FICTITIOUS DOCUMENT — FORGE DEMO ONLY · specimen data built for a product demonstration · no real family, firm, fund, bank, or person is depicted
Investment Committee Memorandum
FromSteven Kohl, Chief Financial Officer
ToInvestment Committee — James Ellencourt (Chair); Harrison Ellencourt; Diane Marsh, COO
DateJuly 21, 2026
RePrivate Funds Portfolio — Q3 2026 Capital Activity, NAV, and Commitment Pacing
This memorandum summarizes the family office's private fund portfolio as of Q3 2026, the capital
activity received this month, and the funding plan. It is prepared for Committee reporting — to prep and
flag items for awareness; it is not external investment advice.
1. Portfolio Summary — Private Funds
| Fund |
Strategy |
Vintage |
Commitment |
Called-to-date |
Unfunded |
NAV |
Recipient entity |
| Cormorant IV | PE buyout | 2019 |
$75,000,000 | $60,000,000 | $15,000,000 | $82,000,000 |
Ellencourt 2012 Descendants Trust |
| Blackford III | PE growth | 2020 |
$50,000,000 | $42,000,000 | $8,000,000 | $58,000,000 |
Wrenfield Holdings LLC |
| Harrow Point RE II | Real estate | 2018 |
$60,000,000 | $48,000,000 | $12,000,000 | $54,000,000 |
Kestrel Lane LLC |
| Windham Credit | Private credit | 2021 |
$40,000,000 | $40,000,000 | $0 | $43,000,000 |
Ellencourt 2012 Descendants Trust |
| Stillwater Absolute Return | Hedge | 2017 |
$45,000,000 | $45,000,000 | $0 | $51,000,000 |
Wrenfield Holdings LLC |
| Total | | |
$270,000,000 | $235,000,000 | $35,000,000 | $288,000,000 |
|
2. Recent Capital Activity
Capital Calls Received (August)
- Cormorant IV — $9,000,000, due Aug 4, 2026
- Blackford III — $7,000,000, due Aug 7, 2026
- Harrow Point RE II — $6,000,000, due Aug 11, 2026
Total calls$22,000,000
Distributions (Fully-Called Funds)
- Windham Credit — $1,400,000, pays Aug 14, 2026
- Stillwater Absolute Return — $2,250,000, pays Aug 14, 2026
Total distributions$3,650,000
The three calls arrive against active-investment funds (Cormorant IV, Blackford III, Harrow Point RE
II). The two distributions are from the fully-drawn funds (Windham Credit, Stillwater) and are income /
realized-gains in character — they do not restore unfunded commitment.
3. Liquidity & Funding
Each call will be funded from the custody or operating account of the respective recipient entity:
- Cormorant IV → Ellencourt 2012 Descendants Trust custody — Ashborne Private Bank ••••4472
- Blackford III → Wrenfield Holdings LLC custody — Ashborne Private Bank ••••4471
- Harrow Point RE II → Kestrel Lane LLC — Tri-Valley Community Bank ••••2258
All external wire coordinates are held at the custodian and render here as
[REDACTED - SPECIMEN] for this reporting copy.
Aggregate August cash outflow for calls is $22,000,000, partially offset by $3,650,000
of incoming distributions later in the month. All three recipient-entity accounts carry sufficient
balances to meet the calls on their stated due dates without portfolio sales.
4. Recommendation
The Committee is asked to note the $35,000,000 remaining unfunded commitment across Cormorant IV,
Blackford III, and Harrow Point RE II for forward pacing and liquidity planning. No action is required
on this memo. Consistent with office controls, the CFO will confirm each wire against the custodian
portal before release — no call is funded on the notice alone.
Steven Kohl
Chief Financial Officer, Wrenfield Family Office