iDirect Private Markets Fund: 10 Tender Offers, NAV and Fees

What the fund is, and what it is not

iDirect Private Markets Fund (“iDPE”) is a private equity fund of funds for investors who are not necessarily institutions: the minimum is $10,000, Class A carries a sales load of up to 3.50% and Class I has none (Form N-CSR, accession 0001580642-26-003678). It is registered under the Investment Company Act of 1940 as a closed-end fund, with net assets of $1,209,006,835 at March 31, 2026 and $1,261,362,991.84 at June 30, 2026 (Form N-PORT). Its adviser, iCapital Registered Fund Adviser LLC, is the registered-fund arm of the platform we cover in our iCapital review.

Three points readers get wrong:

• It is a tender-offer fund, not an interval fund. An interval fund must repurchase a fixed percentage of shares on a schedule set in its prospectus (Rule 23c-3). iDirect Private Markets Fund “may from time to time” offer to repurchase shares and the board decides each time. In practice the board has done so every quarter and sized the offer at 5% of net assets, but nothing obliges it to. It reports results on Schedule TO-I/A, the form we count in our census of tender-offer funds. Our interval fund list has an “iDirect Private Credit Fund”; that is a different registrant (CIK 2042256) with a different adviser, iDirect Private Credit Advisors, LLC, not this fund.
• It is not only KKR. The fund was named iCapital KKR Private Markets Fund until June 16, 2023 and Altegris KKR Commitments Master Fund before that (SEC submissions data). Since mid-2023 its “Direct Access” program takes deal-by-deal stakes alongside KKR, Vista Equity Partners and Warburg Pincus, which the N-CSR calls its “Core Independent Managers”. The section on the manager mix below puts numbers on it.
• It does not trade. The offer document says: “There is no established trading market for the Shares”. The only exit the fund offers is the tender offer.

The fund also holds 5.17% of its net assets in a taxable subsidiary, iDPE Subsidiary, LLC, which had a net deferred tax liability of $2,552,882 at March 31, 2026 (N-CSR). That is why the fund's expense ratio includes a tax line that a plain RIC would not have.

Ten tender offers: requests never passed 40% of the cap

Each row is the fund's own “Final Amendment” to Schedule TO. The offer size is the maximum the fund said it would buy; “Paid” is what holders tendered, all of which the fund says it accepted and paid for. For the June 2026 offer the table uses the later of the two amendments.

Shares of the offer and days are our arithmetic. Three things stand out.

First, the ceiling is not close. The highest ratio was 39.2% in June 2024 and the lowest 21.8% in December 2024. Ten offers add to $159.3 million paid (our sum). Nothing in the filings shows a proration, and the offer document says what the fund could do if requests passed 5%: accept up to 2% more under Rule 13e-4(f)(1), extend the offer, or buy pro rata.

Second, dollars are growing because the base is. The offer size rose from $37.0 million to $63.9 million as net assets grew, and the dollars paid rose from $11.5 million to $21.1 million, so the share of the offer barely moved. Requests were 1.46% of net assets in March 2025 and 1.67% in June 2026 (our arithmetic, below).

Third, the results arrive late and unevenly. The wait from expiry to the final amendment ranged from 65 to 134 days. The September 2025 result was filed on February 6, 2026, after the December 2025 offer had already closed, and the March 2026 result on July 31, 2026, five weeks after the June offer closed. The annual report filed June 9, 2026 already showed the March 2026 payout of $17,897,950 in its share-repurchase note, seven weeks before that offer's final amendment.

The June 2026 result changed after it was filed

The offer that expired June 26, 2026 has two final amendments, both signed by the fund's treasurer and both using the same wording. They differ by one figure.

The second figure is $281,830.53 higher, 1.35% of the first (our arithmetic). Neither amendment says why. The second one is the later filing and the last on EDGAR as of October 21, 2026, so it is the figure we use. Anyone who copied the September number, including a data vendor, has the lower one. A tracker that reads only the first final amendment of each offer would understate payouts by that amount here.

There is a second mismatch inside the fund's own documents. The March 2026 N-CSR (note 5) lists the “Offer Amount” for the four offers that priced from June 2025 to March 2026. Three of the four do not match the offer size in the Schedule TO:

The September 2025 figure in the N-CSR equals the December 2025 offer size rounded, so it looks like a row slip. The same table prints Class A and Class I share counts for September 30, 2025 that do not match the fund's semiannual report (it shows 20,188,519 Class A and 18,705,845 Class I shares), and one of them has an extra digit. The dollars paid are right; use the Schedule TO for the offer size.

How the cap is built, and what 5% means in dollars

The offer is sized on net assets at a date months before the price is set. The Schedule TO calls it the “Prior NAV Calculation Date”: the last month-end the fund had finished calculating before it launched the offer. The cap equals 5% of that figure, to within a dollar for the offers we could check (for example 5% of $1,277,617,643 is $63,880,882.15, the June 2026 cap; our arithmetic).

Net assets at the pricing date are from the March 2025 and March 2026 annual figures (N-CSR), the September 2025 semiannual report, and Form N-PORT for December 31, 2025 and June 30, 2026. Because the base is months old, the cap is not exactly 5% of what the fund holds on pricing day: it was 4.7% of pricing-date net assets in September and December 2025 and 5.1% in March and June 2026 (our arithmetic). The September cap of about $65.1 million is our arithmetic; the dollar figure sits in the fee exhibit of the Schedule TO, which is not in the text we read.

The offer documents also show who was selling by share class in the four offers the N-CSR breaks down:

Class A holders, who paid up to a 3.50% load and pay a 0.60% yearly distribution fee, tendered 2.52% of their shares in March 2026, against 1.39% in December 2025 and 2.23% in June 2025 (percentages as printed in the N-CSR). The class split of the June 2026 offer will appear in the semiannual report for the six months to September 30, 2026, which last year was filed on December 8.

The September 2026 offer: closed, priced, not yet reported

The fund filed its Schedule TO-I on August 14, 2026 (accession 0001580642-26-005315). Today, October 21, 2026, every date in the offer has passed except payment.

Two details matter to a holder. The notice date is seven days before the valuation date, so a holder commits before the price exists. And the NAV in the offer document, $19.52 for Class A and $43.18 for Class I at May 31, 2026, is an estimate; the price paid in June was $18.61 and $41.18.

The September result is not on EDGAR. As of October 21, 2026 the latest filing is the October 14 amendment for the June offer. Past results took 65 to 134 days after expiry, which for this offer means a filing between about November 29, 2026 and February 6, 2027 (our arithmetic), and it can be later: the fund is under no deadline we could find. We do not know the September amount.

NAV by class: what holders were paid

NAV per share is set monthly, and the tender price is the quarter-end NAV. These are the ten pricing dates:

Quarterly changes are our arithmetic. Net assets were $985,832,647 at March 31, 2025, $1,133,524,245 at September 30, 2025, $1,217,827,502 at December 31, 2025, $1,209,006,835 at March 31, 2026 and $1,261,362,992 at June 30, 2026. The fund's own year-to-March 2026 total return was 7.89% for Class I and 7.25% for Class A, against 20.01% for the MSCI ACWI Net index it uses for comparison (N-CSR); over ten years it shows 9.46% and 8.80% against 11.33%.

The offer documents print an estimated NAV for a month-end about a month before each quarter-end. Comparing that estimate with the price that followed shows a pattern in the last two quarters:

Changes are our arithmetic. The filings do not explain the two latest drops. The N-CSR says the underlying funds “typically” give the adviser estimated NAVs quarterly, subject to revision, while the fund calculates its own NAV monthly. A reasonable reading is that a month-end figure mid-quarter leans on older underlying values and the quarter-end one absorbs new ones; that is our reading, not the fund's statement. For a seller the point is practical: the price is not the number on the fund's website a month before.

Who runs the money: KKR is about 40%, not 100%

The N-CSR says the fund allocates substantially all of its assets to investment interests sponsored or managed by KKR, Vista or Warburg Pincus, and plans, after a transition period, to put “approximately one-third of the value of its Investment Interests” with each. We grouped the schedule of investments by the name of each holding.

All figures are our grouping and arithmetic from the March 31, 2026 Portfolio of Investments (N-CSR) and the June 30, 2026 Form N-PORT. The columns add to more than 100% because net assets are after liabilities. Holdings whose names do not carry a manager name, such as co-investment vehicles, fall in the fourth row, and the June N-PORT reports two holdings without a name; so KKR, Vista and Warburg Pincus are floors, not totals. On this count the fund is moving toward one-third each slowly: KKR's share of the three fell one point in the quarter and Warburg Pincus's rose one.

The biggest positions are Direct Access vehicles: at March 31, 2026 Vista Prosvasi 2023, L.P. was $245.3 million (20.29% of net assets), KKR Prosvasi 2022, L.P. $177.5 million (14.68%) and Warburg Pincus Prosvasi 2023, L.P. $147.3 million (12.18%). Direct Access was 58.80% of net assets and the fund's letter puts the share at over 60%. By style it reports 44% buyout, 48% growth buyout and 8% growth equity, and 42% of the portfolio in information technology; its letter says Vista “manages most of the Fund’s software exposure”.

Other facts from the same report, all at March 31, 2026:

• Liquidity against promises. Cash was $12,970,046 and money market funds $84,479,067, $97.4 million together, against unfunded commitments of $106,181,178. The credit line with Royal Bank of Canada was $120 million, raised to $160 million on April 1, 2026; the most drawn in the year was $25 million and nothing was outstanding at year end.
• Almost no market prices. $1,145,049,905 of the $1,231,843,944 of investments was valued at the underlying funds' reported NAV; only $2,314,972 (two preferred stocks) was Level 3. The fund relies on valuations by the managers it invests with, as its valuation note says, “even in instances where an Investment Manager may have a conflict of interest”.
• Auditor change. Deloitte was dismissed and PricewaterhouseCoopers appointed on December 16, 2025; the N-CSR reports no disagreements.
• The fund's own return claim. The letter cites a 15% internal rate of return on Direct Access investments from October 26, 2022 to March 31, 2026. That is the fund's figure for part of the portfolio, not a return on your shares.

Our pages on the KKR private equity conglomerate K-PEC and on Blackstone Private Equity Strategies cover other ways to hold large-manager private equity. For other registered funds with the same tender mechanics, see AMG Pantheon Fund and Hamilton Lane Private Assets Fund.

Fees: 2.37% and 1.77% after the July prospectus

The prospectus update filed July 29, 2026 changes the fee table.

The 2025 totals (2.70% and 2.10%) are quoted in the N-CSR; the 0.63% and 0.48% lines are fee-table footnotes carried in the XBRL data of the 2026 filing, which cite financial statements as of March 31, 2025. The 2025 interest line is not broken out in the text we read; what is left of the total after the other lines is 0.09% (our arithmetic). The drop comes from two lines: acquired fund fees down 11 basis points and other expenses down 22. The expense cap, which limits “Specified Expenses” to 0.55% a year, now runs to July 31, 2027 (it ran to August 1, 2026 before).

What the ratio leaves out is large. The prospectus says the underlying primary and secondary funds charge management fees of 1.50% to 2.00% and carried interest of 20% to 30% of net profits, and that Direct Access deals charge fees “at or below” those levels. Carried interest is not in the 2.37% or 1.77%. The annual report's own expense ratio, 1.25% for Class I and 1.85% for Class A, excludes the expenses of the investment interests altogether.

A worked example (our arithmetic) for $500,000: at the full 3.50% load, a Class A buyer pays $17,500 on the way in, and then 2.37% a year is $11,850. A Class I buyer pays no load and 1.77% is $8,850 a year, a gap of $3,000 a year, which is exactly the 0.60% distribution fee. None of this includes carried interest, tax, or the 2% early repurchase fee on shares sold within a year.

What changed since late July

• July 29, 2026: new prospectus; total annual expenses fall to 2.37% and 1.77% and the expense cap is extended to July 31, 2027.
• July 31, 2026: the result of the offer that expired March 27 was filed, 126 days after expiry.
• August 14, 2026: the fund launched the September offer (Schedule TO-I).
• August 31, 2026: Form N-PORT for June 30, 2026 shows net assets of $1,261,362,991.84 and total liabilities of $50,077,640.06.
• September 17, 2026: first final amendment for the June offer ($20,826,140.39).
• September 23 to 30, 2026: notice date, expiration date and valuation date of the September offer.
• October 13 and 14, 2026: acceptance date of the September offer, and the second final amendment for the June offer ($21,107,970.92).

What a reader can do with this

• If you hold shares, the filings show a pattern, not a guarantee: in the June 2026 offer holders tendered $21,107,970.92 of the $63,880,882.15 offered, 33.0%, and all of it was paid. No result in ten offers shows a cut-back. The fund can change its mind each quarter, and the board has no duty to offer.
• Plan around the calendar. A tender needs to be in by the notice date, a week before the price is set, and the cash arrives up to 65 days after the notice date. For the September offer that is November 27, 2026. Last year the next offer was filed on November 14, 2025 (Schedule TO-I, accession 0001580642-25-007305); a December 2026 offer filed around mid-November would be in line with that pattern, but it is not announced.
• Price risk sits between the notice date and the valuation date. The last two quarters priced 3.9% and 4.6% below the Class I month-end estimate in the offer document.
• Taxes are a decision, not a footnote. The offer document says a sale “will be a taxable transaction”, treated as a sale or exchange under Section 302(b) of the Internal Revenue Code if the tender ends your interest, is “substantially disproportionate” or is “not essentially equivalent to a dividend”; otherwise part can be a dividend. It also says backup withholding of 24% applies without a Form W-9 and that an individual with a loss of $2 million or more must file Form 8886. Ask your own tax adviser before you tender a large position.
• Check what you pay. On Class A, the 3.50% load and the 0.60% yearly fee are the difference from Class I; holding under a year adds a 2% fee on exit.
• Look at the manager mix. If your reason for owning this was KKR, know that KKR is about 40% of net assets by fund name, and that Vista and Warburg Pincus together are about 46%.
• Watch these in the next filings: the September offer's result (against a cap near $65.1 million), the semiannual report for the six months to September 30, 2026, the Form N-PORT for that date, and the next Schedule TO-I.

FAQ

All figures are from iDirect Private Markets Fund filings on SEC EDGAR, read on October 21, 2026: eleven final amendments and Schedule TO-I/A filings (June 4, 2024 to October 14, 2026, including accessions 0001580642-26-006351 and 0001580642-26-006880), Schedule TO-I of August 14, 2026 (0001580642-26-005315) and six earlier Schedule TO-I filings, the annual report to March 31, 2026 (Form N-CSR, 0001580642-26-003678), the semiannual report to September 30, 2025 (Form N-CSRS, 0001580642-25-007664), Form N-PORT for December 31, 2025 (0000910472-26-003535) and June 30, 2026 (0000910472-26-013866), the prospectus update of July 29, 2026 (Form N-2, 0001104659-26-088218), the annual report of iDirect Private Credit Fund (2042256, 0001580642-26-003680) and SEC submissions data for CIK 1606789. Shares of the offer, days, quarterly NAV changes, the manager grouping by fund name, the 3.0 times ratio of sales to repurchases, the September cap and payment date, and the $500,000 example are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.