Methodology note
Vintage-year data
A vintage-year limit caps the share of private market commitments made in any single year of the cycle. The registry reads each fund's vintage from an approved field and never infers it. A commitment with no recorded vintage leaves every year's share unsettled.
vintage_concentration · Private markets commitment limit (unfunded commitments)commitment_limitHow it is measured
Each commitment is placed in its vintage year, and each year's total is divided by total commitments. A rule can measure total or unfunded commitment, and set a general cap with exceptions for named years.
With commitments of 450, 300 and 250 in 2022, 2023 and 2024, the 2022 vintage is 45% and breaches a 40% cap.
Why vintage is never inferred
Funds define vintage differently: first close, first drawdown or first investment. A date in the feed may be any of these.
The registry reads vintage only from an approved governed field, as the fund states it. A first-drawdown date or a year in the fund's name is never used.
Pitfall: the measure changes the answer
Total and unfunded commitments give different pictures. An older fund that has drawn most of its capital has little left unfunded, so recent vintages dominate the unfunded measure.
With unfunded amounts of 50, 100 and 190, 2024 is 56% of the unfunded total, though only 25% of total commitments.
Pitfall: the missing vintage
A commitment with no recorded vintage cannot be placed in a year, so no year's share can be settled. The rule reads not evaluated until the vintage is recorded.
A named-year exception carries its own limit. A planned overweight year then stays visible as such, rather than hidden in a higher general cap.
Worked example
Commitments of 450, 300 and 250 in 2022, 2023 and 2024 put 45% in the 2022 vintage, over a 40% cap.
Rule template:vintage_concentration fieldCode: VINTAGEmeasure: commitmentclassNames: Private Equity
Bounds: hard max 40%
| Holding | Class | Market value | Commitment | VINTAGE |
|---|---|---|---|---|
| Buyout Fund 2022 | Private Equity | 180 | 450 | 2022 |
| Growth Fund 2023 | Private Equity | 120 | 300 | 2023 |
| Venture Fund 2024 | Private Equity | 60 | 250 | 2024 |
| Listed equities | Stocks | 640 | – | (blank) |
| Group | Status | Value | Bounds | Headroom to the hard bound | Code |
|---|---|---|---|---|---|
| Vintage 2022 | Breach | 45% | ≤ 40% | -5% | ABOVE_HARD_MAXIMUM |
| Vintage 2023 | Compliant | 30% | ≤ 40% | 10% | WITHIN_LIMITS |
| Vintage 2024 | Compliant | 25% | ≤ 40% | 15% | WITHIN_LIMITS |
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.
Largest contributors: Vintage 2022 → Buyout Fund 2022 45% · Vintage 2023 → Growth Fund 2023 30% · Vintage 2024 → Venture Fund 2024 25%
Computed at build time by the Acclimetry rule engine (backend commit 8197063); the same code runs in the product.
Questions
What if a fund's vintage is not in the data?
Record the vintage the fund's documents state, as an approved field value. Until then the rule reads not evaluated.
Which vintage does a secondary purchase take?
That is a policy decision with no single answer. Record it as an author decision, so every secondary is treated the same way.