Warburg Pincus Access Fund, L.P. 8-K

What Happened

• Warburg Pincus Access Fund, L.P. filed an 8‑K reporting that on March 2, 2026 the Fund sold unregistered limited partnership units for aggregate consideration of $61,585,160 as part of its continuous private offering. The sales were made under the Section 4(a)(2) exemption (including Regulation D).
• The filing also disclosed the Fund’s Transactional NAV per Unit (used to price subscriptions) as of February 28, 2026 for each unit class for which the Fund has accepted third‑party investors.

Key Details

• Unregistered unit sales (Mar 2, 2026): Total proceeds $61,585,160.
  • Class B‑1: 2,433,500 units for $60,837,500 (price $25.00 per unit).
  • Class B‑3: 29,906 units for $747,660 (price $25.00 per unit).
• Related vehicle sales: WP ACE (the Fund together with a similarly managed vehicle) sold interests for about $80,126,684 as of March 2, 2026.
• Transactional NAVs (as of Feb 28, 2026):
  • Class A‑1: $26.11; A‑2: $26.11; A‑3: $26.12; B‑1: $25.00; B‑3: $25.00; E: $26.71.
• NAV methodology: Transactional NAV is calculated monthly by the investment manager (beginning after the first full month accepting third‑party investors) and reflects month‑end investment values, cash, liabilities and allocated fees/expenses (including Management Fee, Performance Participation Allocation and certain class‑specific servicing fees). Differences may exist between Transactional NAV and GAAP NAV due to methodological differences in expense treatment.

Why It Matters

• For investors, the filing shows recent capital inflows via private unit sales and provides the concrete Transactional NAVs used to price new subscriptions—useful for prospective investors and existing holders tracking issuance pricing.
• The NAV disclosure clarifies how the Fund prices transactions and notes that Transactional NAV can differ from GAAP‑based NAV because of fee and expense allocation methods, which can affect per‑unit values used for subscriptions and redemptions.