When I talk with new investors, this question often comes up. They understand what a return is. What they want to see is the difference between spending it and leaving it alone.
Here is the direct answer. On $100,000, over ten years, the gap is roughly $55,135.
Where That Number Comes From
Fidelis has returned over 8 percent annualized since inception, and for the last couple of years over 9%. Our most recent quarter, Q2 2026, came in at 9.31 percent net annualized. For this illustration, I am using 9 percent flat. This is arithmetic on what we have done. It is not a forecast of what we will do.
Option A. You Take the Checks.
You elect quarterly distributions. On $100,000 at 9 percent, that is roughly $9,000 a year in your hands. Over ten years, you have received $90,000 in income, and your original $100,000 is still in the fund. Total position: $190,000.
Option B. You Let It Compound.
You elect no distribution. Your earnings stay in and start earning alongside your principal.
Year one, about $109,000. Year five, about $156,568. Year ten, about $245,135.
The difference is about $46,700 — nearly half your original principal, produced by doing nothing at all.
That is not a trick. It is just arithmetic nobody interrupted.
One Detail Worth Getting Right
Our compounding is monthly. Our payments are not. Earnings compound monthly, and you choose how you want them — paid quarterly, semi-annually or yearly, or left in to compound with no required distribution at all. People hear the word monthly and picture a monthly check. That is not how this works, and I would rather correct it here than on the phone six months in.
The Bottom Line
Neither option is the smart one. If you are retired and this income covers your life, take the checks — that is exactly what the fund is built to do. If you are still working and do not need the money, leaving it alone is the highest-leverage decision on the table, and it costs you nothing but patience.
One thing to know before you plan around a ten-year horizon. The first year is a lock-up year, and an early withdrawal carries a 10 percent penalty. After that, redemptions run on 45 days’ written notice before the end of a calendar quarter.
Let’s talk.
If you want me to run these numbers against your actual situation, give me a call at 760-258-4486 or email me at jlloyd@fidelispf.com. I believe the best partnerships start with a simple conversation — no pressure, just clarity.
Fidelis Private Fund annualized yield paid to Limited Partners for the 2nd Quarter 2026. Click here for a summary of Fidelis’s annualized yield since inception.