Policy clause
"No more than 25% of commitments in one vintage year": how to write it, test it and evidence it
A vintage limit spreads private-market commitments over time, so one year's conditions do not shape the whole programme. It becomes testable once each fund's vintage year is recorded from its own documents. Acclimetry's vintage-year concentration measures every vintage's share of total commitments against the limit, with optional bands for named years.
No more than 25% of total commitments may be made to funds of a single vintage year.
vintage_concentrationQuestions to settle before it can be tested
- Vintage by what: first close, final close or first drawdown? The year comes from the fund's documents and is never inferred.
- Committed or unfunded: the measure can be total commitment or unfunded commitment, and the two age differently.
- Which funds: private equity only, or credit and infrastructure too? The rule measures the classes it names.
- Planned overweights: a programme ramping up may plan a heavy first year; a named-vintage band records that choice.
As a testable rule
Vintage-year concentration template, field VINTAGE, measure total commitment, classes Private equity, Private credit and Infrastructure: each vintage's commitments over the total. Hard maximum 25%, warning maximum 22%. A commitment with no recorded vintage leaves every year unsettled and the rule not evaluated.
A testable wording
Commitments to funds of any single vintage year may not exceed 25% of total commitments. A fund's vintage is the year of its first close.
See vintage-year data and the vintage-year concentration page.
Worked example
The 2022 vintage holds 9m of 30m committed, 30%, over the cap; 2024 and 2025 are in warning.
Rule template:vintage_concentration fieldCode: VINTAGEmeasure: commitmentclassNames: Private equity, Private credit, Infrastructure
Bounds: warn max 22% · hard max 25%
| Holding | Class | Market value | Commitment | VINTAGE |
|---|---|---|---|---|
| Private equity fund A | Private equity | 6,800,000 | 9,000,000 | 2022 |
| Private equity fund B | Private equity | 3,100,000 | 4,000,000 | 2023 |
| Private credit fund C | Private credit | 2,200,000 | 2,600,000 | 2023 |
| Infrastructure fund D | Infrastructure | 2,400,000 | 6,900,000 | 2024 |
| Private equity fund E | Private equity | 1,100,000 | 7,500,000 | 2025 |
| Listed equities | Equities | 30,000,000 | – | (blank) |
| Group | Status | Value | Bounds | Headroom to the hard bound | Code |
|---|---|---|---|---|---|
| Vintage 2022 | Breach | 30% | ≤ 25% warning ≤ 22% | -5% -8% to warning | ABOVE_HARD_MAXIMUM |
| Vintage 2023 | Compliant | 22% | ≤ 25% warning ≤ 22% | 3% 0% to warning | WITHIN_LIMITS |
| Vintage 2024 | Warning | 23% | ≤ 25% warning ≤ 22% | 2% -1% to warning | ABOVE_WARNING_MAXIMUM |
| Vintage 2025 | Warning | 25% | ≤ 25% warning ≤ 22% | 0% -3% to warning | ABOVE_WARNING_MAXIMUM |
ABOVE_HARD_MAXIMUM: The measured value exceeds the approved hard maximum, beyond any stated tolerance.WITHIN_LIMITS: The measured value sits inside every approved bound.ABOVE_WARNING_MAXIMUM: The measured value has crossed the early-warning maximum but not the hard limit.
Largest contributors: Vintage 2022 → Private equity fund A 30% · Vintage 2023 → Private equity fund B 13.33%, Private credit fund C 8.67% · Vintage 2024 → Infrastructure fund D 23%
Computed at build time by the Acclimetry rule engine (backend commit 8197063); the same code runs in the product.
What each monitoring run records
Each run stores one row per vintage with its share, state, headroom and funds, naming the limit it was judged against. Holdings with no commitment, such as listed shares, are out of scope. A breach opens a case like any other limit.