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Wilshire Private
Assets Fund

Key Features

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A diversified private markets portfolio assembled by Wilshire, an experienced fiduciary and allocator
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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
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A continuously offered closed-end fund with an additional exit feature that seeks to offer shareholders the ability to buy and sell shares monthly in addition to tenders*

*The Wilshire Private Assets Fund (“WPA Fund”) may accept initial and additional purchases of shares through an auction conducted via Nasdaq Fund Secondaries (NFS). 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 Fund shares through the NFS auction process will be successful. Periodic 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 6/30/2024

NAV
$13.09
NAV 1 month net change
–0.02

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)
Exit Opportunities Monthly exit feature in addition to redemptions3
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 Wilshire Advisors LLC
Administrator SEI Investments Global Fund Services
Transfer Agent DST Asset Manager Solutions, Inc.
Custodian U.S. Bank, N.A.

1 Date of first investment and beginning of performance track record.
2 Accredited investor has the meaning set forth under the rules promulgated under the Securities Act of 1933.
3 Periodic tenders are also subject to board approval. Shares should only be acquired by investors able to commit their funds for an indefinite period.
4 It is expected that the Fund generally will authorize and declare dividends on a quarterly basis, subject to the approval of the Fund’s Board of Directors.

Portfolio Structure

Strategy Allocation
Investment Type Allocation
Geography Allocation
Source: Wilshire Advisors LLC, based on the Fund's total commitments as of March 31, 2024. Total may not equal 100% due to rounding.

Portfolio Holdings

Investment Sector Sub-strategy Industry Focus Geography Focus Strategy Type No. of Instruments Closing Date Total Commitment
Spotter Private Credit Opportunistic IP Specialty Finance North America Co-Investment 1 7/21/2023 $1.0m
Brevet Direct Lending – Short Duration Fund Private Credit Direct Lending Government Finance Global Primary 567 4/25/2023 $2.0m
Ministry brands Private Equity Buyout Financials North America Co-Investment 1 12/24/2023 $1.0m
Graphite VII/VIII Private Equity Mid buyout Generalists Europe Secondary 13 7/19/2021 $4.8m
Buhuo Fund I Private Equity Venture Capital Generalists Asia-Pacific Primary 8 3/8/2021 $6.5m
Linden Structured Capital Fund Private Equity Structured Equity Healthcare North America Primary 10 12/17/2020 $6.5m
HIG Bayside Loan Opportunity Fund VI Private Credit Distressed Generalists North America Primary 57 12/9/2020 $4.0m
Basalt Infrastructure Partner 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 March 31, 2024. The Wilshire Private Assets 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 1 Year 3 Years Since Inception (annualized)*
Institutional Share Class $13.09 -0.15% -0.38% 6.68% 9.91% 9.40% 12.01%
Past performance does not guarantee future results.
Source: SEI. Net asset value (NAV) shown is net of fees as of 6/30/2024.
* Fund inception date is November 18, 2020.

Distribution History — Annual distributions (institutional class)1

Year Record Date Ex-Date Payable Date Distribution per share ($)
2021 December 2, 2021 December 30, 2021 January 19, 2022 0.5947
2022 December 2, 2022 December 29, 2022 January 18, 2023 1.0372
1 If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions.
2 Distribution includes long-term capital gains.

Fees and Expenses

Management Fee 1.25%1
Other Expenses 0.44%2
Acquired Fund Fees 1.79%3
Total Annual Fund Expenses 3.48%4
1 This fee is paid to the Adviser at the Fund level.
2 Other 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.
3 Reflects 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 current fiscal year of operations after refunds, excluding any carried interests, incentive fees or allocations based on the Private Markets Investment Funds’ performance.
4 These expenses are based on estimated amounts for the current fiscal year that the Wilshire Private Assets Fund expects to bear through its investment in the Master Fund. Please refer to the Fund's prospectus for more detailed information regarding fees and expenses of the Fund.

More Information

For more information on the Wilshire Private Assets Fund, please contact at the link below.

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IMPORTANT INFORMATION AND RISK DISCLOSURES

Investing involves risk, including the possible loss of entire 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. Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy. This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Wilshire Private Assets 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 Wilshire Assets Markets Fund (the “WPA Fund”) and Wilshire Private Assets Tender Fund (the “Tender Offer Fund,” and together with WPA Fund, the “Feeder Funds”) invest substantially all of their assets in Wilshire Private Assets 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 (“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 WPA Fund are available for purchase by investors.

In addition to accepting monthly subscriptions directly from investors, the WPA Fund may accept initial and additional purchases of shares through an auction conducted via Nasdaq Fund Secondaries (a business of Nasdaq Inc.) and its registered broker/dealer SMTX, LLC (together, “Nasdaq Fund Secondaries” or “NFS”), as discussed below.

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 WPA Fund may only be traded through the Nasdaq Fund Secondaries (a business of Nasdaq Inc.) and its registered broker/dealer SMTX, LLC (together “Nasdaq Fund Secondaries” or “NFS”), as discussed in the prospectus.

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 may 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.

Non-Diversification risk. “Non-diversified” Funds may allocate more of their net assets to investments in single securities than “diversified” Funds. Resulting adverse effects may subject these Funds to greater risks and volatility.

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 Advisors, LLC 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 the WPA 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. The WPA 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 Fund Secondaries (NFS) auction process will function as intended or that there will be sufficient investor demand to support regular monthly auctions. Even if the NFS 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 WPA Fund’s most recently calculated NAV, and depending on buy side interest in a particular auction, the price could be substantially below NAV.

Nasdaq, the Nasdaq logo, and Nasdaq Fund Secondaries (NFS) are either registered trademarks or trademarks of Nasdaq, Inc. and/or its affiliates in the United States and/or other countries.

Each Feeder Fund’s principal office is located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, and its telephone number is +1 855 520 7711.

As the Wilshire Private Assets Fund investment manager, Wilshire Advisors LLC (“Wilshire”) has overall responsibility for the investment management of the Fund. Wilshire, a leading global, independent investment consulting and services firm, provides consulting services and customized investment solutions to plan sponsors, investment managers, and financial intermediaries. Founded in 1972, Wilshire became an early innovator in developing the application of investment analytics and research to investment management for the institutional marketplace. Based in Santa Monica, California, Wilshire provides services to clients in more than 20 countries. Wilshire’s products, services, investment approach and advice may differ between clients and all of Wilshire’s products and services may not be available to all clients. For more information regarding Wilshire’s services, please see Wilshire’s ADV Part 2 available at wilshire.com/ADV.

Effective May 1, 2024, Wilshire, which had previously acted as sub-advisor to the Funds, became advisor to the Funds. Prior to date, Delaware Management Company, a series of Macquarie Investment Management Business Trust, acted as advisor to the Funds and delegated day-to-day portfolio management of the Funds to Wilshire.

Wilshire Private Assets 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.

All third-party marks cited are the property of their respective owners.

Third-party information contained herein has been obtained from sources believed to be reliable. Wilshire gives no representations or warranties as to the accuracy of such information, and accepts no responsibility or liability (including for indirect, consequential or incidental damages) for any error, omission or inaccuracy in such information and for results obtained from its use.

Your financial advisor is responsible for reviewing your individual financial situation and needs to determine suitability of this or any investment program.

THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE.

Wilshire® is a registered service mark of Wilshire Advisors LLC, Santa Monica, California. All other trade names, trademarks, and/or service marks are the property of their respective holders.

©2024 Wilshire Advisors LLC. All rights reserved. Information in this document is subject to change without notice. NOT A DEPOSIT | NOT FDIC INSURED | NOT GUARANTEED BY THE BANK | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.

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