VAULT & PROTOCOL

IP Vault Shares, NAV, and Vault Assets

An IP Vault share represents a proportional interest in the Vault. Changes in underlying value are reflected through NAV per share rather than by increasing the share count.

For current balances, capacity, NAV, rates, fees and settlement timing, use the live product pages. Documentation explains mechanics; live product data can change.

Latest NAV

Total Vault Value includes accounted RWA positions, ipUSD held by the Vault and value in settlement. NAV per share represents the amount of Total Vault Value attributable to one share.

Subscription settlement, Instant Withdrawal and Standard Withdrawal use the applicable onchain NAV at execution.
NAV is derived from onchain Vault state and registered RWA valuation sources.

NAV breakdown

The Vault can contain Registered RWAs, an ipUSD liquidity buffer and Assets in settlement. Assets in settlement keep purchase/redemption value represented while a multi-stage RWA process is incomplete.

Target yield

The current Vault interface displays a 5–9% target yield. This is an estimated return range and not a guaranteed return.

Strategy track record

The current documentation references +9.1% p.a. since December 2020 for the broader Partners Group diversified royalties strategy, as of 31 December 2025, with 2.2% annualised volatility.

Underlying fund return

The current documentation references +7.1% p.a. since the Evergreen royalties fund’s June 2025 launch, as of 31 August 2026. This is a fund-level historical reference, not a promise of Vault return.

RWA purchases and redemptions

RWA transactions can pass through an Assets in settlement state while ipUSD or RWA tokens move through offchain or multi-stage settlement. Once reconciled, the accounted asset mix updates.