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

What Happened
Universities Superannuation Scheme Ltd (the reporting person), acting as sole corporate trustee for Universities Superannuation Scheme and a >10% owner, disposed of 2,282,155.99 Class I shares of Constitution Capital Access Fund, LLC (ticker XCAIX) on 2026-05-31 at $12.22 per share, a total value of $27,887,946. This was a disposition (sale) — not a purchase — and therefore is generally not a bullish signal.

Key Details

• Transaction date and price: 2026-05-31 — 2,282,155.99 shares at $12.22 each (total $27,887,946). Transaction code reported as "J" (other acquisition/disposition).
• Filing/notification: Form 4 filed 2026-07-06; the reporting person states it was notified of the transaction on 2026-07-01.
• Direct holder: L8 Investment Holdings LP, an indirect wholly-owned subsidiary of the reporting person, is the direct holder of the reported securities (see footnote).
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnote on method: The shares were disposed as part of a quarterly tender offer per the reporting person’s letter dated 9/30/2022 (attached to its Schedule 13D).

Context

• This sale was executed by a large institutional 10% owner and was part of a scheduled quarterly tender offer, not an individual insider trading on private information. Institutional dispositions via tender offers are typically liquidity-management actions rather than personal trades.
• Filing occurred after the trade date; the reporting person notes it was notified on July 1 and the Form 4 was filed July 6. Retail investors should note the timing but avoid inferring motives from the timing alone.