Foundation Lab — Board Corrected

Grounded work surfaces first. Glass only for overlay context.

CompleteAttentionIn progressNot started
V
AK
1. Application rail & scope bar
FundMeridian Africa Fund II
PeriodQ3 2024
CurrencyUSD
Reporting standardIFRS
Run date14 Oct 2024
2. Header cluster (route)

Quarterly Report — Executive Summary

In progress
Fund
Meridian Africa Fund II
Structure
Cayman Feeder Fund
Vintage
2022
Investment strategy
Growth Equity
Base currency
USD
Fund status
Active
3. Readiness strip (compact)
Complete
Sources completeAll required sources current
Needs review
1 portfolio exceptionPE-03 valuation pending
Ready
Publication readyReport can be published
Pending
Evidence pending1 review item remaining
4. Metric band (flat)

NAV

$142.5M

Net IRR

16.1%

TVPI

1.42x

DPI

0.31x

Funded

$215.0M

Unfunded

$125.0M

5. Comparison ledger (grounded)
MetricQ3 2024Q2 2024ChangeChange %Source
NAV$142.5M$131.7M+$10.8M+8.2%
Statement run
Gross IRR18.4%17.2%+1.2pp+6.8%
Performance calc
Net IRR16.1%15.2%+0.9pp+5.9%
Performance calc
TVPI1.42x1.38x+0.04x+2.9%
Performance calc
DPI0.31x0.28x+0.03x+10.7%
Performance calc

PP = percentage points

6. Evidence review pack
1Source status2Executive summary3Financial highlights4Capital activity5Portfolio summary6Review & publish

Executive summary

Write your letter to investors. This appears at the top of the report.

Paragraph · B · I · U · Align · Link
Q3 2024 NAV of $142.5M represents an 8.2% increase quarter-over-quarter. Net IRR rose from 15.2% to 16.1%; TVPI moved from 1.38x to 1.42x. Two existing positions were marked to fair value; one new investment closed in the period. No portfolio exits and no follow-on rounds occurred. Detail by investment is in the schedule overleaf.
412 words Saved 2 min ago

Packet files

File nameSizeUpdated
Q3 2024 Financial Statement.pdf2.4 MB14 Oct 2024
NAV rollforward.xlsx1.1 MB14 Oct 2024
Audit confirmation.pdf0.9 MB13 Oct 2024

Reviewer decision

Adjusted for updated working capital position.
AnalystAisha K.
approved
12 Oct 2024
ReviewerThomas L.
approved
14 Oct 2024
ApproverPending
pending
9. Contextual rail (glass overlay)

Source Status

Where the numbers come from and what's ready to report.

Last refreshed 2h ago

Linked statement

Q3 2024 Financial Statement

Run on 14 Oct 2024

  • Complete: Period data confirmed

  • Complete: Executive summary added

  • Complete: Review complete

Lineage

NAV calculation
7 sources
Capital activity
5 sources
Distributions
4 sources
88%Report readiness

Notifications

complete

Report published

Q3 report published to 12 LP entities.

pending

Clarification requested

NAV bridge needs reviewer follow-up.

underReview

Evidence uploaded

New evidence attached.

7. LP reader fragment (quiet)
Q3 2024 Quarterly ReportMeridian Africa Fund II
Published
Executive SummaryFinancial HighlightsCapital Account SummaryPortfolio SummaryAppendices

Executive Summary

During the quarter, Meridian Africa Fund II continued to make disciplined progress across our existing portfolio while advancing new investment opportunities aligned with our investment thesis.

Reporting period
1 Jul - 30 Sep 2024
Published
15 Dec 2024
Report type
Quarterly
Prepared by
Meridian Africa GP
Acknowledgement
Required
8. External submission / change request
Submission
LP entity change request
Status
Submitted
Submitted on
12 Oct 2024
Submitted by
Meridian Africa GP
Change request
Clarification requested
Requested on
13 Oct 2024
Due date
20 Oct 2024
Details
Please provide reconciliation for capital account variance in note 8.
  1. Submitted12 Oct 2024
  2. Clarification requested13 Oct 2024
  3. Awaiting response-
  4. Accepted-
9b. Notification dispatch (three states + register)

Three dispatch states (unread+unresolved, read+unresolved, resolved) followed by an Update and a Notice. The gutter dot, top hairline rule, and `RESOLVED` eyebrow are the only visual signals; color enters only through `--portal-attention-fg` and `--portal-complete-fg`.

Outstanding2

Action·30 Apr 14:32 UTC

Subscription change request returned for clarification

Custodian flagged the wire instructions; LP must re-attest before close.

Action·29 Apr 09:14 UTC

Wire instruction evidence requested

GP requested supporting evidence for the wire change.

Earlier this week3

Update·28 Apr 16:00 UTC

Q1 NAV bridge published

Q1 NAV bridge published to 12 LP entities.

Action·Resolved·25 Apr 10:00 UTC

Subscription clarification resolved

LP re-submitted the change request; clarification closed.

Notice·22 Apr 09:00 UTC

Capital call procedure update

Updated capital call procedures available in the document library.

10. Overlay samples (glass only)
Rail / drawer sample

Lineage Detail

NAV calculation · 7 sources

Modal sample

Publish Report

This report will be published to all LPs with access.

Notification toast
Success

Evidence uploaded

Financial Statement.pdf was attached to the review packet.

Action dock
Saved 2 min ago
Command palette
Search or type a command...
11. Button system — intents, lifecycle, consequence
Intents
Lifecycle tints
Irreversible (with eyebrow)
Irreversible · publishes to 14 LPs
Irreversible · revokes 14 acknowledgements
Irreversible · updates the live profile
Densities
Lifecycle states
Pressed = signed(press to see the signing-flash)
ButtonGroup
LinkActionReturn to capital activityOpen capital call detail
ActionDock placement="rail"

Publication templates

The six instruments through which pages declare themselves. Pages provide semantic content; the publication owns the composition. See docs/product/Templates-Specification.md for the contract.

VCVantaCrest
Ascent

Documentation

One specimen per template. The editorial purpose is the caption; the rendering is the contract.

Briefing

The reader scans available items and chooses what to engage with. Most pages.

Meridian Africa Fund II

Onboarding, capital, reporting, and fund activity for the current period.

Active fund
NAV$142.5M
Net IRR16.1%
TVPI1.42x
DPI0.31x

Content area. Sections, lists, grids — the page’s body, composed inside the publication’s grammar.

Article

One subject in depth. Working detail page; operational context and lineage available alongside.

Q3 2024 Quarterly Report

Meridian Africa Fund II · Published Dec 15, 2024Published

Main content. Sectioned body for the article’s subject.

Context rail. Related, lineage, download.

Reader

A fully-published artifact, read end-to-end. The publication’s strongest editorial claim.

Q3 2024 Quarterly Report

Meridian Africa Fund II · Published Dec 15, 2024Published

The fund closed the quarter with continued NAV growth, supported by follow-on capital deployment and improved portfolio company performance.

Reading lane. Newsreader narrative body, numbered editorial section heads, optional pullquotes.

Download · Related statement · Lineage.

Submission

The user enters or commits something. Sticky-bottom commitment row in fixed position.

Request entity amendment

Submit a request to update your investor entity record. The general partner reviews.

Draft

Form body. Fields organized by FormSection blocks.

Cover

First encounter — the publication’s introduction. One quiet hero, one path forward.

Welcome to Ascent

Institutional fund operations between general partners and limited partners. Onboarding, capital, reporting, and trust — held in one place.

Apparatus

The publication’s workshop. Internal tooling. Editorial discipline relaxed by intent.

Foundation Board

Full-bleed inspection surface. No editorial constraints. Used for design-system specimens, admin diagnostics, internal experiments.

Graceful degradation

Briefing with all slots filled, then progressively emptied. The composition absorbs absence cleanly — no phantom space, no skeletal slots.

All slots

state · description · gravity · commitment

Meridian Africa Fund II

Onboarding, capital, reporting, and fund activity.

Active fund
NAV$142.5M
Net IRR16.1%
TVPI1.42x
DPI0.31x

Content area.

No commitment

The first frame compacts; no phantom action slot reserved.

Meridian Africa Fund II

Onboarding, capital, reporting, and fund activity.

Active fund
NAV$142.5M
Net IRR16.1%
TVPI1.42x
DPI0.31x

Content area.

No gravity

Strip collapses; cadence absorbs. The page is a list, not a tear-sheet.

Documents

Statements, notices, and published material for your access.

12 records

Content area.

Name only

The minimum. State, description, gravity, commitment all absent. Content carries.

Activity

Content area.

Material Recipe — Overlay Contract

Depth for hierarchy. Glass only for rails, drawers, modals, command, notifications, and action docks.

VCVantaCrest
Ascent

Grounded base first

Build on flat, opaque surfaces. Glass never replaces content.

Overlay context only

Use glass for rails, drawers, modals, command surfaces, notifications, and action docks.

Neutral tint

Use neutral whites only. No color washes, ever.

Legibility at every layer

Ensure contrast, spacing, and type scale hold across all depths.

Precision over flourish

Use subtle depth, crisp edges, and consistent tokens.

No glass on tables, metric bands, report bodies, packet stacks, or primary forms.
Glass overlay specimen (annotated)

Performance overview

As at 30 Sep 2024
NAV$142.5M$131.7M
Gross IRR18.4%17.2%
Net IRR16.1%15.2%
TVPI1.42x1.38x
DPI0.31x0.28x
Total funded$215.0M$202.0M
Drawer Lv2Review sourceSource-derived, not approved
Source
Q3 2024 Financial Statement
Run date
15 Oct 2024
Status
Complete

Executive summary

Q3 2024 Quarterly Report

Meridian Africa Fund II continued to make disciplined progress across the existing portfolio.

412 wordsSaved 2 min ago
Top edge highlight1px rgba(255,255,255,.62)
Inner border1px rgba(255,255,255,.28)
Neutral tintrgba(255,255,255,.72)
Backdrop blur8-16px by level
Edge refraction strip1px exposed edge
Dividerrgba(0,0,0,.06)
Radius12px all overlays
Component examples (same material recipe, different depth)

1Rail Lv1

ready

Source Complete

All required sources current

2Drawer Lv2

Lineage

Source
Financial statement
Status
Complete

3Modal Lv3

This report will be published to all LPs with access.

4Command Lv3
Search or type a command...
Performance overviewStart Q4 reportReport builderUpload evidence
Attention

Clarification requested

NAV bridge needs reviewer follow-up before this source can be accepted.

6Action Dock Lv1
Shadow Lv1
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
0 12 32 rgba(0,0,0,.08)
Shadow Lv2
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
0 18 44 rgba(0,0,0,.10)
Shadow Lv3
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
0 24 64 rgba(0,0,0,.14)
Scrim
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
rgba(0,0,0,.28)
Focus ring
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
2px #1a73e8
Divider
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
rgba(0,0,0,.06)
Inner border
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
rgba(255,255,255,.28)
Top edge
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
rgba(255,255,255,.62)
Edge strip
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
1px exposed edge
Blur Lv1
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
8px rail / dock
Blur Lv2
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
12px drawer
Blur Lv3
NAV $142.5M · IRR 16.1% · TVPI 1.42x · DPI 0.31x · Funded $215.0M
Aa
16px modal

Overlay System States

Same recipe, different elevation. Glass remains secondary to the work surface.

VCVantaCrest
Ascent
DefaultNormal overlay support
FocusKeyboard focus visible
PendingReview in progress
BlockedRequired item unresolved
DisabledAction unavailable
ExpandedInternal scroll permitted

Review Source

Focused drawer

Lineage

Source
Financial statement
Run date
15 Oct 2024
FundMeridian Africa Fund II
PeriodQ3 2024

NAV

$142.5M

Net IRR

16.1%

TVPI

1.42x

DPI

0.31x

Funded

$215.0M

Unfunded

$125.0M

MetricQ3 2024Q2 2024ChangeChange %Source
NAV$142.5M$131.7M+$10.8M+8.2%
Statement run
Gross IRR18.4%17.2%+1.2pp+6.8%
Performance calc
Net IRR16.1%15.2%+0.9pp+5.9%
Performance calc
TVPI1.42x1.38x+0.04x+2.9%
Performance calc

Publish Report

This report will be published to all LPs with access.

Blocked / Danger confirmation

2 required items must be resolved before this report can be published.

Pending Review

This report is in pending review and cannot be published yet.

Ready to publish

ready

Source status up to date

Lineage confirmed

Active / Focus

ready

Source status up to date

Lineage confirmed

Pending review

pending

Source review in progress

Review in progress

Expanded / Focus

ready

Source status up to date

Lineage confirmed

4Command Lv3
Search or type a command...
Performance overviewStart Q4 reportReport builderUpload evidence
Attention

Clarification requested

NAV bridge needs a response before this package returns to review.

Persistent primary actions, low elevation.
Never Glass
TablesAlways flatMetric bandsAlways flatReport bodiesAlways flatPacket stacksAlways flatPrimary formsAlways flat

Grounded vs Overlay Rules

Core work remains flat. Material depth appears only when context rises above the page.

VCVantaCrest
Ascent

Grounded Work Surfaces — Always Flat

NAV

$142.5M

Net IRR

16.1%

TVPI

1.42x

DPI

0.31x

MetricQ3 2024Q2 2024ChangeChange %Source
NAV$142.5M$131.7M+$10.8M+8.2%
Statement run
Gross IRR18.4%17.2%+1.2pp+6.8%
Performance calc
Net IRR16.1%15.2%+0.9pp+5.9%
Performance calc
TVPI1.42x1.38x+0.04x+2.9%
Performance calc
DPI0.31x0.28x+0.03x+10.7%
Performance calc
FileStateOwner
Q3 2024 Financial Statement.pdf2.4 MB
Accepted
Accepted
Fund operations
NAV rollforward.xlsx1.1 MB
Under review
Under review
Reviewer
Audit confirmation.pdf0.9 MB
Submitted
Submitted
Analyst

Grounded work stays flat

Metric bandLedger tableReport bodyPacket rowsPrimary form

Overlay support may use material

Source railReview drawerApproval dialogNotification panelAction dock

Overlay Material — Controlled Glass

Right Rail

ready

Source Status

All sources current

Side Drawer

NAV rollforward.xlsx1.1 MB
Under review

Publish Report

Confirmation requires explicit action.

Search or type a command...
Success

Report published

Q3 report has been published to the selected LP audience.

Action dock

Reusable Component Catalog

Production pages compose these shared families. Routes own data and handlers only.

VCVantaCrest
Ascent
Primitive controls
Icon buttons require an accessible label.
Shell, tabs & metadata
Fund
Meridian Africa Fund II
Period
Q3 2024
Source state
Submitted, not accepted
Sign-off
Reviewer pending
Institutional language rules

State Language

Submitted
Received, not accepted.
Calculated
System-derived, not approved.
Ready
No blocking requirement remains.
Published
Visible to the intended audience.

Reader Language

Tone
Point-in-time, quiet, no internal review state.
Action
Acknowledge report or download statement.
Blocked
Use exact requirement count and next action.
Avoid
Marketing filler, reassurance, and playful errors.
Portal component readiness
ComponentWorkflowStatesResponsiveMaterialStatus
GP PerformancePerformanceready, blocked, pendingDesktop/tablet/mobileconditional
Ready
Portfolio CollectionPortfoliosubmitted, accepted, changesNeeds fixtureforbidden
Needs tuning
Report BuilderReportsdraft, ready, blockedDesktop/tablet/mobileconditional
Ready
Waterfall PackageWaterfallcalculated, approved, reopenedNeeds fixtureconditional
Needs tuning
Entity AmendmentEntity changesubmitted, clarification, acceptedNeeds fixtureforbidden
Needs tuning
Command / OverlaySystemfocus, pending, disabledDesktop/tablet/mobileallowed
Ready
GP Performance composite

Operating surface

GP Performance

Flat metric and ledger surfaces with a sanctioned source rail.

NAV

$142.5M

Net IRR

16.1%

TVPI

1.42x

DPI

0.31x

MetricQ3 2024Q2 2024ChangeChange %Source
NAV$142.5M$131.7M+$10.8M+8.2%
Statement run
Gross IRR18.4%17.2%+1.2pp+6.8%
Performance calc
Net IRR16.1%15.2%+0.9pp+5.9%
Performance calc

Source status

Where the numbers come from and what's ready to report.

Lineage

Statement run
Q3 2024
Performance calc
Complete
ready

Ready

Metrics calculated, approval still explicit.

Report builder family
1Sources
Complete
2Executive summary
Pending
3Preview
Ready

Financial highlights

NAV

$142.5M

Net IRR

16.1%

TVPI

1.42x

DPI

0.31x

Governance & review
AnalystAisha K.
approved
12 Oct
ReviewerThomas L.
pending
ApproverIC Chair
pending
  1. Evidence submitted
    submitted

    Company · 11 Oct

  2. Clarification requested
    changesRequested

    GP reviewer · 12 Oct

  3. Evidence accepted
    accepted

    Analyst · 14 Oct

Adjustments & approval

Preferred return true-up

Catch-up interest

$1.2M
underReview

Escrow holdback

Rounding reserve

$0.4M
pending
ready

Ready for Sign-off

Calculated values are ready, but approval still requires explicit action.

VantaCrest AscentDesign system v1.0Grounded. Exact. Trusted.For internal use only