We do not yet have a NAV series for this fund. Semi-liquid funds often publish their unit prices only monthly or quarterly — and not always publicly.
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2025
Fund size—
CurrencyEUR
Income treatment—
SFDR—
Recommended holding—
Liquidity buffer—
Leverage limit—
Risk indicatornot documentedfrom the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Sector breakdown
Actual portfolio% of NAVas at 30 Apr 2026
Healthcare & life sciences22.0%
Technology & software21.0%
Consumer & retail17.0%
Financial services15.0%
Industrials & manufacturing8.0%
Business services5.0%
Transport & logistics3.0%
Other9.0%
Show individual values
Healthcare & life sciences22.0%
Financial services15.0%
Technology & software11.0%
Consumer & retail9.0%
Industrials & manufacturing8.0%
Semiconductors & hardware8.0%
B2B services5.0%
Education (private)4.0%
Leisure, hospitality & travel4.0%
Logistics providers3.0%
+ 2 more
Media & entertainment2.0%
Other9.0%
Source: Ardian 'FCPR Ardian Access Solution – Valeur Liquidative des Parts au 30 avril 2026', Reporting · Document
Geographic breakdown
Actual portfolio% of NAVas at 30 Apr 2026
Europe61.0%
North America29.0%
Asia-Pacific5.0%
Other / unallocated5.0%
Show individual values
France31.0%
United States29.0%
Germany8.0%
United Kingdom7.0%
Switzerland5.0%
Spain5.0%
Australia5.0%
Sweden5.0%
Other / unallocated5.0%
Source: Ardian 'FCPR Ardian Access Solution – Valeur Liquidative des Parts au 30 avril 2026', Reporting · Document
Strategy
SecondariesCo-InvestmentsPrimaries / Target Funds
Secondaries, primaries and direct co-investments via the Ardian platform (together around USD 110bn of AuM); buy-what-we-know approach; sister product Ardian Access Solution FCPR (France, since 2023) as well as Ardian Access LLC (USA)
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.25%
Total ongoing costs
not documented
Entry charge max.
not documented
Redemption fee
not documented
Performance fee
12.50%
Hurdle rate
not documented
High-water mark
not documented
How the performance fee works
According to the available information a performance fee of 12.5 % applies once the return exceeds a hurdle rate. The level of the hurdle, catch-up, high-water mark, crystallisation and the calculation basis (total return or realised gains) have not been published.
Costs per the key information document
Not documented (no public PRIIPs KID could be found)
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionnot documented
Minimum investmentEUR 100,000
Entry chargenot documented
Rec. holding periodnot documented
05Redemption & liquidity
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
1 · Lock-upnot documented
2 · Notice periodunknown
3 · Redemption datenot documented
4 · Gatenot documented
5 · Payoutnot documented
Redemption per the document
not documented
Gate per the document
not documented
Notice period
not documented
Lock-up
not documented
06Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
Carne Global Fund Managers (Luxembourg) S.A.; Ardian as delegated portfolio manager
Launch date
28 Jul 2025 (launch announcement)
Eligible investors
professional retail investors (private wealth), global
Distribution authorisation
worldwide, but only in jurisdictions with local registration/notification; distribution has already been extended to Canada; distributed among others via iCapital platforms
Fee layers / double charging
Structure: secondaries and co-investments. In the case of secondaries, additional fees arise at the level of the acquired target funds (double charging is structurally to be expected), but they are not explicitly disclosed in the material available - n/a
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
Similar funds
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.
Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.