VCRDX Repurchase Nov 20, 2026: Tenders Reached 94% of the 5% Offer

What the October 23, 2026 notice says

An interval fund must make a repurchase offer every quarter. The fund files each letter to shareholders as a Form N-23C3A. The latest one, set against what the fund's annual report says about the rule:

The letter opens with the line that most holders in advisory accounts can follow: “IF YOUR INVESTMENT ADVISER HAS DISCRETIONARY AUTHORITY TO MANAGE YOUR SHARES OR IF YOU ARE NOT INTERESTED IN TENDERING YOUR SHARES FOR REPURCHASE AT THIS TIME, YOU MAY DISREGARD THIS LETTER AND TAKE NO ACTION.” It also gives the reason for the offer: “since the Fund is unaware of any secondary market which exists for the Shares.” The offer is the way out, and the only one the fund points to.

The notice sets out the risk of asking: “Because of the potential for proration, there can be no assurance that the Fund will be able to repurchase all the Shares that you tender even if you tender all the Shares that you own.” Unfilled shares stay in your account and you must submit a new request next quarter.

Seven offers, all filled in full, with the requests catching up

The annual and semiannual reports print one line per offer: the shares offered, the shares tendered, the percentage of tendered shares repurchased and the value. The fund's shareholder letter calls March 31, 2026 its second anniversary, and its first fiscal year began with $100,000 of seed money from the adviser at $10.00 a share. All seven results published so far are below.

Two things changed between August 2025 and November 2025. Tendered shares went from 178,638 to 1,082,837, six times higher, and the dollars repurchased from $1.8 million to $10.9 million. Nothing in the filings says why. The offer amount is 5% of shares outstanding, so it also tells us the size of the fund on each deadline: 1,751,220 shares at 5% is about 35.0 million shares on February 27, 2026 (our arithmetic), against about 12.4 million on August 23, 2024.

Through August 2025 requests were small next to the fund's growth. In the 12 months to March 31, 2026 it sold $173.6 million of shares and paid out $30.3 million for repurchases (3,028,800 shares), 8.7% of the 34,877,208 shares outstanding at year-end (our arithmetic). Net assets went from $201.8 million to $352.1 million.

The May 29 and August 28, 2026 offers

The notices for both are on file (May 1 and July 31, 2026, with NAVs of $10.22 and $10.20) but neither result is. Form N-PORT, filed monthly by funds like this one and made public for the last month of each quarter, shows what happened in June:

The $17,059,633.27 redeemed in the third month of the June quarter is the May 29 offer. It is 4.8% of net assets at March 31, 2026 (our arithmetic against the audited $352,117,119), compared with 5.0% for February's $16.4 million against the $330.1 million of December 31 net assets. The May offer was therefore close to the 5% mark in dollars, but the filings do not give the shares tendered, and the NAV on May 29 is not stated. Whether the fund prorated, or used the extra 2%, will show in the semiannual report for the six months to September 30, 2026. The previous one was filed on December 3, 2025.

So far the fund has paid for repurchases while still selling more shares than it buys back, and net assets have kept rising every quarter in the table. That pattern can change. If the sales stopped growing and requests did, the fund would have to fund repurchases from cash, loan repayments or its credit line.

What happens if requests pass 5%

The rule in the notice is simple: if tendered shares exceed the offer, the fund “may, in its sole discretion” prorate or add up to 2% of outstanding shares, which is 40% of a 5% offer. Only beyond 7% must it prorate. Here is the arithmetic for a holder who tenders everything they own (our arithmetic; the fund decides each time whether to use the extra 2%):

A worked example, using the $10.18 quoted on October 16, 2026 only as a reference price and tendering 100,000 shares ($1,018,000, our arithmetic). At 125% of the offer, with no extra 2%, the fund would take 80,000 shares ($814,400) and leave 20,000 shares ($203,600) for the next quarter's window. At 200% the 100,000 shares would become 50,000, or 70,000 with the extra 2%. The actual price is the NAV on November 20, 2026.

The sibling fund shows how this looks in practice. Its notice of the same day is accession 0001213900-26-111937 and quotes a NAV of $29.02:

Our full read of that fund is in the Versus Capital Real Assets Fund review, and of the real estate sibling in the VCMIX review. The two funds differ in what they hold: VCRRX owns mostly private infrastructure, farmland and timberland funds. Its schedule of investments lists Harrison Street Infrastructure Fund LP ($285.2 million) and the Harrison Street Infrastructure Active ETF, not VCRDX, and the similar names are easy to misread. VCRDX makes private loans.

What the fund holds

VCRDX describes itself as seeking “consistent current income” by putting at least 80% of its net assets (plus borrowings) into income-oriented infrastructure investments, mainly privately issued infrastructure loans. At March 31, 2026 the schedule of investments showed:

The total is above 100% of net assets because of the credit line: $75.0 million of borrowings at that date. The largest private-debt sectors were renewables-solar (22.8% of net assets), digital infrastructure-data center services (14.2%), fiber (9.6%), battery storage (9.4%), conventional power generation (9.0%) and wind and transmission (8.5%).

The fund's shareholder letter, which is its own description and not an audited figure, reports 52 private direct infrastructure investments with a weighted average yield to maturity of 9.8%, a weighted average loan to value of 59%, 95% of investments in first-lien senior secured position, and no credit impairments, non-accruals or payment defaults since inception. It also reports that 76% of the cash flows of those investments are contracted, 6% recurring and 18% merchant (uncontracted).

The largest position is a single loan. In Form N-PORT:

The filings do not say why the maturity date moved at each reading, and they flag no default. The position is the reason the June 30 date is worth a look when the next Form N-PORT, for September 30, appears in late November: it will show whether the $30 million line is still there. The other positions above 5% at June 30, 2026 were EG U.S. DEVCO LLC ($24.8 million, 6.73%), Energyco II S.A. Facility A Notes (5.55%), Revera Borrowerco LLC (5.36%) and 38DN Module Co. 1, LLC (5.04%, maturity shown December 26, 2026).

Returns, distributions and what you pay

Total distributions were $0.95 a share in fiscal 2026, 9.4% of the $10.10 year-end NAV (our arithmetic), and $2,144,202 of the $26,770,814 paid, 8.0%, was return of capital. The annual report puts net investment income at 9.65% of average net assets. The net expense ratio went from 1.21% to 2.81% (gross 2.88%): the adviser had waived half its management fee through March 31, 2025, its expense cap rose from 1.25% to 1.95%, and the credit line began in July 2025. The July 29, 2026 prospectus fee table shows a 1.00% management fee, 0.85% other expenses, 1.65% interest on borrowed funds and 0.35% acquired fund fees, a total of 3.85% of net assets (the fund's estimate on $352 million of net assets). The minimum initial investment is $25,000 for institutional investors and $10,000 for the adviser's insiders, and the prospectus lets the adviser waive both.

Tax: the notice says the fund “intends to take the position that shareholders tendering Shares will qualify for sale or exchange treatment,” which would make a gain or loss capital. If a tender is not treated as a sale, the proceeds can be a dividend or return of capital. Non-U.S. shareholders face 30% withholding unless they supply a Form W-8. The notice tells holders to see their tax adviser.

Our own pages and the wider picture

VCRDX is number 64 by net assets ($367.7 million at June 30, 2026) in our list of interval funds. For how a repurchase offer works and why it can be prorated, see what is an interval fund; for the other deadlines this quarter, see the Q4 2026 redemption and tender deadlines page, which does not yet include the two Harrison Street notices. Other infrastructure funds we have read from their filings: the Brookfield Infrastructure Income Fund and the Hamilton Lane Private Infrastructure Fund.

What a reader can do with this

• Check who submits for you. If your shares sit at a broker-dealer, custodian or clearing platform, ask for its cutoff. The notice says some “may set times prior to the Repurchase Request Deadline,” and that some may require the request only on the deadline itself. Friday, November 20 is the fund's date, not necessarily yours.
• Decide on a price you cannot see. The NAV is set on November 20. In the last four published offers the average price paid was about 1.4% to 1.6% under the NAV quoted in the notice, so if you do the math, do it with a range.
• Plan for a partial fill. The table above shows what a 71% or 50% fill would leave. Whatever is not repurchased stays invested until the next window, which on the fund's pattern would be a notice around the end of January 2027 (our reading; the fund has not announced it).
• Look at what else you own that is the same bet. The two Harrison Street funds with the same deadline share a manager. Holding VCRRX and VCRDX means two requests in the same queue.
• Know the dates. November 20 (deadline and price), November 24 (payment), late November (Form N-PORT for September 30, which will show the August 28 offer paid on September 1) and about December 3 (semiannual report with the May and August results, going by last year's date).

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from SEC filings read on EDGAR on October 24, 2026: ten Form N-23C3A notices from July 26, 2024 to October 23, 2026 (the latest accession 0001213900-26-111936); the annual reports on Form N-CSR for the years ended March 31, 2025 (accession 0001193125-25-134764) and March 31, 2026 (accession 0001213900-26-065332); the semiannual reports for the periods ended September 30, 2024 and 2025; four Form N-PORT filings for September 30, 2025 to June 30, 2026 (latest accession 0001193125-26-373844); the prospectus of July 29, 2026 (Form 486BPOS, accession 0001133228-26-010973); and, for the sibling fund (CIK 1687898), the notice of October 23, 2026 (accession 0001213900-26-111937) and the annual report for the year ended March 31, 2026 (accession 0001213900-26-065340). Calculations marked “our arithmetic” are ours. This is analysis of public documents, not investment, legal or tax advice.