DWS / Deutsche BankLU3085135567Class LC EUR
The Diversified SAA Fund builds a strategic private-markets allocation across private equity, credit, real estate and infrastructure — managed with Partners Group as portfolio manager, exclusively for Deutsche Bank clients, as an ELTIF 2.0, launched in 2025.
A three-year lock-up, one year's notice, quarterly dealing dates — with a limit per quarter and cumulatively per year: one of the strictest commitment packages in the multi-asset segment. Monthly subscription.
For qualified private clients and professional investors within the bank's distribution network; registered in roughly twenty-three countries including Germany, recommended holding period five years.
The house-bank answer to the multi-asset ELTIFs — with an open flank in the structure: a substantial share may flow into target funds of its own portfolio manager, creating a double fee layer; the long commitment shields the model externally.
Figures for class LC EUR (LU3085135567) · product data 12 Oct 2026 · sources: prospectus (as at September 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Nov 2025, the unit price has gained 2.6% (cumulative, 0.7 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
25 monthly values, 7 derived from monthly returns · Source: secondary source (data portal) · 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.
What the prospectus permits: Direct investments and primaries
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
3 holdings; the largest are International Schools Partnership (ISP), Life Cycle Power. 47.6% is held in the liquidity reserve — enough for 19 months of maximum redemptions.
How the reserve is invested: German Treasury Bill 0% (2 positions, maturing by 03/2026) 29.9% · Dutch Treasury Certificate 0% 20.9% · Virgin Media Vendor Financing Notes III DAC 4.875% 1.7% · 6 more 3.0%. It covers 19 months of the maximum net redemption (at most 30% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: n/a
Focus according to fund documents: Global, not broken down 100%
Among the largest positions: 2 equity holdings.
International Schools Partnership (ISP), a group of private K-12 schools founded by Partners Group in 2013 and headquartered in London.
Life Cycle Power is a US provider of mobile, distributed natural gas and multi-fuel power generation, supplying generating capacity on a rental and temporary basis.
Positions and shares according to the provider; weights of the holdings are not reported; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2%, class LC EUR is below the median of the asset class (2.30%). On top comes a performance fee of 15% above a hurdle of 5% — with a high-water mark.
For 500,000 EUR this means roughly 9,975 EUR per year; the cheapest class with a cost figure is DPMC EUR (1.18%).
For 500,000 EUR, a one-off up to 25,000 EUR on purchase.
Based on the PRIIPs key information document of class LC EUR, hence comparable across providers. Median: 16 Multi-Asset funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 4 business days later.
AML/KYC information required; incomplete documentation delays processing and settlement
During the initial subscription period (up to 9 months from the start of distribution) …
Price = NAV per share on this day.
Valuation day last calendar day of the month; dealing day the first business day …
after NAV publication: 7 business days after 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 |
| Valuation day | last calendar day of the month |
| Cut-off | 2 business days before dealing day · 15:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation day last calendar day of the month; dealing day the first business day thereafter. |
| Payment | after NAV publication: 7 business days after dealing day |
| Minimum investment | not quantified (minimum investment amount per share class series per section 19) |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The board of directors may reject subscription requests in whole or in part at its sole discretion; early bird classes close once the sub-fund reaches EUR 250m |
| KYC / documents | AML/KYC information required; incomplete documentation delays processing and settlement |
| Revocation | Retail investors: withdrawal within 2 weeks of signing the subscription agreement, monies returned without deductions |
| Business day | Business day: any day on which banks in Luxembourg and Frankfurt am Main, Germany, are open all day for non-automated business. |
Dates calculated from the prospectus rules (bank holidays: DE, 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), lock-up 36 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption lock-up of 36 months from the first issue of units, although requests may be submitted during the …
Price = NAV per share on this day.
Two-tier gating mechanism: on each dealing day, the net asset value of total net redemptions …
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
An exit is possible after three years at the earliest — arithmetically 1181 days from decision to cash.
Rank 108 of 112 · rank 13 of 15 in Multi-Asset · 25 months lock-up · no fixed redemption fee
Money typically only after more than a year — on average 421 days from decision to cash.
25 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence medium — waiting time approximated · prospectus as at 15 Sep 2026 · score run 16 Oct 2026 · How 1181 days become 0 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 | special rule, see prospectus |
| Notice | 12 months before redemption day · 15:00 Luxembourg |
| Price | quarter-end |
| Payout | 7 business days after redemption day |
| Gate | 7.5% net of NAV at the previous quarter-end per quarter; in addition 20% p.a. of the NAV of all share classes as at the end of the preceding quarter. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 36 months (fund launch) |
| Suspension | Exchange/market closed, price sources unavailable, transfer or repatriation restrictions, force majeure, suspension at target fund level |
| Liquidity tools | Suspension of subscription/redemption, gating of 7.5% per quarter and 20% p.a., extension of the notice period by 3 or 6 months, redemption fee, swing … |
| Switch / transfer | units in principle freely transferable; the fund may refuse a transfer … |
| Compulsory redemption | in the case of prohibited persons, cessation of the eligibility requirements, Late Trading/Market Timing; grace period or switch possible. |
Two-tier gating mechanism: on each dealing day, the net asset value of total net redemptions (including related conversions and any proposed distributions) is capped at 7.5% of the NAV of all share classes of the sub-fund combined as at the end of the preceding quarter; at the same time, net redemptions may not exceed 20% per annum of the NAV of the units in issue (as at the end of the preceding quarter).
Two-tier gating mechanism: on each dealing day, net redemptions (including switches and planned distributions) are limited to 7.5% of the NAV of all share classes combined as at the end of the previous quarter; in addition, net redemptions may not exceed 20% per annum of the NAV of the units in circulation (as at the previous quarter-end).
Data as at 12 Oct 2026 · Documents: 08.
14 classes. All cost and risk figures on this page refer to the basis class LC EUR; the cheapest class with a cost figure is DPMC EUR (1.18%).
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 | 9 Apr 2026 | — |
| Annual / semi-annual report | 11 Jul 2025 | — |
| Key information document (PRIIPs KID) | 10 Sep 2025 | — |
| NAV series secondary source (data portal) | 26 Aug 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 12 months before redemption day, with 7.50% gate per quarter.
Ongoing costs of 2% p.a. according to the PRIIPs KID for class LC EUR; the median of the Multi-Asset funds in this database is 2.30%; plus a performance fee of 15%.
500,000 EUR in class LC EUR.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Deutsche Bank Private Markets SICAV – Diversified SAA Fund. Under the prospectus a gate of 7.50% per quarter applies.
Same asset class, similar sub-strategy.
Erste Asset Management · ELTIF 2.0 · quarterly
Hamilton Lane · Part II SICAV · monthly
Hamilton Lane · ELTIF 2.0 · quarterly
J.P. Morgan Asset Management · ELTIF 2.0 · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.