Fund database › Private Equity
Ardian Access opens the secondaries, primaries and co-investment platforms of Ardian — one of Europe's largest private-equity houses — in a Luxembourg SICAV-RAIF structure, launched in 2025, investing globally.
Monthly subscription; quarterly redemption at quarter-end with roughly one month's notice. Instead of a hard lock-up, a soft lock applies: redemptions within the first year incur an early-redemption charge. Two quarterly limits, applied in parallel, cap redemptions.
Subscription from EUR 100,000, aimed at professional private-wealth investors. The fund is currently not registered for distribution in Germany.
The most direct route into Ardian's secondary-market expertise for non-institutional portfolios — structurally, however, a RAIF for professionals, not an ELTIF: investors looking for the retail legal framework will not find it at this manager.
Figures at fund level · product data 12 Oct 2026 · sources: prospectus (as at September 2026), PRIIPs-KID, Factsheet, monthly report — full list under 08 documents.
Since the data series began in Mar 2026, the unit price has gained 1.6% (cumulative, 0.5 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
13 monthly values · Source: 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 Jul 2025; a reliable NAV series of the class is available from Mar 2026. distribution policy not verified.
What the prospectus permits: Secondaries, primaries and direct co-investments via the Ardian platform (together around USD 110bn AuM); buy-what-we-know approach; sister products Ardian Access Solution FCPR (France, since 2023) and Ardian Access LLC (USA)
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
56 holdings; the five largest account for 22.2% of the fund. 28.8% is held in the liquidity reserve — enough for 17 months of maximum redemptions.
How the reserve is invested: BlackRock ICS USD Liquidity Fund – Premier Acc 6.9% · Amundi Money Market Fund – Short Term USD IV (C) 6.9% · BNP Paribas InstiCash USD 1D LVNAV 6.9% · 2 more 5.3%. It covers 17 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 5 LP secondaries, 5 co-investments.
ASF Moonstone, L.P. is an Ardian-managed secondary vehicle from the LP-led "Moonstone" transaction, holding a diversified portfolio of acquired LP interests in buyout funds.
Carlyle Partners VIII is the successor to Carlyle Partners VII and The Carlyle Group's (Washington, D.C.) flagship US large-cap buyout fund, vintage 2021/22.
Onshore holding company (Delaware) for the LP portfolio transaction “Cabana” led by Ardian, one of the world’s largest secondary investors.
Diot-Siaci is a French insurance brokerage and consulting group headquartered in Paris that advises corporate and private clients on property, marine and transport …
Palex Medical (Barcelona) distributes medical devices and hospital equipment to hospitals in Spain, Portugal and other markets and provides related service and technical support.
Opportunities vehicle (Series 4) of Golden Gate Capital (San Francisco), a US private equity investor focused on mid-market companies in industrials, consumer and software.
Australian provider of healthcare and nursing staff as well as home care and support services for hospitals, care facilities and private individuals.
ISC (Integrated Specialty Coverages), a tech-enabled U.S. specialty insurance program administrator headquartered in Carlsbad, California, that designs …
Vitamin Well is a Swedish producer of functional beverages, protein bars and dietary supplements under the brands Vitamin Well, NOCCO and Barebells …
Carlyle Partners VII is The Carlyle Group's (Washington, D.C.) flagship US large-cap buyout fund, vintage 2018, with fund size of around USD 18.5 billion.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Cost figures of the main class according to provider documents. On top comes a performance fee of 12.50% above a hurdle of 5% — with a high-water mark.
For 25,000 EUR, no charge on purchase and up to 500 EUR on redemption.
Cost figures of the main class according to provider documents.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed and is published only 35 business days later.
no fixed deadline; a request is only made once the documentation is complete
the 8-business-day notice period may be waived by the General Partner at its sole …
Price = NAV at the end of the previous month.
NAV as at the last calendar day of the month, available approx. the 35th business day of …
pre-funding: 5 business days before dealing day
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 | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st business day of the month |
| Cut-off | 8 business days before dealing day · 17:00 Luxembourg · (before the anchor date) |
| Price | previous month-end |
| NAV publication | NAV as at the last calendar day of the month, available approx. the 35th business day of the following month, later in the audit cycle |
| Payment | pre-funding: 5 business days before dealing day |
| Minimum investment | USD 25,000 / EUR 25,000 / GBP 25,000 |
| Subscription limit | The GP may reject a subscription in whole/in part or defer it to a later subscription day |
| KYC / documents | no fixed deadline; a request is only made once the documentation is complete |
| Revocation | irrevocable from full receipt of funds; the GP may refuse acceptance |
| Business day | any day that banks are open for business in Luxembourg (p. 67) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Quarter Redemption Limit 5%, measured against the lowest monthly NAV of the last three months.
NAV per unit less redemption fee (up to 2%)
Two parallel limits of 5% of NAV each per calendar quarter: the regular Quarter Redemption Limit and an …
NAV publication
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 141 days from decision to cash.
Rank 57 of 112 · rank 19 of 38 in Private Equity · no lock-up · exit costs of 2.0% included
Money typically within half a year — on average 141 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Sep 2026 · score run 16 Oct 2026 · How 141 days become 27 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 | quarterly |
| Valuation day | quarter-end |
| Notice | 30 calendar days before redemption day · 17:00 Luxembourg |
| Price | quarter-end |
| Payout | 10 business days after NAV publication |
| Gate | 5% per quarter; in addition, a discretionary redemption gate of the AIFM with a 5% trigger threshold (AIFMD II) |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (12 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | market closure, emergency/impossibility of valuation, communication failure |
| Liquidity tools | Suspension, redemption gate 5%, extension of the notice period (AIFMD II Annex V) |
| Switch / transfer | permitted only with the prior written consent of the General Partner; no exchange trading |
| Compulsory redemption | where the Minimum Holding is not met, for AML/tax/regulatory reasons, payment default, sub-fund liquidation |
Two parallel limits of 5% of NAV each per calendar quarter: the regular Quarter Redemption Limit and an additional Redemption Gate that may be activated on a discretionary basis under AIFMD II (Activation Threshold likewise 5%). The reference figure is the lowest monthly NAV of the three immediately preceding months.
The fund has two separate mechanisms, each at 5% of NAV per quarter: the regular Quarter Redemption Limit and, independently of it, a Redemption Gate under AIFMD II which the AIFM may activate at its discretion and which has the same activation threshold. The reference figure is not the quarterly NAV but the lowest monthly NAV of the three immediately preceding months for which a NAV is available.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
1 class.
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 |
|---|---|---|
| Prospectus | Sep 2026 | — |
| Annual / semi-annual report | 24 Apr 2025 | — |
| NAV series price feed / provider document | 30 Sep 2026 | Performance (01) |
| Positions and reserve | 31 Dec 2025 | Portfolio (03) |
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 quarterly, notice period 30 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 141 days from decision to cash under the prospectus deadlines; a gate is not factored in.
25,000 EUR.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Ardian Access. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
Altaroc · FCPR · semi-monthly
BlackRock · ELTIF 2.0 · quarterly
Blackstone · Part II SICAV · quarterly
Brookfield Asset Management / Oaktree · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.