Universities Superannuation Scheme Ltd as sole corporate trustee for Universities Superannuation Scheme 4

What Happened

Universities Superannuation Scheme Ltd (the reporting person), the 10% owner of Constitution Capital Access Fund, LLC (XCAIX), acquired 2,523,842.8 Class I shares on 2025-12-31 at $11.98 per share, a transaction valued at approximately $30,235,637. The filing reports the acquisition as an "other acquisition" (code J) but footnotes clarify the shares were acquired through a dividend reinvestment plan.

Key Details

• Transaction date: 2025-12-31; Price per share: $11.98; Shares acquired: 2,523,842.8; Total value: $30,235,637.
• Filing date: 2026-02-04; Reporting Person was notified on 2026-02-02 (footnote F1) — the report appears to have been filed after the transaction date.
• Acquisition method: Dividend reinvestment plan (per footnote F2 referencing the plan letter dated 9/30/2022).
• Direct holder: L8 Investment Holdings LP, an indirect wholly-owned subsidiary of the Reporting Person, is the direct holder of the reported securities (footnote F3).
• Shares owned after transaction: Not specified in the available filing.

Context

This was an institutional dividend reinvestment (not an executive open-market purchase). Such reinvestments are routine ways to use dividends to buy additional shares and do not necessarily signal a new active bullish purchase decision by the institution. The late reporting relative to the transaction date is noted in the filing; retail investors should treat this as informational rather than a real-time trading signal.