Alternatives Knowledge Base

Knowledge Bundle Changelog

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descriptionTracks changes and additions to the Alternative Investments OKF knowledge bundle.
tagschangelog, log, metadata

10 min read

Knowledge Bundle Changelog

Purpose

This file records changes to the Alternative Investments OKF knowledge bundle. Update it whenever files are added, revised, or retired.

Changelog

2026-06-24 (Prompt 19: OKF-ALTINV-FINAL-READINESS-20260623-0019)

  • Created README.md: vault overview, disclaimer, how-to-start, folder structure, study workflow, source note caveat, validation status
  • Created .gitignore: excludes HANDOVER.md, Obsidian workspace/cache, OS junk, OneDrive transient files, site build output, secrets
  • Created PUBLISHING.md: Quartz generator recommendation, Caddy Basic Auth hosting notes, suggested subdomain, private-first GitHub policy, deployment workflow outline, public-release checklist
  • Fixed stale file counts in index.md: Concepts 11 -> 17, Sources 11 -> 13; updated descriptions to reflect added files
  • Fixed stale revision card count in study/index.md: 62 -> 68
  • Publishing readiness confirmed: no confidential content, no path-specific references, no broken navigation in user-facing files; HANDOVER.md excluded from bundle via .gitignore
  • Final validation: 87 OKF files, 0 errors, 0 broken links; all over-limit files are accepted exceptions (study/ and GAPS.md)

2026-06-24 (Prompt 18: OKF-ALTINV-LOW-PRIORITY-CLEANUP-20260623-0018)

  • Expanded metrics/sharpe-ratio.md: added smoothing/stale pricing section, non-normal distribution section, guidance on when Sharpe is and is not appropriate in alternatives, links to valuation-risk and NAV; file now ~750 words
  • Expanded metrics/volatility.md: added realised vs reported volatility section, NAV frequency and valuation smoothing, volatility vs drawdown and liquidity risk, links to liquidity-risk and NAV; file now ~700 words
  • Expanded asset-classes/commodities.md: added physical vs futures vs commodity-linked infrastructure distinctions, key return drivers section (supply/demand, roll yield, inflation, geopolitical), margin/collateral operational note, concentration risk; file now ~800 words
  • Expanded asset-classes/digital-assets.md: added custody section (private keys, hot/cold wallets, exchanges, regulated custodians), valuation and liquidity challenges section, regulatory uncertainty section, institutional due diligence considerations; file now ~900 words
  • Expanded concepts/vintage-year.md: added vintage year vs investment period vs commitment period section, vintage diversification rationale, link to overcommitment-strategy.md; file now ~700 words
  • Updated glossary.md: added Investment Period and Commitment Period (Capital Activity Terms); Vintage Year, Sharpe Ratio, Volatility (Performance Metrics); Commodity Exposure and Digital Assets (new Asset Class Notes section)
  • Updated GAPS.md: added status note marking all three low-priority gaps as addressed
  • All low-priority gaps from GAPS.md now addressed; no new files created
  • Total files: 88 (unchanged)

2026-06-24 (Prompt 17: OKF-ALTINV-MEDIUM-GAPS-20260623-0017)

  • Created concepts/clawback.md: standalone file covering definition, why clawback exists (deal-by-deal waterfall misalignment), simple illustrative example, practical enforcement problems (tax, personnel), escrow arrangements, and operational implications; source anchor (ILPA Principles); backlinks in waterfalls.md and carried-interest.md updated to point here directly
  • Created concepts/responsible-investment.md: standalone file covering ESG integration in alternatives, key terms and distinctions (exclusion / ESG integration / RI / impact), LP due diligence and regulatory context, operational workstreams (data collection, manager questionnaires, LP reporting, valuation), regulatory overview (SFDR, UK SDR, AIFMD); source anchors (Invest Europe, INREV)
  • Created sources/crs-fatca.md: source note covering FATCA and CRS tax transparency regimes — what they are, why alternative funds are Financial Institutions subject to direct obligations, operational process (self-certification, TIN collection, entity classification, annual reporting), common failure modes, and distinction from KYC/AML
  • Created sources/aifmd-annex-iv.md: source note covering AIFMD Article 24 Annex IV regulatory reporting — who files it, key data themes (fund identity, portfolio exposures, leverage, liquidity, risk, investor information), operational implications (data sourcing, LP-reporting consistency, cadence, validation, systems), and relationship to wider AIFMD obligations
  • Updated concepts/index.md: added rows for clawback and responsible-investment
  • Updated sources/index.md: added CRS/FATCA to Group 4 (renamed to KYC, AML, and Tax Transparency); added new Group 6 for regulatory reporting with AIFMD Annex IV
  • Updated glossary.md: added Clawback entry (Risk Terms), FATCA, CRS, AIFMD, and Responsible Investment/ESG entries (Source and Standards Terms)
  • Updated study/revision-cards.md: added 4 new cards (Clawback and Responsible Investment to Group 6; CRS/FATCA and AIFMD Annex IV to Group 8); description updated to 68 cards
  • Updated concepts/waterfalls.md: added forward link to clawback.md after clawback paragraph; added Clawback to Related Files
  • Updated concepts/carried-interest.md: updated inline clawback link from waterfalls.md to clawback.md directly; added Clawback to Related Files
  • Updated operations/onboarding-and-kyc.md: added CRS and FATCA source anchor
  • Updated operations/subscriptions.md: added CRS and FATCA source anchor
  • Updated operations/investor-reporting.md: added responsible-investment and aifmd-annex-iv to Related Files and Source Anchors
  • Updated risk/operational-risk.md: added responsible-investment and crs-fatca to Related Files
  • Updated GAPS.md: added status note marking all four medium-priority gaps as addressed with links to new files
  • All four medium-priority gaps from GAPS.md addressed: clawback, responsible investment, CRS/FATCA, AIFMD Annex IV
  • Total files now: 88 (OKF content bundle: 87; HANDOVER.md template: 1)

2026-06-24 (Prompt 16B: OKF-ALTINV-GAP-FILL-HIGH-REPAIR-20260623-0016B)

  • Created concepts/debt-service-coverage-ratio.md: full standalone file covering DSCR formula, worked example, how-to-read table, DSCR vs ICR vs leverage ratio, asset-class comparisons (LBO, private credit, infrastructure, real estate), covenant and monitoring mechanics, source anchor (ILPA Templates)
  • Created concepts/nav-facilities.md: full standalone file covering definition, subscription-line comparison table, use cases (liquidity, follow-on, portfolio support, distribution funding), key risks (structural subordination, valuation-leveraged security, opaque distributions, refinancing risk, lender controls), operational impact (NAV production, LP reporting, cash flow tracking), source anchor (ILPA Principles)
  • Rewrote risk/leverage-risk.md: replaced expanded DSCR and NAV facility body sections with brief summaries linking to new concept files; retained LBO mechanics, hedge fund leverage, amplification section; now 1,039 words (within target)
  • Updated concepts/index.md: added rows for key-person-provisions, overcommitment-strategy, debt-service-coverage-ratio, and nav-facilities
  • Updated glossary.md: added DSCR and NAV Facility entries under Risk Terms
  • Updated study/revision-cards.md: added two new cards to Group 6 (DSCR and NAV Facilities); description updated to 64 cards
  • Updated GAPS.md: added status note marking all four high-priority gaps as addressed with links to new files
  • Total files now: 84 (OKF content bundle: 83; HANDOVER.md template: 1)

2026-06-24 (Prompt 16: OKF-ALTINV-GAP-FILL-HIGH-20260623-0016)

  • Expanded risk/leverage-risk.md: added substantive DSCR explanation (formula, covenant mechanics, operations monitoring note) and new NAV Facility Mechanics section (definition, uses, structural subordination risk, transparency concerns); updated description frontmatter
  • Created concepts/key-person-provisions.md: standalone file covering definition, who counts as a key person, trigger events, LP rights (pause rights, no-fault removal, opt-out), LPAC role, due diligence considerations, source anchors (ILPA Principles, AIMA DDQs)
  • Created concepts/overcommitment-strategy.md: standalone file covering definition, rationale, conditions that break the model (including denominator effect), calibration guidance, interaction with vintage concentration and secondary market risk; linked from risk/liquidity-risk.md
  • Minor edit to risk/liquidity-risk.md: added cross-link to new overcommitment-strategy.md in the existing overcommitment paragraph; updated date (file stays within 1,200-word limit)
  • All four high-priority gaps from GAPS.md addressed: DSCR, NAV facility, key-person provisions, overcommitment strategy
  • Total files now: 82 (includes pre-existing HANDOVER.md template in root — not part of OKF content bundle; missing frontmatter and broken placeholder links expected)
  • Flag: risk/leverage-risk.md is 1,640 words after expansion — exceeds 1,200-word target. Content is all substantive; candidate for splitting into a separate concepts/lbo-mechanics.md in a future prompt if desired.

2026-06-23 (Prompt 15: OKF-ALTINV-GAP-REGISTER-20260623-0015)

  • Created GAPS.md: prioritised gap register with 4 high-priority gaps (DSCR, key-person provisions, NAV facility, overcommitment strategy), 4 medium-priority gaps (clawback, ESG/RI, CRS/FATCA, AIFMD Annex IV), 3 low-priority gaps, 15 confirmed non-gaps, and 5 consolidation risks identified
  • Total files now: 79

2026-06-23 (Prompt 14: OKF-ALTINV-REVISION-CARDS-20260623-0014)

  • Created study/revision-cards.md: 62 revision cards across 8 groups (core mechanics, fund structures, NAV/valuation, performance metrics, capital activity/operations, risk, asset classes, source anchors); each card has a one-line reminder, Watch out for note, and local file link
  • Updated study/index.md: revision-cards.md added to files table; How to Use updated to reference revision cards before mock assessment
  • revision-cards.md exceeds 1,200 words at 2,743 — justified by card count (62 cards × 4 columns)
  • Total files now: 78

2026-06-23 (Prompt 13: OKF-ALTINV-MOCK-ASSESSMENT-20260623-0013)

  • Created study/mock-assessment.md: 20-question timed assessment (60 minutes, 100 marks) drawn across 8 topic groups with QB question references; includes grade boundaries and post-assessment instructions
  • Created study/mock-assessment-marking-guide.md: model answers, marking points, common mistakes, and source file links for all 20 questions; includes score sheet and grade boundaries
  • Updated study/index.md: added mock-assessment.md and mock-assessment-marking-guide.md to files table; added step 7 to How to Use
  • Both new files exceed 1,200 words — justified by assessment and marking guide content
  • Total files now: 77

2026-06-23 (Prompt 12: OKF-ALTINV-ANSWER-KEY-20260623-0012)

  • Created study/answer-key.md: model answers for all 64 questions in the question bank, grouped by the same 8 topics, with Watch out for notes on common misconceptions; linked to source knowledge files throughout
  • Updated study/index.md: added answer-key.md to the files table; updated How to Use section to reference the answer key
  • answer-key.md exceeds 1,200 words — justified by question count (64 answers, each with caveats and source links)
  • Total files now: 75

2026-06-23 (Prompt 11: OKF-ALTINV-STUDY-QUESTIONS-20260623-0011)

  • Created study/ section with 4 new files: index.md, question-bank.md, weak-spots.md, weekly-study-plan.md
  • question-bank.md: 64 self-test questions across 8 topic groups, each linked to the most relevant knowledge file; no answers included
  • weak-spots.md: pre-filled tracking table with 14 identified weak spots, confidence ratings, and review cadence guidance
  • weekly-study-plan.md: 4-week structured programme; each week includes reading list, questions to attempt, practical output, and weak-spot updates
  • No existing files modified; no source anchors removed
  • question-bank.md exceeds 1,200 words at 1,629 — justified by question count (64 questions across 8 groups)
  • Total files now: 74

2026-06-23 (Prompt 10: OKF-ALTINV-USABILITY-PASS-20260623-0010)

  • Rewrote learning-path.md: 7 new stages (core mechanics → structures → NAV → metrics → risk → asset classes → source review), each with purpose, ordered file list, comprehension outcomes, and 3–5 self-check questions
  • Rewrote glossary.md: restructured from alphabetical to 7 thematic groups (fund structure, capital activity, NAV/valuation, performance metrics, risk, operations/reporting, source/standards); 45+ terms with concise definitions and local links
  • Improved root index.md: added “Best First 10 Files” table, clearer warning, explicit links to learning path/glossary/sources
  • Improved sources/index.md: restructured into 5 purpose groups (reporting/transparency, valuation/accounting, hedge fund/alternatives, KYC/AML, real estate) with “relevant files” per group
  • Improved all 7 section indexes (asset-classes, concepts, fund-structures, risk, operations, metrics, sources): added suggested reading order, most important links, and strengthened or added self-check questions
  • No new files created; no knowledge content broadly rewritten; no source anchors removed
  • Total files: 70 (unchanged)

2026-06-23 (Prompt 9: OKF-ALTINV-SOURCE-NOTES-20260623-0009)

  • Added 3 new source-note files: fatf-recommendations.md, rics-red-book.md, asc-820-fair-value.md
  • Added source anchor backlinks to 6 existing files: onboarding-and-kyc.md, subscriptions.md, real-estate.md, valuation-risk.md, nav-production.md, nav.md
  • Updated sources/index.md table (11 sources), when-to-use guide, and recommended additions
  • Total files now: 70

2026-06-23 (Prompt 8: OKF-ALTINV-SOURCE-NOTES-20260623-0008)

  • Added 4 new source-note files: ilpa-principles.md, inrev-guidelines.md, sbai-standards.md, ifrs-13-fair-value.md
  • Added source anchor backlinks to 7 existing files: valuation-risk.md, nav-production.md, real-estate.md, hedge-funds.md, limited-partnerships.md, gp-lp-roles.md, investor-reporting.md
  • Updated sources/index.md table and when-to-use guide to include all 8 sources
  • Total files now: 67

2026-06-23 (Prompt 7: OKF-ALTINV-SOURCE-NOTES-20260623-0007)

  • Added sources/ section with 5 new files: index.md, ilpa-templates.md, ipev-valuation-guidelines.md, aima-ddqs.md, invest-europe-professional-standards.md
  • Added ## Source Anchors sections to 10 existing files: investor-reporting.md, nav-production.md, valuation-risk.md, capital-calls.md, distributions.md, hedge-funds.md, private-credit.md, limited-partnerships.md, gp-lp-roles.md, operational-risk.md
  • Added sources/ to the major sections table in root index.md
  • Total files now: 63

2026-06-23 (Prompt 6: OKF-ALTINV-HEDGE-CREDIT-RISK-HARDENING-20260623-0006)

  • Hardened asset-classes/hedge-funds.md and asset-classes/private-credit.md
  • Hardened risk/leverage-risk.md and risk/concentration-risk.md
  • Hardened operations/subscriptions.md
  • Created concepts/equalisation.md
  • Added backlinks to equalisation.md from nav.md, investor-reporting.md, open-ended-vs-closed-ended-funds.md
  • Total files: 58

2026-06-23 (Prompts 1–5)

  • Initial bundle created under Prompt ID: OKF-ALTINV-KNOWLEDGE-BUNDLE-WIN11-20260623-0001
  • Created root files: index.md, log.md, glossary.md, learning-path.md
  • Created section: asset-classes/ with 8 files (index + 7 asset classes)
  • Created section: concepts/ with 10 files (index + 9 concept files)
  • Created section: fund-structures/ with 7 files (index + 6 structure files)
  • Created section: risk/ with 7 files (index + 6 risk files)
  • Created section: operations/ with 8 files (index + 7 operations files)
  • Created section: metrics/ with 8 files (index + 7 metrics files)
  • Total files created: 52
  • Source: General public knowledge only. No proprietary or confidential material.

Conventions

  • Status values: draft → reviewed → stable
  • File additions: list each new file on its own line under the relevant date
  • Revisions: note what changed and why
  • Retirements: note the old filename and what replaced it (if anything)

2026-06-24

  • Prompt 0020: Initialised local Git repository and pushed the first archive commit to GitHub at git@github.com:Xephire/knowledge.git.

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