Total Operating Expense/Gross Expense Ratio for Class I shares is 2.91%.
* Pursuant to Rule 23c-3 under the 1940 Act, the Fund will offer to repurchase at least 5% and up to 25% of its Shares at NAV per Share on a quarterly basis.
** Source: McKinsey, September 2025. There is no guarantee that the forecast highlighted may materialize.
^The minimum initial investment for Class S Shares and Class D Shares is $5,000, subject to certain exceptions, and minimum subsequent investments are $1,000. The minimum initial investment for Class I Shares is $1,000,000, and minimum subsequent investments are $1,000.
^^Based on PitchBook Private Capital Indices’ annualized (geometric) return and annualized standard deviation calculated using quarterly total returns (USD) over the 10-year period ending 12/31/2025. PitchBook Private Capital Indexes (PCI) are a family of asset class–level benchmarks designed to measure the aggregate performance of private capital funds using PitchBook’s proprietary fund cash flow and valuation data. Indexes are constructed from pooled, horizon-based returns calculated from quarterly net asset values and cash flows, net of fees, expenses, and carried interest as reported by fund managers. Results are shown for illustrative and informational purposes only, do not represent the performance of any specific fund or investment, and are subject to change as additional data are reported or revised.
^^^As of 3/31/2026. Includes institutional investors, financial intermediaries, and Wilshire-sponsored vehicles. Does not include individual retirement plans and retail investors via financial intermediary platforms. Assets under management refers to the amount of assets attributable to securities portfolios for which Wilshire provides discretionary and non-discretionary asset management services and is calculated differently than “regulatory assets under management.” Assets under advisement refers to the total amount of assets (inclusive of assets under management) attributable to all of Wilshire’s advisory relationships, including various consulting and advisory relationships for which Wilshire provides investment advisory services without engaging, on either a discretionary or non-discretionary basis, in the direct management of a client’s portfolio. Includes discretionary private markets and hedge fund assets.
Assets under management refers to the amount of assets attributable to securities portfolios for which Wilshire provides discretionary and non-discretionary asset management services and is calculated differently than “regulatory assets under management.” Assets under advisement refers to the total amount of assets (inclusive of assets under management) attributable to all of Wilshire’s advisory relationships, including various consulting and advisory relationships for which Wilshire provides investment advisory services without engaging, on either a discretionary or non-discretionary basis, in the direct management of a client’s portfolio.
Includes discretionary private markets and hedge fund assets.
View the prospectus.
An investment in the Fund involves risks. The Fund should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in the Fund only if it can sustain a complete loss of its investment. Fund fees and expenses may offset trading profits. Fund shares are illiquid and appropriate only as a long-term investment. There is no market exchange available for shares of the Fund thereby making them difficult to liquidate. Use of leverage may increase the Fund’s volatility. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments may consist of loans to small and/or less well-established privately held companies that have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Please see the prospectus for details of these and other risks.
The Fund is a non-diversified, closed-end investment company that continuously offers its shares. An investment in the Fund should be considered a speculative investment that entails substantial risks, including but not limited to the following:
- You will not have access to the money you invest for an extended period of time
- You will not be able to sell your Shares regardless of how the Fund performs.
- Because you will be unable to sell your Shares, you will be unable to reduce your exposure to Shares upon any market downturn.
- The Fund does not intend to list its Shares on any securities exchange and the Fund does not expect a secondary market in its Shares to develop.
- The Fund has implemented a Share repurchase program, but the Fund is required to repurchase only 5% (and may not repurchase more than 25%) of its outstanding Shares per quarter.
- Shares are appropriate only for those investors who can tolerate a high degree of risk, do not require a liquid investment, and for whom an investment in the Fund does not constitute a complete investment program.
- The amount of distributions that the Fund may pay, if any, is uncertain.
- The Fund's distributions may be funded from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. A return of capital to shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, shareholders may have taxable gains in connection with the sale of Shares, even if such Shares are sold at a loss relative to the shareholder's original investment.
- Fund distributions may also be funded from the waiver or payment of certain expenses by the Advisor that will be subject to repayment in the future. The repayment of any amounts owed to the Advisor will reduce the future distributions to which you would otherwise be entitled.
Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including economic slowdown, supply and demand volatility, increased competition, fluctuations in usage, expenses, and revenue, lack of fuel availability, energy conservation policies, technological obsolescence and changes in interest rates, regulations, or fiscal and monetary policy. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. There is no regular market for interest in infrastructure assets, which typically must be sold in privately negotiated transactions that can occur at a discount to the stated NAV.
The Fund will allocate a portion of its assets to multiple investment funds, and shareholders will bear two layers of fees and expenses: management fees and administrative expenses at the Fund level, and asset-based management fees, carried interests, incentive allocations or fees and expenses at the Investment Fund level.
A significant portion of the Fund’s investments will likely be priced by investment funds in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. Please see the prospectus for additional information.
Past performance is not indicative of future results. Diversification cannot assure a profit or protect against loss in a down market.
The AAM Wilshire Infrastructure Fund is distributed by Quasar Distributors, LLC. Quasar and AAM are not affiliated.