> 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/vault-and-protocol/ip-vault-shares-nav-and-vault-assets.md). # IP Vault Shares, NAV, and Vault Assets Holding IP Vault shares is the fourth step in the product flow. An IP Vault share represents a proportional interest in the Vault. The number of shares a user holds does not automatically increase when the underlying portfolio performs. Instead, changes in the value of the Vault are reflected through NAV per share. The Vault can contain three broad categories of value: * tokenized RWA positions; * an ipUSD liquidity buffer; and * assets in settlement. The ipUSD liquidity buffer supports Vault liquidity and withdrawals, but it is not the same as Total Vault Value or guaranteed withdrawal capacity. Its size can change as subscriptions, withdrawals, RWA purchases, and redemptions move through the Vault. ### Latest NAV Total Vault Value includes the ipUSD held by the Vault, registered RWAs, and assets that remain in settlement during RWA purchases or redemptions. NAV per share is the amount of Total Vault Value represented by one IP Vault share. The contracts calculate NAV from onchain Vault state and registered RWA valuation sources. There is no separate administrator transaction that publishes NAV. Subscription Settlement, Instant Withdrawal, and Standard Withdrawal use the applicable onchain NAV at execution. | Field | Meaning | | --------------------- | ------------------------------------------------------------- | | NAV per share | The current Vault value represented by one IP Vault share | | Total Vault Value | The total asset value currently accounted for by the IP Vault | | Total IP Vault Shares | The current total supply of IP Vault shares | | ipUSD Held | The amount of ipUSD currently held by the Vault | | Updated at | The relevant data or underlying valuation time | #### NAV breakdown The NAV breakdown shows how Total Vault Value is distributed across: * Registered RWAs * The ipUSD liquidity buffer * Assets in settlement Assets in settlement represent value moving through an RWA purchase or redemption process that has not yet completed settlement. Including this category allows the breakdown to continue representing the full Vault value while ipUSD or RWA tokens are moving through an offchain or multi-stage settlement process. The amount held in each category may change over time. The ipUSD liquidity buffer is not a fixed percentage of the Vault. ### Target yield The IP Vault currently displays a Target yield of **5–9%**. Target yield is the 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. ### Strategy track record Strategy track record reflects the longer-term historical performance of Partners Group Diversified Royalties Opportunities. The current reference is **+9.1% p.a. since December 2020, as of 31 December 2025**, with **2.2% annualised volatility**. This is a strategy-level historical reference and is not the return of the Evergreen fund held by IP Vault or the realised return of IP Vault shares. ### Underlying fund return Underlying fund return reflects the performance of **Partners Group Evergreen Royalties Opportunities**. The current reference is **+7.1% p.a. since its June 2025 launch, 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. ### Latest yield Latest yield reflects the annualised change in IP Vault’s NAV per share since launch, using a starting NAV per share of **1.00**. It updates monthly with the underlying fund’s NAV. Unlike Strategy track record and Underlying fund return, Latest yield reflects IP Vault’s own performance since launch. Past performance does not guarantee future results. ### RWA information Each supported RWA can include: | Field | Meaning | | ------------------ | ------------------------------------------------------------------------------------------ | | Asset / Fund | The underlying fund or investment position | | Asset manager | The institution responsible for managing the underlying fund | | Token and contract | The onchain token name, symbol, and contract address | | Units held | The number of RWA token units accounted for by the IP Vault | | Current value | The value of the Vault’s position based on the registered valuation source | | Share of Vault | The position’s percentage of Total Vault Value | | Redemption period | The expected period required to redeem the underlying position | | References | Links to fund information, issuance documents, valuation materials, and the token contract | Legal issuer, token issuer, vehicle, share class, and other legal disclosures may be provided through expanded asset information or official reference documents. ### RWA purchases and redemptions An RWA purchase occurs in two stages. First, the protocol transfers a specified amount of ipUSD out of the Vault and records it as Outstanding RWA Purchase Value. The NAV breakdown presents this value as part of Assets in settlement. When the RWA tokens arrive and pass registration and valuation checks, the position is added to the Vault’s accounted RWA holdings. If the purchase is not completed, the extracted value may be refunded or reconciled through an authorized shortfall. An RWA redemption follows the reverse process. The protocol first transfers a specified number of RWA units out of the Vault and records their value as Outstanding RWA Redemption Value. This value remains part of Assets in settlement. When the ipUSD proceeds return, the protocol reconciles the redemption and accounts for the returned liquidity.