Fund database › Private Equity
AltarocFR001400Q544Class A
Altaroc Discovery pools private-equity exposure across secondaries, primaries and co-investments in a French FCPR focused on Europe and North America, launched in 2025. Subscriptions are fully paid in — there are no capital calls.
Semi-monthly subscription and redemption windows are a rarity in the field — but they only open after a hard three-year lock-up from launch. Thereafter a tightly set redemption ceiling per dealing date caps payouts; excess orders are filled pro rata. The manager recommends a ten-year holding period.
Subscription from EUR 100,000. The fund targets professional investors and — indirectly, through French-style unit-linked life insurance — retail investors. It is currently not registered for distribution in Germany.
The most frequent dealing windows in the database combined with one of its longest lock-ups: liquidity starts late, but is then unusually fine-grained. The FCPR wrapper is a French speciality that barely appears elsewhere in the field.
Figures for class A (FR001400Q544) · product data 19 Aug 2026 · sources: prospectus (as at 2025), PRIIPs-KID — full list under 08 documents.
Since the data series began in Apr 2025, the unit price has gained 6.3% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
18 monthly values, 16 derived from monthly returns · Source: secondary source (data portal), price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Jan 2025; a reliable NAV series of the class is available from Apr 2025.
What the prospectus permits: first 3 years focused on secondaries to avoid the J-curve, thereafter adjustment of the model towards primaries/co-investments; first evergreen fund of Altaroc
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
What is actually held: breakdown by sector and region according to the provider.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: Europe 50%, North America 50%
Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 6.70%, class A is well above the median of the asset class (2.60%). On top comes a performance fee of 10% above a hurdle of 0% — with a high-water mark.
For 100,000 EUR this means roughly 6,700 EUR per year.
For 100,000 EUR, a one-off up to 5,000 EUR on purchase.
Based on the PRIIPs key information document of class A, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed fortnightly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 3 business days later.
Price = NAV per share on this day.
VL on the 15th of the month (if this is not a Jour Ouvre, the preceding Jour Ouvre) and …
with the order
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | fortnightly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | 15th and month-end |
| Cut-off | 2 business days before NAV day · 17:00 Paris · (before the anchor date) |
| Price | next NAV after centralisation |
| NAV publication | VL on the 15th of the month (if this is not a Jour Ouvre, the preceding Jour Ouvre) and on the last Jour Ouvre of the month. |
| Payment | with the order |
| Minimum investment | 100,000 EUR |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | Suspension of subscriptions, including where the subscriptions of the last 12 rolling months exceed 5% of net assets or the legal quorum is at risk |
| Revocation | fixed and irrevocable from subscription |
| Business day | Jour Ouvre = day (other than Saturday/Sunday) on which banks in Paris are open for non-automated business (p. 10) |
Dates calculated from the prospectus rules (bank holidays: FR); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed fortnightly — with a volume limit (Gate), lock-up 36 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemptions only after a 3-year lock-up period from constitution, then every 14 days.
Price = NAV per share on this day.
Plafond de Rachats: centralised redemption requests are in principle satisfied only up to 1% of the fund's …
NAV publication
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically only after more than a year — on average 501 days from decision to cash.
Rank 73 of 112 · rank 24 of 38 in Private Equity · 15 months lock-up · no fixed redemption fee
Money typically within a quarter — on average 45 days from decision to cash.
15 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Jul 2025 · score run 16 Oct 2026 · How 501 days become 16 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | fortnightly |
| Valuation day | 15th and month-end |
| Notice | 2 business days before NAV day · 17:00 Paris |
| Price | next NAV after centralisation |
| Payout | 30 calendar days after NAV publication |
| Gate | 1% net of net assets of the previous period per centralisation |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 36 months (the constitutive documents) |
| Suspension | legal/tax problems, force majeure/financial crisis, pre-liquidation/liquidation |
| Liquidity tools | Lock-up period 3 years, gate 1% of net assets per centralisation (net), automatic carry-forward, suspension up to 12 months, swing pricing max 4% |
| Switch / transfer | only with the prior written consent of the management company, certain cessions prohibited (US, tax, 10% threshold); no organised market |
Plafond de Rachats: centralised redemption requests are in principle satisfied only up to 1% of the fund's net assets per centralisation date, calculated on the basis of the net assets at the preceding centralisation date; the relevant figure is the balance of centralised redemption and subscription orders.
The gate ("Plafond de Rachats") is 1% of net assets per centralisation date, calculated on the basis of the net assets at the preceding centralisation date; the determining figure is the total of the centralised redemption requests NET of the centralised subscription orders. Requests in excess are met pro rata and automatically carried forward to the next centralisation date.
Dates calculated from the prospectus rules (bank holidays: FR); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
4 classes. All cost and risk figures on this page refer to the basis class A.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 30 Nov 2025 | — |
| Presentation | 25 Apr 2025 | — |
| NAV series secondary source (data portal), price feed / provider document | 30 Sep 2026 | Performance (01) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption semi-monthly, notice period 2 business days before NAV day, with 1% gate per centralisation. Subscribing today, it takes on average 501 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 6.70% p.a. according to the PRIIPs KID for class A; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 10%.
From 1 EUR in the smallest class in EUR.
As at 16 Oct 2026, no redemption restriction is documented for the Altaroc Discovery. Under the prospectus a gate of 1% per centralisation applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.