Delaware Wilshire Private Markets Fund

Key features

A diversified private markets portfolio assembled by Wilshire Associates, an experienced fiduciary and allocator

Comprehensive private markets exposure in a format specifically designed to improve the accredited investor and advisor investment experience: 1099s; no capital calls; low, fixed management fee.

A continuously offered closed-end fund in a new auction-fund structure that seeks to offer shareholders annual tenders and the ability to buy and sell shares monthly*

*Delaware Wilshire Private Markets Fund provides shareholders with the opportunity to buy and sell shares monthly through the Nasdaq Private Market auction process beginning approximately 12-18 months following the date the Fund commences operations, subject to Board approval. An investor's participation in the Fund is a long-term commitment, with no certainty of return. There can be no guarantees that a Shareholder's attempt to buy and sell the Fund Shares through the Nasdaq Private Market auction process will be successful. Annual tenders are at the discretion of the Board. Shares should only be acquired by investors able to commit their funds for an indefinite period.

An investment in the Fund is speculative and involves substantial risks, including the risk of loss of a shareholder's entire investment.

Monthly pricing as of 6/30/2021

NAV
NAV 1 month net change
Overview
Fund objective The Fund's investment objective is to provide efficient access to the private markets with the goals of offering long-term capital appreciation and current income.
Inception date November 18, 20201
Investment minimums $25,000 initial; $5,000 subsequent investments
Investment qualifications Accredited Investors2
Subscription window Monthly based on the Fund's most recent net asset value (NAV)
Share repurchases Monthly auction events and annual tenders3
Distributions (if any) Quarterly4
Capital gains (if any) Annually
Tax status Tax RIC (Regulated Investment Company under subchapter M of Internal Revenue Code)
Tax reporting 1099
Registration 1933 and 1940 Act closed-end investment company
Investment Advisor Delaware Management Company, a series of Macquarie Investment Management Business Trust
Investment Sub-Advisor Wilshire
Administrator SEI Investments Global Fund Services
Transfer agent DST Asset Manager Solutions, Inc.
Custodian U.S. Bank, N.A.

1Date of first investment and beginning of performance track record.

2Accredited investor has the meaning set forth under the rules promulgated under the Securities Act of 1933.

3Auction events begin approximately 12-18 months following the date the Fund commences operations, subject to Board approval. Annual tenders offered through the Delaware Wilshire Private Markets Tender Fund are also subject to Board approval. Shares should only be acquired by investors able to commit their funds for an indefinite period.

4Each Fund generally will authorize and declare quarterly dividends beginning no later than the first calendar quarter after the one-year anniversary of the Fund’s commencement of operations.

Portfolio structure

 
 

Source: Wilshire Advisors, LLC, based on the Fund's total commitments as of July 21, 2021. Total may not equal 100% due to rounding.

Portfolio holdings

Investment Strategy Sub-strategy Industry focus Geography focus Investment type No. of investments Closing date Total committment
Graphite VII/VIII Private Equity Mid buyout Generalist Europe Secondary 13 7/19/2021 $6.5M
Buhuo Fund I Private Equity Venture Capital Generalist Asia-Pacific Primary 7 3/8/2021 $6.5M
Linden Structured Capital Fund Private Equity Structured Equity Healthcare North America Primary 6 12/17/2020 $6.5M
HIG Bayside Loan Opportunity Fund VI Private Credit Distressed Generalist North America Primary 27 12/9/2020 $4M
Basalt Infrastructure Partners II Real Assets Infrastructure Power, Transportation,
Utilities, Communications
North America, Europe Secondary 9 11/18/2020 $6.2M

Source: Wilshire Advisors LLC, based on the Fund's total commitments as of July 21, 2021. The Delaware Wilshire Private Markets Fund also periodically makes investments in MidOcean Absolute Return Credit Fund for short-term cash management purposes.
Holdings are as of the date indicated and subject to change.

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Total return
NAV 1 month 3 month YTD Since inception*
Institutional share class $11.42 -0.09% 9.91% 10.87% 15.12%

Past performance is not indicative of future results.
Source: SEI. NAV and performance net of fees is as of June 30, 2021. Returns for less than one year are not annualized.
*Fund inception date is November 18, 2020.

Management

Investment manager

Delaware Management Company (DMC)

Sub-advisor

Wilshire

Marc Friedberg, CFA

Marc Friedberg, CFA

Mark Perry

Mark Perry

Ilona Brom

Ilona Brom

William van Eesteren

William van Eesteren

Fees

Fees and expenses
Management fee 1.25%5
Other expenses 0.81%6
Acquired fund fees 0.87%7
Total annual fund expenses 2.93%

5This fee is paid to the Adviser at the Fund level.
6Other Expenses are based on estimated amounts for the current fiscal year and include all direct operating expenses of the Fund, including a fee of 0.15% of average daily net assets payable to Nasdaq Private Market (which amount may be lower in any particular year) and all indirect operating expenses that the Fund bears through its investment in the Fund. Other Expenses include the Fund’s organization and offering fees and expenses.
7Reflects estimated operating expenses (for example, management fees, administration fees, and professional and other direct, fixed fees and expenses) of the Private Markets Investment Funds in which the Fund intends to invest based upon estimated net assets of the Fund of $250 million during the Fund’s first 12 months of operations after refunds, excluding any carried interests, incentive fees or allocations based on the Private Markets Investment Funds’ performance. Please refer to the Fund's prospectus for more detailed information regarding fees and expenses of the Fund.

Resources

Prospectuses and reports

IMPORTANT INFORMATION and RISK DISCLOSURES

Investing involves risk, including the possible loss of principal.

Past performance is not indicative of future results.

There is no guarantee that investment objectives will be achieved.

Diversification neither guarantees a gain nor protects against a loss.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for the Delaware Wilshire Private Markets Fund can make such an offer.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectuses and their summary prospectuses, which may be obtained by calling 855 520-7711. Investors should read the prospectus and summary prospectus carefully before investing.

Investment in the Fund may be made only by entities or natural persons that are “accredited investors” within the meaning of Regulation D under the 1933 Securities Act. The form of investment structure for this product is commonly known as a “master feeder” structure. Both the Delaware Wilshire Private Markets Fund (the “Auction Fund”) and the Delaware Wilshire Private Markets Tender Fund (the “Tender Offer Fund,” and together with the Auction Fund, the “Feeder Funds”) invest substantially all of their assets in the Delaware Wilshire Private Markets Master Fund (the “Master Fund.”) The Master Fund and each Feeder Fund (each, a “Fund” and together, the “Funds”) is a Delaware statutory trust registered under the Investment Company Act of 1940 Act (“1940 Act”) as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective and identical investment policies as those of the Feeder Funds. Therefore, each Feeder Fund’s investment results will correspond directly to the investment results of the Master Fund.

Net asset value (NAV) is calculated by subtracting total liabilities from total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

Certain risk factors below discuss the risks of investing in private markets investment funds (“Private Markets Investment Funds”). The Master Fund's investments generally will consist of investments in Private Markets Investment Funds. Accordingly, the Master Fund will be exposed to such risks directly through its investments in Private Markets Investment Funds. The Feeder Funds will be exposed to such risk indirectly through their investment in the Master Fund.

Investments held in Private Markets Investment Funds may have liquidity constraints, and may not be suitable for all investors. The possibility that securities cannot be readily sold at approximately the price at which a portfolio has valued them may limit the Master Fund‘s ability to dispose of securities at a desirable time or price.

Investment in a Fund is speculative and involves substantial risks, including the risk of loss of a Shareholder’s entire investment. No guarantee or representation is made that a Fund will achieve its investment objective, and investment results may vary substantially from year to year. Additional risks of investing in a Fund are set forth in the Fund’s offering documents.

PLEASE NOTE: Only Shares of the Auction Fund are available for purchase by investors. During the first 12-18 months of the Auction Fund’s operations, investors will be able to purchase Auction Fund Shares but may be unable to sell their Auction Fund Shares.

Shares of the Tender Offer Fund are made available only to existing Shareholders of the Auction Fund in exchange for their Auction Fund Shares. Monthly auctions do not commence until 12-18 months post fund effective date. Subject to board approval.

Each Feeder Fund’s principal office is located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, and its telephone number is 855 520-7711.

No Shareholder or other person holding Shares acquired from a Shareholder has the right to require a Fund to repurchase any Shares. No public market for Shares exists, and none is expected to develop in the future. Shares of the Master Fund and Tender Offer Fund may not be traded on any secondary market. Shares of the Auction Fund may only be traded through the Nasdaq Private Market auction process.

Investors must have the financial ability, sophistication/experience, and willingness to bear the risks of an investment in Private Markets Investment Funds. Such securities may be available only to qualified, sophisticated investors, may have liquidity constraints, and may bear the risk of investment in private markets securities.

Private Markets Investment Funds may entail a high degree of risk and investment results may vary substantially on a monthly, quarterly or annual basis. Among many risk factors, some are particularly notable. These include, without limitation, the general economic environment, the health of the housing market, employment levels, the availability of financing, the quality of servicing the assets backing the securities, the seniority and credit enhancement levels for structured securities, government actions or initiatives and the impact of legal and regulatory developments. Additionally, Private Markets Investment Funds may represent speculative investments and an investor could lose all or a substantial portion of his/her investment.

Distressed, Special Situations and Venture Investments. Investments in distressed companies and new ventures are subject to greater risk of loss than investments in companies with more stable operations or financial condition.

Market Disruption Risk and Terrorism Risk. The military operations of the United States and its allies, the instability in various parts of the world and the prevalence of terrorist attacks throughout the world could have significant adverse effects on the global economy. In addition, certain illnesses spread rapidly and have the potential to significantly affect the global economy. Terrorist attacks, in particular, may exacerbate some of the foregoing risk factors. A terrorist attack involving, or in the vicinity of, a portfolio company in which the Master Fund or a Private Markets Investment Fund invests may result in a liability far in excess of available insurance coverage. Wilshire (the “Sub-Adviser”) cannot predict the likelihood of these types of events occurring in the future nor how such events may affect the investments of the Master Fund.

Nature of the Fund. The Master Fund may make investments in Private Markets Investment Funds, the managers of which may have relatively short track records and that may rely on a limited number of key personnel. The Master Fund may not have the opportunity to evaluate the economic, financial and other information that will be used by the managers of the Private Markets Investment Funds in their selection, structuring, monitoring, and disposition of assets.

Illiquidity of Investments. An investor’s participation in a Feeder Fund requires a long-term commitment, with no certainty of return. The Master Fund is not expected to receive substantial amounts of income or to realize substantial gains over the near term. Each Feeder Fund reserves the right to make distributions to Shareholders in kind. Shareholders may not be able to dispose of assets distributed in kind, and likely will incur costs and expenses if they are able to dispose of such assets.

Auction Risk. There can be no guarantee that the Nasdaq Private Market auction process will function as intended or that there will be sufficient investor demand to support regular monthly auctions. Even if the Nasdaq Private Market auction process is operationally functional, investors may be unable to execute sell orders at the price they desire or at any price at all. It is likely that the clearing price at auction may be less than the Auction Fund’s most recently calculated NAV, and depending on buy side interest in a particular auction, the price could be substantially below NAV.

As the Delaware Wilshire Private Markets Fund investment manager, Delaware Management Company, a series of Macquarie Management Business Trust, has overall responsibility for the investment management of the Fund, which includes recommending the Fund’s sub-advisor, and evaluating and monitoring the Fund and sub-advisor. See the Delaware Wilshire Private Markets Fund prospectus for details. The Delaware Wilshire Private Markets Fund is offered by prospectus only.

Delaware Wilshire Private Markets Fund is distributed by SEI Investments Distribution Co, One Freedom Valley Dr, Oaks, PA 19456, which is not affiliated with Delaware Management Company or any of its affiliates.

(1344697) 04/21

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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