Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 18

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 18
---
60-90 daysDirect lending funds171,048 18 %Quarterly(1)90 daysPrivate equity funds320,690 35 %n/an/aReal estate funds291,640 31 %Quarterly(2), Annually(3)45-90 daysOther privately held investments121,981 13 %n/an/aTotal other investments$930,278 100 %       n/a - not applicable (1) Applies to one fund with a fair value of $2 million (2024: $3 million).(2) Applies to one fund with a fair value of $48 million (2024: $51 million).(3) Applies to one fund with a fair value of $22 million (2024: $21 million).

20

Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)3.    INVESTMENTS (CONTINUED)

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the three months ended March 31, 2025 and 2024, neither of these restrictions impacted the Company's redemption requests. At March 31, 2025, there were no multi-strategy fund holdings (2024: nil) where the Company is still within the lockup period. At March 31, 2025, the Company had $28 million (2024: $28 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund.At March 31, 2025, the Company had $175 million (2024: $170 million