From source to financial context
ACTA DIURNA reporting framework
The context
Coverage includes private equity and venture capital, private credit, real assets and digital assets, together with representative managers, secondary platforms, listed access vehicles, networks and protocols. These names define a research universe; their inclusion does not establish current investment availability, a portfolio position or an endorsement.
Evaluation includes vintage-year fund returns and distributions, dry powder, direct-lending credit performance, infrastructure and property fundamentals, and on-chain activity. Incompatible asset classes require separate comparisons rather than a composite leaderboard. A manager’s assets under management measures scale; it does not measure a client fund’s return.
What we track
Definitions and interpretation below describe our coverage. They are not live readings or mechanical buy/sell instructions.
Private-fund performance
Net or gross IRR, distributions to paid-in capital, residual value and total value by strategy and vintage.
How to read it: IRR is sensitive to cash-flow timing. DPI records returned capital relative to contributions, while TVPI includes unrealized NAV; compare matching fees, currency and reporting dates.
Source & methodology ↗Fundraising and deployment
New commitments, capital calls, investment pace, exits and uncalled commitments described as dry powder.
How to read it: Uncalled commitments are not a cash balance. Their availability depends on fund terms, investment periods and investors’ ability to meet calls.
Source & methodology ↗Private-credit performance
Loan income, total return, nonaccruals, defaults and realized losses using each index or lender’s stated sample.
How to read it: High income can coexist with deteriorating principal value. Nonaccrual at cost and fair value differ, and one listed lender cannot represent all private credit.
Source & methodology ↗Real-asset operating evidence
Property or infrastructure utilization, contracted revenues, capital spending and financing obligations.
How to read it: Asset appreciation and operating cash flow answer different questions. Appraisal lags, maintenance needs and contract counterparties affect how much cash can actually be distributed.
Source & methodology ↗Digital activity and value
Token capitalization, protocol usage, stablecoin supply, fees and assets committed to smart contracts under distinct definitions.
How to read it: Price appreciation can lift dollar-denominated metrics without new adoption. Fees may go to users, validators or other participants rather than the protocol’s tokenholders.
Source & methodology ↗Secondary access and liquidity
Executed prices or separately labelled indications, transfer rights, fund interests, fees, lockups and redemption provisions.
How to read it: A token, listed manager share and private fund interest convey different claims. An apparent discount is meaningful only against comparable rights and a dated valuation.
Source & methodology ↗How we cover it
Private equity and venture comparisons retain vintage, geography, strategy and cash-flow basis. Infrastructure, farmland, timberland and property require their own operating and valuation measures.
Digital coverage separates circulating capitalization from fully diluted value, locked assets and tokenized real-world assets. Parent and child protocols, wrappers and collateral claims should not be added without checking overlap.
What the numbers can miss
Private benchmarks often require licensed reports or confidential fund statements. Unavailable performance should remain unavailable rather than be inferred from a manager’s stock price.
Tokenization does not guarantee continuous redemption of an illiquid underlying asset. Quarterly marks, leverage and contractual liquidity limits can conceal risk that daily price volatility does not reveal.
Sources & editorial context
Derived from the original alternatives chat and recovered four-group registry. Names are coverage references; this page does not offer an investment allocation or an availability promise.
- ILPA — Industry guidance and reporting standards
- SEC — Search filings
- Ethereum — Network documentation
- FSB — Non-bank financial intermediation
Coverage framework informed by the publisher’s Alternative Asset Classes reference discussion. Discussions guide the reporting agenda; factual claims and metrics are checked against the identified source institutions.