Janus Henderson Group Ltd. reports beneficial ownership of 2,800,000 Class I Shares of Privacore PCAAM Alternative Growth Fund as of 06/30/2026, representing 46.8% of the class. The filing states the interest is held by asset managers exercising shared voting and shared dispositive power on behalf of managed portfolios.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by Janus Henderson affiliates.
Janus Henderson Group Ltd. is reported as having beneficial ownership of 2,800,000 Class I Shares (46.8%) through multiple asset managers that exercise investment and voting discretion for client accounts.
Ownership is shown as shared voting and shared dispositive power; cash‑flow rights are retained by the underlying managed portfolios per the filing.
Schedule 13G used for passive/managed reporting; disclosures emphasize client ownership.
The filing explains the Asset Managers may be deemed beneficial owners due to discretionary authority but disclaim rights to dividends/proceeds. The filing refers readers to exhibits for subsidiary and Item 7 details.
Subsequent filings or exhibits may identify specific subsidiary filers referenced in Item 7.
Key Figures
Beneficial ownership:2,800,000 sharesPercent of class:46.8%Shared voting power:2,800,000 shares+3 more
6 metrics
Beneficial ownership2,800,000 sharesClass I Shares as of 06/30/2026
Percent of class46.8%Percent of Class I Shares
Shared voting power2,800,000 sharesshared power to vote or to direct the vote
Shared dispositive power2,800,000 sharesshared power to dispose or to direct disposition
CUSIP74290Y307Class I Shares identifier
Reporting date06/30/2026date tied to ownership statement
Key Terms
Managed Portfolios, Beneficial owner, Shared dispositive power
3 terms
Managed Portfoliosfinancial
"the Asset Managers may be deemed to be the beneficial owner of 2,800,000 Class I Shares of Privacore"
Beneficial ownerregulatory
"may be deemed to be the beneficial owner of 2,800,000 Class I Shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
What stake does Janus Henderson (JHG) report in PRIVACORE PCAAM?
Janus Henderson Group Ltd. reports beneficial ownership of 2,800,000 Class I Shares, equal to 46.8% of the class as of 06/30/2026. The shares are held via asset managers exercising shared voting and dispositive power for client accounts.
Does Janus Henderson receive dividends or sale proceeds from these shares?
The filing states the Asset Managers exercise discretion on behalf of Managed Portfolios but do not have rights to receive dividends or sale proceeds. The Managed Portfolios retain the right to receive dividends and proceeds according to the Schedule 13G text.
What voting and disposition powers are reported by JHG?
Janus Henderson reports 0 sole voting power, 2,800,000 shared voting power, 0 sole dispositive power, and 2,800,000 shared dispositive power over Class I Shares, as stated in the filing dated 06/30/2026.
Who filed the Schedule 13G on behalf of JHG and when was it signed?
The Schedule 13G was filed by Janus Henderson Group Ltd.; the signature block shows Kristin Mariani, Head of North America Compliance, signing the filing on 07/08/2026, with exhibits including a Power of Attorney and Item 7 exhibit reference.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PRIVACORE PCAAM ALTERNATIVE GROWTH FUND
(Name of Issuer)
Class I Shares
(Title of Class of Securities)
74290Y307
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
74290Y307
1
Names of Reporting Persons
JANUS HENDERSON GROUP Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,800,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,800,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,800,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
46.8 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PRIVACORE PCAAM ALTERNATIVE GROWTH FUND
(b)
Address of issuer's principal executive offices:
1411 BROADWAY
NEW YORK, NY 10018
Item 2.
(a)
Name of person filing:
Janus Henderson Group Ltd.
(b)
Address or principal business office or, if none, residence:
201 Bishopsgate
EC2M 3AE, United Kingdom
(c)
Citizenship:
Y9
(d)
Title of class of securities:
Class I Shares
(e)
CUSIP Number(s):
74290Y307
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Janus Henderson Group Ltd. (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, Victory Park Capital Advisors LLC, and Richard Berstein Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).
As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 2,800,000 Class I Shares of Privacore PCAAM Alternative Growth Fund. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)
Percent of class:
46.8 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
2800000
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
2800000
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please refer to Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
