Q1 2026 — Portfolio Rollup
Returns, capital deployed, and NAV. Vintage 2023 median and target IRR shown as benchmarks.
Portfolio NAV grew $22M QoQ (from $411M to $433M) on a weighted-average mark-up of +5.4%. The full bridge (markups, markdowns, distributions) is shown on the next page.
Apex and Cascade drove the bulk of mark-ups on comparable-trade expansion. Northwind carried at flat multiple pending Q2 performance clarity.
Aggregate revenue of $21.1M in Q1, up from $16.4M in Q2 '25 (+29% over 3 quarters). Northwind remains the largest contributor; Cascade is the fastest-growing.
Four portcos, identical column definitions, RAG-rated. Full one-pagers follow.
| Company | Entry | Check | FMV | MOIC | IRR | Rev LTM | YoY | Status |
|---|---|---|---|---|---|---|---|---|
| Apex Digital Inc. | Aug 2024 | $18M | $32M | 1.78x | 38% | $16.5M | +48% | green |
| Northwind Logistics | Feb 2024 | $28M | $51M | 1.82x | 32% | $44.2M | +22% | green |
| Cascade Health Systems | Jun 2024 | $22M | $38M | 1.72x | 41% | $19.8M | +62% | amber |
| Foundry Labs AI | Nov 2024 | $12M | $21M | 1.75x | 73% | $1.0M | +180% | amber |
We list exceptions before we list wins. Every exception has a named action owner and a covenant status.
Payer-integration investment ($6M) landed in Q1 as planned. Management forecasts normalization to 1.6x by Q3 on contract ramp.
Margin is GPU-compute heavy. Reserved-capacity negotiations 70% complete; expected 20pp margin lift by Q3.
Spot-vs-contract freight mix shifting toward lower-margin spot. Not a platform issue; market-cycle driven.
Shared playbook across all four portcos. Each cell is a RAG rating for that initiative at that company.
| Initiative | Apex | Northwind | Cascade | Foundry |
|---|---|---|---|---|
| Pricing optimization | on | on | watch | n/a |
| CFO hire / upgrade | on | on | on | watch |
| AI-enabled product | on | watch | on | on |
| Enterprise motion | on | on | on | n/a |
| International expansion | watch | on | n/a | n/a |
| Risk category | Apex | Northwind | Cascade | Foundry |
|---|---|---|---|---|
| Customer concentration | ||||
| Regulatory / compliance | ||||
| Key-person / talent | ||||
| Macro sensitivity | ||||
| Tech / infra |
B2B SaaS — customer engagement · Series B
Usage-based pricing engine + AI-enabled customer intelligence. Entry thesis: land fast in mid-market, layer expansion via usage tier, cross-sell into healthcare and fintech verticals by Y3.
Marketplace — freight / logistics · Series C
Vertical SaaS + marketplace combined. Entry thesis: data network effects compound; gross margin should expand as spot-to-contract mix rebalances through 2025-27.
Vertical SaaS — healthcare RCM · Series B
Revenue-cycle-management platform for mid-market hospital systems. Entry thesis: regulated market + sticky workflows = 95%+ GRR, 130%+ NRR as footprint expands per hospital system.
AI infrastructure — vertical model hosting · Seed / Series A extension
Specialized model-serving infrastructure for regulated verticals (healthcare, finance). Entry thesis: GPU margin drag in Y1 resolves via reserved-capacity contracts and demand aggregation by Y2.
Peer medians from PitchBook / Burgiss growth-equity cohort, Q1 2026
| Metric | Our fund | Peer median | Delta | Read |
|---|---|---|---|---|
| Revenue growth YoY (weighted) | 34.0% | 28.0% | +6.0% | Ahead |
| Gross margin (weighted) | 70.8% | 66.5% | +4.3% | Ahead |
| Burn multiple (weighted) | 2.1x | 2.6x | +0.5x | Ahead |
| NRR (SaaS portcos only) | 117.0% | 112.0% | +5.0% | Ahead |
| Rule of 40 (weighted) | 31.0 | 26.0 | +5.0 | Ahead |
On a weighted-average basis, the fund is ahead of the vintage 2023 growth-equity peer median on five of five primary metrics. Margin expansion is the area most likely to close the gap in Q2-Q3 as Cascade's payer integration completes and Apex's multi-cloud migration normalises.
Realized exits and pipeline of potential exits. No commitments, but flagging for LP visibility.
Mark-to-model methodology. Portcos are carried at last-round valuation unless a qualifying trigger applies (comparable-trade expansion above +15% sector average, down-round, or ≥40% QoQ revenue growth with ≥2 consecutive quarters of operating plan achievement). Any mark-change above ±10% includes written LPAC-circulated rationale. See ILPA Reporting Template 2.0 alignment memo (Appendix B).
Standardised metrics. All portco metrics use the same definitions: NRR (dollar-based, trailing 12 months); gross margin (GAAP, excluding stock-based comp); burn multiple (net cash burn ÷ net new ARR, TTM); Rule of 40 (YoY revenue growth + FCF margin). Portco-level CFO sign-off on every metric before rollup.
Data provenance. Financials pulled via Inflect direct-integration connectors (QBO, Netsuite, Stripe). No manual data-entry for any number in this report. Last pull: March 31, 2026 18:00 PT. Full reconciliation log available in LP portal.
What changed since Q4 report. Added the risk heatmap (page 6) at LPAC request. Benchmark cohort expanded from N=18 to N=24. Cascade follow-on bridge memo linked from page 1.