Felicitas Global Partners
Felicitas Private markets Fund
Investment Objective
Deliver a combination of yield and capital appreciation through a diversified portfolio of private assets previously limited to institutional investors.
Overview
Firm
Felicitas Global Partners is a registered investment advisor headquartered in Pasadena, CA. With a focus on downside protection, Felicitas manages portfolios of credit secondaries, private credit, and private equity investments for an institutional base of asset management firms, foundations, family offices, and private wealth managers.
Strategy
Access to private markets can drive higher expected returns and lower volatility leading many institutional investors, such as pensions, endowments, and foundations, to abandon the 60/40 portfolio entirely. Now, investors have access to hand-picked private investments historically available only to institutions.
The Felicitas Private Markets Fund acquires assets at below market prices through “off-market” transactions, targeting distressed situations—not distressed companies. With a rigorous investment process and proactive monitoring, the fund focuses on:
- High-Quality: Healthy companies with conservative valuations, low leverage, and performing assets.
- Complex: Bespoke financing solutions and hard-to-underwrite assets in niche market segments.
- Small: Sub-$1B fund size and deals under $20M, resulting in less intermediation and lower pricing.
FELICITAS Private markets fund Key Facts
(a) The Fund’s adviser has contractually agreed to waive fees and/or pay operating expenses, excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such that total expenses do not exceed 2.25% for the Y share and 2.40% for the I share. The Expense Limitation and Reimbursement Agreement may not be terminated before 7/1/2025 and thereafter may be terminated by the Fund or the Investment Adviser upon 30 days’ written notice. Unless it is terminated, the Agreement automatically renews for consecutive one-year terms.
(b) As of 6/30/2025
(c) The Fund is not a liquid investment. No Shareholder will have the right to require the Fund to redeem its Shares. At the discretion of the Board and provided that it is in the best interests of the Fund and the Shareholders to do so, the Fund intends to, but is not obligated to, provide a limited degree of liquidity to the Shareholders by conducting repurchase offers generally quarterly.
(d) The amount of distributions that the Fund may pay, if any, is uncertain. The Fund may pay distributions in a significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance.
Our Team
We are a seasoned group of investment professionals with deep institutional expertise and complementary skill sets. Our shared passion is delivering thoughtful, disciplined investment solutions that align with our clients’ best interests.
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Bonar Chhay, CFA
CIO and Head PM
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Julie Lee
Managing Director
Private Markets and Credit -
Calvin Marks
Managing Director
Secondaries -
Pascal Stalder
Portfolio Risk Manager
Chief Compliance Officer
Performance
FPMYX performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Subject to certain exceptions, a 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares. Performance does not reflect the fee, which if deducted, would reduce an individual’s return. As of the current prospectus, the gross expense ratio for FPMYX is 5.33% which includes a management fee of 1.50%. The Net expense ratio for FPMYX is 2.25%.
Portfolio Composition
Allocation by Asset Class
Investment Types
Investments by Sub-Asset Class
*Calculated as a percent of the total fair value of the Fund’s investments.
Resources
Literature
Frequently Asked Questions
What Is A Closed-End Tender Offer Fund?
The Felicitas Private Markets Fund is a closed-end tender offer fund. A tender offer fund is a closed-end registered investment company that can continuously offer shares at net asset value (“NAV”) to an unlimited number of investors. Closed-end tender offer funds are not exchange listed; closed-end tender offer funds can provide investors the potential for some liquidity through repurchases of their shares at NAV at the Board’s discretion. Detailed information on closed-end tender offer funds can be found on the SEC’s website.
How Do I Make An Investment In The Felicitas Private Markets Fund?
Investors can invest in the Fund at any time through participating brokers or directly with the Fund. Contact the Fund’s Administrator at (888) 884-8810 to inquire about Fund accessibility via a specific broker or any questions about investing directly with the Fund.
Investors must review the Fund prospectus prior to investing.
What Is The Minimum Investment Amount?
The Fund’s minimum investment amount is $25,000 for the Class (a) and $250,000 for the Class Y Shares.
How Is The Net Asset Value (NAV) Of The Felicitas Private Markets Fund Determined?
The NAV of the Fund’s shares is determined quarterly. During the continuous offering, the price of the shares will increase or decrease on a quarterly basis according to the NAV of the shares. In computing NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available. Because market quotations are not typically readily available for the majority of the Fund’s securities, they are valued at fair value as determined by the Board of Trustees. The Investment Adviser, subject to the oversight of the Board of Trustees, shall develop the Fund’s valuation methodologies and make valuation determinations. Valuation determinations are reviewed periodically by the Board of Trustees, including in connection with any quarterly repurchase offer. More details can be found in the Fund prospectus.
Who Manages The Felicitas Private Markets Fund?
The investment adviser for the Fund is Skypoint Capital Advisors, LLC. The sub-adviser for the Fund is Felicitas Global Partners, LLC. The Board of Trustees of the Fund has overall responsibility for monitoring the Fund’s investment program and its management and operations.
What Is The Felicitas Private Markets Fund Advisory Fee?
The Fund’s annual advisory fee is 1.50%. The Fund’s total gross expenses are 6.29% for the Class Y shares respectively. The Fund’s total net expenses are 2.25% for the shares. The Fund’s adviser has contractually agreed to waive fees and/or pay operating expenses, excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such that total expenses do not exceed 2.25% for the shares respectively. The Expense Limitation and Reimbursement Agreement may not be terminated before 7/1/2025 and thereafter may be terminated by the Fund or the Investment Adviser upon 30 days’ written notice. Unless it is terminated, the Agreement automatically renews for consecutive one-year terms.
Schedules
Current Subscription Deadlines
Repurchase (Tender) Offer Schedule
Skypoint Capital Advisors, LLC is an SEC-registered investment adviser offering financial advisors access to investment managers with experience in alternative asset classes. Registration does not imply a certain level of skill or training.
Risk Considerations & Disclosures
An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can be found in the Fund’s prospectus, a copy of which may be obtained here on our website or by calling Skypoint Capital Advisors at (888) 884-8810. Please read the prospectus carefully before investing.
Investment in the Felicitas Private Markets Fund is speculative and involves substantial risks, including the risk of loss of a Shareholder’s entire investment. Investors may not have immediate access to invested capital for an indefinite period of time and must have the financial ability, sophistication/experience, and willingness to bear the risks of an illiquid investment. No public market for Shares exists, and none is expected to develop in the future. An investor’s participation in the Fund is a long-term commitment, with no certainty of return. The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history, and is subject to business risk and uncertainties, including the risk that the Fund will not achieve its investment objectives. The Investment portfolio of the Fund may be subject to rapid change in value than would be the case if the Fund were to maintain a wide diversification amount securities or industry sectors. By investing in Investment Funds indirectly through the Fund, the investor bears asset-based fees and performance-based fees and allocations.
The Fund’s success depends on the acumen and expertise of the Sub–Adviser in selecting Investment Funds and the acumen and expertise of the Underlying Managers in selecting portfolio securities or other assets in which to invest. The strategies implemented by the Underlying Managers typically are leveraged. The use of leverage increases both risk of loss and profit potential.
Many of the Investments by Investment Funds will involve private securities and, therefore, may include significant risks not otherwise present in public market investments. The Investment Funds’ investments may involve highly speculative investment techniques, including highly concentrated portfolios, investments in unproven technologies, less-developed companies, control positions and illiquid investments. The Fund and the Investment Funds may invest in loans that a face exposure to adverse business, financial or economic conditions which could lead to the issuer’s inability to meet timely interest and principal payments. Loans involve the risk that the obligor either cannot or will not fulfill its obligations under the terms of the loan documents. In evaluating credit risk, the Sub-Adviser and the Underlying Managers will often rely upon information provided by the obligor, which may be materially inaccurate or fraudulent. The value of companies investing in real estate is affected by, among other things: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties;(iii) risks related to local economic conditions; overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates. There can be no assurance of profitable operations for any private equity investment or real estate property or the repayment of any debt investment.
The Felicitas Private Market Fund is distributed by Distribution Services, LLC (DS). Check the background of Distribution Services on FINRA’s BrokerCheck. DS is not affiliated with Skypoint Capital Advisors, LLC or Felicitas Global Partners, LLC. Skypoint Capital Advisors, LLC (“Adviser”) is an SEC-registered investment adviser offering financial advisors access to investment managers with experience in alternative asset classes. Registration does not imply a certain level of skill or training.