Wilshire Private Assets Fund
Data through 2026-03-31 · latest filing 486BPOS filed 2026-07-29
Sponsored by Wilshire. Tender-Offer Fund structure focused on private equity.
Tender-Offer FundPrivate Equity
- Net assets
- $144.8M
source
Shareholder report (Form N-CSR) · filed 2026-06-08 · period 2026-03-31
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Statement of Assets and Liabilities March 31, 2026 Assets: Investments in Master Fund, at Value (Cost $127,262,594) $ 144,879,206 Investments, at Value (Cost $39,663) 39,663 Receivable for Capital Shares Sold 487,726 Receivable for Investment Securities Sold 465,731 Dividend and Interest Receivable 14 Prepaid Expenses 20,755 Total Assets 145,893,095 Liabilities: Payable for Investment Securities Purchased 487,727 Payable for Capital Shares Redeemed 465,731 Legal Fees Payable 51,003 Shareholder Servicing Fees Payable 48,652 Due to Adviser 23,096 Trustees' Fees Payable 5,110 Due to Administrator 2,548 Other Accrued Expenses 46,814 Total Liabilities 1,130,681 Net Assets $ 144,762,414”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $14.84
source
Shareholder report (Form N-CSR) · filed 2026-06-08 · period 2026-03-31
S1_class_sectioned_row_labelled — class Institutional Class; column Year Ended March 31, 2026; net asset value, end of period
“Net Asset Value, End of Year $ 14.84 $ 12.68 $ 13.14 $ 11.93 $ 12.49”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Institutional Class · as of 2026-03-31 - Net flows, last qtr
- +22.8% qtr ended 2026-03-31
- Distribution coverage
- Not reported Private-equity distributions are episodic and realization-driven.
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +17.35% SEC-filed fiscal year return 2025-04-01 to 2026-03-31 · Institutional Class · SEC source 0001398344-26-010544
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
The fund's expense cap of 2.50% of net assets has applied and expires August 1, 2027.
The fund's expense cap of 2.50% of net assets has applied and expires August 1, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/1807334/000139834426013060/fp0099639-1_486bposixbrl.htm | Summary of Fees and Expenses expense limitation discussion, pages 18 to 19 | Fund Operating Expenses capped at 2.50 percent of average daily net assets until August 1, 2027, with automatic one year renewals and a listed set of excluded expenses
Historical findings (4)
Put to a shareholder vote: Adoption of Fundamental Policy to Conduct Periodic Repurchase Offers 1 Proposal. (2024-07-15)
Put to a shareholder vote: Approval of a New Investment Advisory Agreement with Wilshire Advisors LLC 11 Additional Information 19 6 Proxy Statement. (2024-03-01)
New share sales fell 100% from the prior period ($25,000 -> $0.00, period ended 2022-06-30).
New share sales fell 85% from the prior period ($200,951 -> $30,000, period ended 2021-11-30).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-04-01 to 2026-03-31 | Institutional Class | basis not stated in the filed row | +17.35% | SEC source 0001398344-26-010544 |
| 2020-10-28 to 2025-09-30 | Institutional Class | basis not stated in the filed row | +6.39% | SEC source 0001398344-25-022145 |
| 2024-04-01 to 2025-03-31 | Institutional Class | basis not stated in the filed row | +1.86% | SEC source 0001398344-26-010544 |
| 2020-10-28 to 2024-09-30 | Institutional Class | basis not stated in the filed row | -0.23% | SEC source 0001398344-24-023043 |
| 2023-04-01 to 2024-03-31 | Institutional Class | basis not stated in the filed row | +10.14% | SEC source 0001398344-26-010544 |
| 2023-03-03 to 2023-09-30 | Institutional Class | basis not stated in the filed row | +1.55% | SEC source 0001135428-23-000289 |
| 2022-04-01 to 2023-03-31 | Institutional Class | basis not stated in the filed row | +4.05% | SEC source 0001398344-26-010544 |
| 2021-04-01 to 2022-03-31 | Institutional Class | basis not stated in the filed row | +13.89% | SEC source 0001398344-26-010544 |
| 2020-10-28 to 2021-09-30 | Institutional Class | basis not stated in the filed row | +18.09% | SEC source 0001135428-21-000208 |
| 2020-10-28 to 2021-03-31 | Institutional Class | basis not stated in the filed row | +13.70% | SEC source 0001135428-21-000062 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2025-03-31 | DELAWARE WILSHIRE PRIVATE MARKETS MASTER FUND (99.6% of portfolio value in the 2024-12-31 report, $52,562,999) is absent from the 2025-03-31 report -- realized, sold, or restructured under a different name. |
| 2025-03-31 | New position WILSHIRE PRIVATE ASSETS MASTER FUND: 99.6% of portfolio value ($57,670,887) as of 2025-03-31; absent from the 2024-12-31 report. |
| 2023-06-30 | First American Funds, Inc: Government Obligations Fund; Class X Shares (1.3% of portfolio value in the 2023-03-31 report, $379,948) is absent from the 2023-06-30 report -- realized, sold, or restructured under a different name. |
| 2023-06-30 | N/A (99.1% of portfolio value in the 2023-03-31 report, $29,037,670) is absent from the 2023-06-30 report -- realized, sold, or restructured under a different name. |
| 2023-06-30 | New position DELAWARE WILSHIRE PRIVATE MARKETS MASTER FUND: 99.4% of portfolio value ($29,591,522) as of 2023-06-30; absent from the 2023-03-31 report. |
| 2021-06-30 | BUHUOVC LP (19.7% of portfolio value in the 2021-03-31 report, $3,649,285) is absent from the 2021-06-30 report -- realized, sold, or restructured under a different name. |
| 2021-06-30 | N/A was marked up 52% between the March 31, 2021 and June 30, 2021 reports ($11,785,363 to $17,885,971) with par unchanged: a valuation mark, not a sale. |
| 2021-03-31 | Basalt Infrastructure Partners II C L.P. (35.3% of portfolio value in the 2020-12-31 report, $5,894,608) is absent from the 2021-03-31 report -- realized, sold, or restructured under a different name. |
| 2021-03-31 | Linden Structured Capital Fund LP (1.3% of portfolio value in the 2020-12-31 report, $215,987) is absent from the 2021-03-31 report -- realized, sold, or restructured under a different name. |
| 2021-03-31 | New position BUHUOVC LP: 19.7% of portfolio value ($3,649,285) as of 2021-03-31; absent from the 2020-12-31 report. |
| 2021-03-31 | New position N/A: 63.7% of portfolio value ($11,785,363) as of 2021-03-31; absent from the 2020-12-31 report. |
Where exit demand met the cap.
Every one of the 1 disclosed periods was filled in full. Except to the extent the Board otherwise determines, any repurchase of Class D Shares from a Shareholder which were held for less than one year (on a first-in, first-out basis) will be subject to an “Early Repurchase Fee” equal to 2% of the net asset value of such repurchased Shares. If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2024-04-30 | - | 100% | - | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-07-29.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class D | Servicing-fee class for brokerage or platform distribution. | 0.00% | 76 bps | $5,000 | - |
| Institutional Class | Servicing-fee class for brokerage or platform distribution. | 0.00% | 16 bps | $5,000 | - |
Management fee: 1.25% of net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001398344-26-013060.
Filed fee conditions
the Master Fund pays the Adviser a Management Fee, computed and payable monthly, at the annual rate of 1.25% of the Master Fund’s net asset value.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Institutional Class | 1.25% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001398344-26-013060 |
0.00% | 16 bps | - | - |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (6)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | the Master Fund pays the Adviser a Management Fee, computed and payable monthly, at the annual rate of 1.25% of the Master Fund’s net asset value. | 1.25 pct annual of net assets | - |
| expense_limitation | The Adviser has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Fund Operating Expenses (defined below) incurred by the Fund from exceeding 2.50% of the Fund’s average daily net assets until August 1, 2027, subject to automatic one-year renewals thereafter, and, in any event, the arrangement will remain in place for at least one year from the date of this Prospectus. | 2.5 pct annual of avg daily net assets | - |
| fund_inception_date | 2020-10-28 | Text disclosure | 2020-10-28 |
| leverage_ceiling | Borrowing The 1940 Act requires a registered investment company, including the Fund, to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness is incurred (the “Asset Coverage Requirement”). This means that the value of each Fund’s total indebtedness may not exceed one-third of the value of its total assets, including the indebtedness. | 300.0 asset coverage | - |
| lockup_or_early_repurchase_fee | Except to the extent the Board otherwise determines, any repurchase of Class D Shares from a Shareholder which were held for less than one year (on a first-in, first-out basis) will be subject to an “Early Repurchase Fee” equal to 2% of the net asset value of such repurchased Shares. If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. | 2.0 pct of nav repurchased | - |
| repurchase_program_terms | To provide Shareholders with limited liquidity, the Fund is structured as an “interval fund” and intends to conduct quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements. In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. Quarterly repurchases occur in the months of March, June, September, and December. | 5.0 pct of shares outstanding per quarter | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-29 | 486BPOS | 0001398344-26-013060 |
| 2026-06-08 | N-CSR | 0001398344-26-010544 |
| 2026-05-29 | NPORT-P | 0002048251-26-004588 |
| 2026-02-27 | NPORT-P | 0002048251-26-001437 |
| 2025-12-08 | N-CSRS | 0001398344-25-022145 |
| 2025-11-28 | NPORT-P | 0002048251-25-002941 |
| 2025-08-28 | NPORT-P | 0001752724-25-211267 |
| 2025-06-09 | N-CSR | 0001398344-25-011631 |
| 2025-05-30 | NPORT-P | 0001752724-25-129771 |
| 2025-02-28 | NPORT-P | 0001752724-25-047256 |
| 2024-12-09 | N-CSRS | 0001398344-24-023043 |
| 2024-11-29 | NPORT-P | 0001752724-24-275968 |
| 2024-11-26 | SC TO-I/A | 0001398344-24-021801 |
| 2024-08-30 | SC TO-I | 0001398344-24-017053 |
| 2024-08-29 | NPORT-P | 0001752724-24-199855 |