Liquidity Health
Portfolio is in a liquidity deficit under base case assumptions. Immediate review recommended.
Net 12-month Cash Flow
−$289M
CAD millions · inflows minus calls
Distribution Coverage
0.62x
inflows / expected calls (12m)
Scenario Comparison
Base · Live assumptions / Stress · Static worst-case
Base Case
Live+$15M
Net 12-month cash flow
Coverage ratio1.03x
Liquidity runwayCurrently net negative — Q4 2026 projected recovery
Peak shortfall−$35M · Q2 2026
Stress Case
−$1,023M
Net 12-month cash flow
Coverage ratio0.06x
Liquidity runwayCurrently net negative — no projected recovery in 24m
Peak shortfall−$1,306M · Q4 2027
Recommended Actions
Apollo X distribution delay materially impacts Q3 coverage
A 1-quarter lag reduces coverage ratio from 1.03x to 0.87x. Monitor closely.
Review KKR Americas XIV secondary sale options
Bid pricing at 91% NAV. Next capital call due Q2 2026. Sale would increase coverage ratio from 1.03x to 1.21x.
Brookfield Infrastructure V approaching distribution window
Expected $85M realization in Q3 2026 improves net liquidity position materially.