--- title: "APERS’s $26.5m HarbourVest addition: the fund route and fee terms | Altss Blog" description: "APERS’s HarbourVest summary exempts a $26.5m addition from fees and carry. Its fund, tranche and liquidity disclosures show which capital each term covers." canonical: "https://altss.com/blog/apers-private-credit-fund-vehicle-tranches-fee-bases" --- [Altss Research](https://www.linkedin.com/company/altss) 4 min read Updated Oct 22, 2026 Share # APERS’s $26.5m HarbourVest addition: the fund route and fee terms APERS’s HarbourVest summary exempts a $26.5m addition from fees and carry. Its fund, tranche and liquidity disclosures show which capital each term covers. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=APERS%E2%80%99s%20%2426.5m%20HarbourVest%20addition%3A%20the%20fund%20route%20and%20fee%20terms) Copy link An Arkansas Public Employees Retirement System executive summary dated August 21, 2026 describes increasing its HarbourVest private-credit commitment from $550 million to $576.5 million. Its stated terms exempt the additional $26.5 million from management fees and carried interest. That concession belongs to the increment, rather than making the entire commitment fee-free. The [APERS investment packet](https://www.arkleg.state.ar.us/Home/FTPDocument?path=%2FAssembly%2FMeeting+Attachments%2F000%2F27977%2FExhibit+H.05+-+APERS+-+Notification+to+ALC%2C+A.C.A.+19-69-101+Act+1211+of+2009.pdf) identifies HarbourVest APERS PC Fund, L.P. as the investment, HarbourVest Partners, LLC as the managing party it calls the general partner, and says APERS will be a limited partner. Those roles locate both the capital and the economics. A consultant recommendation, a commitment to the named partnership and an investment made beneath that partnership are different relationships. ## The fund and its underlying routes The HarbourVest summary says funding began in July 2025. Its proposed increase therefore concerns an existing investment route, rather than a newly established $576.5 million fund subscription in August 2026. The fund would initially have two tranches. Tranche 1 would make commitments to the HV Credit Secondaries Fund; Tranche 2 would make all other investments. The named APERS investee and the underlying secondaries fund are separate levels of this description. Recording both as independent pension allocations would conceal the route through which the secondaries exposure is obtained. The packet does not supply the executed partnership documents or classify this vehicle as a separately managed account. Its pension-specific name is insufficient to establish that legal category. What it does disclose is a named partnership, APERS’s LP role and a division of investments beneath it. ## The fee base changes the comparison For the broader arrangement, the summary illustrates an approximately 20.3-basis-point blended management fee on committed capital over eight years, assuming an eight-year term for both the credit-secondaries and direct-lending funds. It separately describes the HarbourVest fund’s fee as 35 basis points on invested capital and external funds’ fees as 10 basis points a year on committed capital. Those different bases prevent a simple addition of the rates. Nor does multiplying the illustrative blend by the full commitment establish an annual fee bill: the illustration has its own term and capital assumptions, while the additional $26.5 million is explicitly excluded from management fees. Carried interest has a similar boundary. The summary gives an approximate 5.55% blend with a 6% hurdle, describes HarbourVest’s carry as 10% with a 6% hurdle and says the external funds have none. It then explicitly exempts the additional $26.5 million from carry. For a manager comparing economics, the relevant question is which capital, vehicle and investment route each term covers. ## Two liquidity arrangements do not identify two funds The companion Apollo summary names Apollo IG Short Duration Fund, L.P., with APERS as LP, and describes a $100 million commitment needed for its public-credit/private-credit target. Funding was expected to begin in September 2026. Half the investment would use a monthly-liquidity arrangement with 30-day notice; the other half an annual arrangement with 60-day notice. The stated fees are 0.45% for the monthly investment and 0.55% for the annual investment, producing the disclosed 0.50% blend, with no carried interest. The two arrangements explain the fee difference. The summary names one fund; it does not identify two legally separate vehicles. The KKR summary supplies another distinction. Its named investment is KKR Diversified Core Infrastructure USD Feeder Fund, L.P., with a $100 million commitment described as necessary for the real-assets target. Its 0.82% annual management fee is based on NAV. The feeder’s name identifies the disclosed investment route, but does not identify an underlying master vehicle or give APERS direct ownership of infrastructure assets. The consultant remains a separate role across these records. The summaries say consultants vetted and recommended the investments without naming those consultants. As with New York’s [programme-partner investment routes](https://altss.com/blog/new-york-pension-august-2026-property-investments-commitment-limits), attaching a familiar manager name to every level would lose information. Here, keeping the LP, named fund, stated GP, underlying tranche and fee base separate preserves a specific $26.5 million concession without turning it into a claim about all pension capital invested with HarbourVest. 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