> For the complete documentation index, see [llms.txt](https://ipusd.gitbook.io/ipusd-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ipusd.gitbook.io/ipusd-docs/general/the-underlying-fund-and-strategy.md).

# The underlying fund and strategy

### IP Vault’s underlying fund

**Partners Group Diversified Royalties Opportunities Evergreen**

IP Vault’s underlying RWA position is Partners Group Diversified Royalties Opportunities Evergreen, launched in 2025.

The fund is managed by Partners Group and tokenized by Asseto for onchain distribution. It spans royalty opportunities in entertainment, media and beyond.

The IP Vault holds a tokenized interest in the fund structure. It does not directly own each individual song, film, patent, brand, or other intellectual property asset in the portfolio.

### Underlying strategy: Partners Group Diversified Royalties Opportunities

Partners Group Diversified Royalties Opportunities is the broader royalties strategy behind the Evergreen fund and is used as the reference for longer-term strategy-level information.

The Evergreen fund follows the same underlying royalties strategy and asset approach, but has a shorter performance history because it launched in 2025.

#### **Strategy track record**

The current product displays the following strategy-level reference metrics:

| Metric                  | Current reference         |
| ----------------------- | ------------------------- |
| Strategy track record   | +9.1% p.a. since Dec 2020 |
| Net return in 2025      | +11.7%                    |
| Positive calendar years | 5 / 5                     |
| Annualised volatility   | 2.2%                      |

These figures describe the broader underlying strategy. They are not the historical return of the Evergreen fund held by IP Vault, the realised return of IP Vault shares, or the IP Vault’s Target yield.

### How the return metrics differ

The product distinguishes four return metrics:

**Underlying fund return:** +7.1% p.a. since June 2025. This is the annualised net return of Partners Group Evergreen Royalties Opportunities as of 31 August 2026. The fund is still deploying capital, and Partners Group expects performance to converge toward its 8–10% p.a. long-term net target as it reaches steady state.

**Strategy track record:** +9.1% p.a. since December 2020. This is the annualised net return of Partners Group Diversified Royalties Opportunities, the longest-running fund from the same royalties team, as of 31 December 2025.

**Target yield:** 5–9%. Estimated annual return for IP Vault, based on the underlying fund’s track record and Partners Group’s 8–10% p.a. long-term net target, after the Vault’s ipUSD liquidity reserve. It is not a guaranteed return.

**Latest yield:** The annualised change in IP Vault’s NAV per share since launch, using a starting NAV of 1.00. It updates monthly with the underlying fund’s NAV and reflects IP Vault’s own performance rather than the historical performance of the underlying strategy or fund.

### Fund and strategy structure

| IP Vault underlying fund | Partners Group Diversified Royalties Opportunities Evergreen |
| ------------------------ | ------------------------------------------------------------ |
| Fund manager             | Partners Group                                               |
| Underlying strategy      | Partners Group Diversified Royalties Opportunities           |
| Tokenization             | Asseto                                                       |
| IP Vault exposure        | Tokenized interest in the Evergreen fund structure           |

Additional legal, issuance, token, valuation, and redemption information is provided in the RWA disclosures and official reference documents.

Fund information is provided for reference only. Partners Group is not affiliated with ipUSD or IP Vault and does not endorse them. Past performance of the underlying strategy or fund is not a guarantee of IP Vault returns.

### References

* Evergreen Royalties Opportunities disclosures

{% file src="/files/ZFFeW4FB2t7zHH1UhuML" %}

* Diversified Royalties Opportunities disclosures

{% file src="/files/Uuth0zMKTmBi6bdwA4cN" %}

* [Partners Group Royalties](https://www.partnersgroup.com/en/our-investments/royalties)