are about OUR data pipeline, not about the funds.

Monitor taxonomy

Red = numbers likely not trustworthy until fixed; amber = verify.

StatusFundMonitorFinding
amber Stone Ridge Reinsurance Risk Premium Interval Fund stated Our computed six-month return -2.99% vs the sponsor's stated -0.80% for the period ending 2021-04-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Stone Ridge Reinsurance Risk Premium Interval Fund stated Our computed fiscal-year return -7.28% vs the sponsor's stated -5.18% for the period ending 2021-10-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Stone Ridge Reinsurance Risk Premium Interval Fund stated Our computed fiscal-year return +26.20% vs the sponsor's stated +28.25% for the period ending 2024-10-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Stone Ridge Reinsurance Risk Premium Interval Fund stated Our computed six-month return +10.91% vs the sponsor's stated +12.96% for the period ending 2026-04-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Victory Pioneer ILS Interval Fund stated Our computed six-month return -3.75% vs the sponsor's stated +2.67% for the period ending 2020-04-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Victory Pioneer ILS Interval Fund stated Our computed fiscal-year return +1.02% vs the sponsor's stated +7.77% for the period ending 2020-10-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Victory Pioneer ILS Interval Fund stated Our computed six-month return -3.60% vs the sponsor's stated +1.43% for the period ending 2021-04-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber BlackRock HPS Credit Strategies Fund identity N-PORT net assets $418,794,989 vs the audited statement's $428,224,181 at 2021-12-31 (2.2% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber StepStone Private Markets identity N-PORT net assets $4,200,219,017 vs the audited statement's $4,354,186,017 at 2025-03-31 (3.5% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Pimco Flexible Real Estate Income Fund identity N-PORT net assets $377,368,801 vs the audited statement's $390,978,000 at 2025-06-30 (3.5% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Starwood Real Estate Income Trust, Inc. identity Reported-FFO vs GAAP-proxy coverage diverge by 140 points at 2024-12-31 (105% vs -35%). Large add-back quarter; informative, verify the reported extraction.
amber Starwood Real Estate Income Trust, Inc. identity Net flow of +100% of NAV in one period (2018-12-31); plausible only for tiny/young funds -- verify denominator alignment.
amber KKR Asset-Based Finance Fund identity N-PORT net assets $112,805,128 vs the audited statement's $122,625,985 at 2020-10-31 (8.0% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber KKR Asset-Based Finance Fund identity N-PORT net assets $276,093,029 vs the audited statement's $308,796,304 at 2021-04-30 (10.6% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber KKR Asset-Based Finance Fund identity N-PORT net assets $432,832,545 vs the audited statement's $445,563,672 at 2021-10-31 (2.9% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber CAIS Sports, Media & Entertainment Fund identity N-PORT net assets $163,996,034 vs the audited statement's $168,741,830 at 2026-03-31 (2.8% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber KKR FS Income Trust identity Net flow of +57% of NAV in one period (2024-09-30); plausible only for tiny/young funds -- verify denominator alignment.
amber Carlyle Tactical Private Credit Fund stated Our computed fiscal-year return +10.57% vs the sponsor's stated +3.00% for the period ending 2021-12-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Partners Group Private Equity Fund, LLC identity N-PORT net assets $15,112,145,277 vs the audited statement's $14,805,108,113 at 2024-03-31 (2.1% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Partners Group Private Equity Fund, LLC identity N-PORT net assets $16,653,970,702 vs the audited statement's $15,891,855,838 at 2025-09-30 (4.8% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Partners Group Private Equity Fund, LLC identity N-PORT net assets $15,825,552,599 vs the audited statement's $15,298,167,616 at 2026-03-31 (3.4% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber StepStone Private Equity Strategies Fund identity N-PORT net assets $1,615,384,476 vs the audited statement's $1,669,834,324 at 2026-03-31 (3.3% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber First Trust Alternative Opportunities Fund identity N-PORT net assets $3,441,363,711 vs the audited statement's $3,239,494,198 at 2026-03-31 (6.2% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber AMG Pantheon Credit Solutions Fund identity N-PORT net assets $978,180,831 vs the audited statement's $908,097,973 at 2026-03-31 (7.7% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Cascade Private Capital Fund identity Net flow of +63% of NAV in one period (2024-03-31); plausible only for tiny/young funds -- verify denominator alignment.
amber CAZ Strategic Opportunities Fund identity N-PORT net assets $243,600,665 vs the audited statement's $248,873,930 at 2025-03-31 (2.1% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber CAZ Strategic Opportunities Fund identity N-PORT net assets $661,884,552 vs the audited statement's $695,031,580 at 2026-03-31 (4.8% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Cascade Private Capital Fund stated Our computed six-month return +16.37% vs the sponsor's stated +13.30% for the period ending 2025-09-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Cantor Fitzgerald Infrastructure Fund stated Our computed fiscal-year return +12.96% vs the sponsor's stated +15.41% for the period ending 2025-03-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Cantor Fitzgerald Infrastructure Fund stated Our computed fiscal-year return +16.08% vs the sponsor's stated +19.13% for the period ending 2026-03-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber FS MVP Private Markets Fund identity N-PORT net assets $1,084,378,752 vs the audited statement's $1,051,608,911 at 2025-03-31 (3.1% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber FS MVP Private Markets Fund stated Our computed six-month return +7.69% vs the sponsor's stated +5.27% for the period ending 2025-09-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Cion Ares Diversified Credit Fund stated Our computed six-month return +3.86% vs the sponsor's stated -7.70% for the period ending 2020-06-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber Carlyle AlpInvest Private Markets Fund identity N-PORT net assets $439,704,490 vs the audited statement's $429,969,202 at 2024-03-31 (2.3% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber Blackstone Private Multi-Asset Credit & Income Fund identity N-PORT net assets $161,868,624 vs the audited statement's $167,349,350 at 2025-06-30 (3.3% apart). Filer-level inconsistency; the audited figure drives the headline. Verify at the next filing.
amber FS Credit Income Fund stated Our computed fiscal-year return +7.60% vs the sponsor's stated +2.72% for the period ending 2018-10-31 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.
amber FS Credit Income Fund stated Our computed six-month return +9.76% vs the sponsor's stated +12.80% for the period ending 2021-04-30 (tolerance 2.0pp). Class-level fee timing can explain small gaps; verify larger ones.