FS MVP Private Markets Fund
Data through 2026-03-31 · latest filing N-CSR filed 2026-06-05
Sponsored by Future Standard. Tender-Offer Fund structure focused on private equity.
Tender-Offer FundPrivate Equity
- Net assets
- $1.77B
source
Shareholder report (Form N-CSR) · filed 2026-06-05 · period 2026-03-31
Statement of Assets and Liabilities per-class blocks (sum)
“Class A: NA $513,989,366 (x1), 38,028,352 sh, NAV $13.52 | Class D: NA $6,321,875 (x1), 456,250 sh, NAV $13.86 | Class I: NA $1,246,624,175 (x1), 89,069,572 sh, NAV $14.00”
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
- $14.00
source
Shareholder report (Form N-CSR) · filed 2026-06-05 · period 2026-03-31
Statement of Assets and Liabilities, Class I
“Class A: NA $513,989,366 (x1), 38,028,352 sh, NAV $13.52 | Class D: NA $6,321,875 (x1), 456,250 sh, NAV $13.86 | Class I: NA $1,246,624,175 (x1), 89,069,572 sh, NAV $14.00”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-03-31 - Net flows, last qtr
- +6.8% qtr ended 2026-03-31
- Distribution coverage
- Not reported Private-equity distributions are episodic and realization-driven.
- Leverage in use
- 0% debt / equity 0.00x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
No current red or yellow flags in filings reviewed through 2026-07-31.
Historical findings (3)
Proposal 1 put to shareholder vote: Approval Of Investment Sub-Advisory Agreement I. (2024-07-02)
Proposal 1 put to shareholder vote: Approval Of A New Advisory Agreement I. (2023-03-31)
New share sales fell 100% versus the same period last year (29,656 -> 0.00, period ended 2023-01-31).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-04-01 to 2026-03-31 | Class I | basis not stated in the filed row | +11.75% | SEC source 0001398344-26-010373 |
| 2025-04-01 to 2025-09-30 | Class I | basis not stated in the filed row | +5.67% | SEC source 0001398344-25-021691 |
| 2024-04-01 to 2024-09-30 | Class I | basis not stated in the filed row | +4.72% | SEC source 0001398344-24-022769 |
| 2023-04-01 to 2024-03-31 | Class I | basis not stated in the filed row | +10.16% | SEC source 0001398344-24-011419 |
| 2023-04-01 to 2023-09-30 | Class I | basis not stated in the filed row | +4.27% | SEC source 0001398344-23-022183 |
Manager-reported performance
Manager-reported; not from SEC filings. These exact-window values appear only where no SEC-filed or SEC-derived observation covers the same fund, canonical class, and window.
| Window | Class | Return | Manager source |
|---|---|---|---|
| May 1–May 31, 2026 | Class I | -0.14% | Future Standard sourceCitation and archived evidence |
| Mar 1–Mar 31, 2026 | Class I | +1.74% | Future Standard sourceCitation and archived evidence |
Monthly performance eligibility
Canonical class: Class I · basis: manager-stated monthly total return · qualifying history: 2 months through 2026-05-31.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
Stated cap: 5% of net assets/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-06 | 0.4% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2026-05-04 · period 2026-03-06 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 8% | filled |
| 2025-12-08 | 0.5% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2026-02-02 · period 2025-12-08 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 10% | filled |
| 2025-09-08 | 0.4% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-11-03 · period 2025-09-08 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 8% | filled |
| 2025-06-09 | 0.1% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2025-06-09 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 2% | filled |
| 2025-03-07 | 3.1% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2025-03-07 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 62% | filled |
| 2024-12-06 | 3.2% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2024-12-06 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 65% | filled |
| 2024-09-06 | 3.4% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2024-09-06 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 68% | filled |
| 2024-06-05 | 0.2% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2024-06-05 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 3% | filled |
| 2024-03-05 | 0.2% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2024-03-05 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 4% | filled |
| 2023-12-06 | 0.09% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2023-12-06 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 2% | filled |
| 2023-09-06 | 0.06% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2023-09-06 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 1% | filled |
| 2023-06-05 | 0.1% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2023-06-05 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 3% | filled |
| 2023-03-06 | 0.02% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2025-08-29 · period 2023-03-06 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Committed facility: $120,000,000 with JPMorgan Chase Bank, N.A.; undrawn as of 2026-03-31.
How to read these financing entries
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.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.25% of managed investments per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001398344-26-010373.
Filed fee conditions
Pursuant to the Agreement, the Fund pays the Adviser an Investment Advisory Fee (the 'Management Fee') computed and payable quarterly, at a quarterly rate of 0.3125% (1.25% on an annualized basis) of the Fund's Managed Investments at the end of each calendar quarter. 'Managed Investments' means the total value of the Fund's assets (including any assets attributable to leverage) before any reduction for fees and expenses. The Fund also pays the Adviser a separate incentive fee ($18.8M for FY2026).
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.25% | 10% of total return + high-water mark
*
Incentive Fee: 10.00% of net profits over the Loss Recovery Account; Prior losses in the Loss Recovery Account must first be recovered. SEC source 0001398344-26-010373 |
Pending | Pending | 3.68%interest included*Filed label: Ratio of gross expenses to average net assets (c)(d); period 2026-03-31. gross expenses (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001398344-26-010373 |
3.68%interest included*Filed label: Ratio of net expenses to average net assets (c)(d); period 2026-03-31. After waiver: not separately stated; interest: included; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001398344-26-010373 *Filed label: Ratio of net expenses to average net assets, excluding interest expense and tax (c); period 2026-03-31. After waiver: not separately stated; interest: excluded; tax: excluded; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001398344-26-010373 |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 10.00% | net profits over the Loss Recovery Account | Prior losses in the Loss Recovery Account must first be recovered. |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to the Agreement, the Fund pays the Adviser an Investment Advisory Fee (the 'Management Fee') computed and payable quarterly, at a quarterly rate of 0.3125% (1.25% on an annualized basis) of the Fund's Managed Investments at the end of each calendar quarter. 'Managed Investments' means the total value of the Fund's assets (including any assets attributable to leverage) before any reduction for fees and expenses. The Fund also pays the Adviser a separate incentive fee ($18.8M for FY2026). | 1.25 pct_annual_of_managed_investments | Pending |
| leverage_ceiling | Statutory: 1940 Act Section 18(a)(1), 300% asset coverage for debt of a registered closed-end fund; not electable. | 300.0 pct_asset_coverage | Pending |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of net assets outstanding per quarter (most recently confirmed 2026-06-08). FS MVP Private Markets Fund | 5.0 pct_of_net_assets_per_quarter | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-05 | N-CSR | 0001398344-26-010373 |
| 2026-05-20 | NPORT-P | 0001049169-26-001076 |
| 2026-05-04 | SC TO-I | 0001398344-26-008183 |
| 2026-05-04 | SC TO-I/A | 0001398344-26-008161 |
| 2026-02-26 | NPORT-P | 0001049169-26-000346 |
| 2026-02-02 | SC TO-I | 0001398344-26-001859 |
| 2026-02-02 | SC TO-I/A | 0001398344-26-001796 |
| 2025-12-04 | N-CSRS | 0001398344-25-021691 |
| 2025-11-25 | NPORT-P | 0001049169-25-000807 |
| 2025-11-03 | SC TO-I | 0001398344-25-020196 |
| 2025-11-03 | SC TO-I/A | 0001398344-25-020174 |
| 2025-08-29 | NPORT-P | 0001049169-25-000137 |
| 2025-08-29 | SC TO-I/A | 0001398344-25-017248 |
| 2025-08-29 | SC TO-I/A | 0001398344-25-017246 |
| 2025-08-29 | SC TO-I/A | 0001398344-25-017238 |