ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
Fund database › Private Equity
GAM InvestmentsLU3011741363Class C1 USD Acc
GAM LSA Private Shares invests in late-stage venture and pre-IPO companies with a North American focus — through secondaries and primaries, as a Luxembourg SICAV, launched in 2025, accumulating.
Subscribable daily — an exception in the field —, quarterly redemption at fixed dealing dates with just under one month's notice and a quantified quarterly gate. No lock-up, no redemption discount.
Subscription from EUR 100,000; open to institutional, professional and retail investors depending on the country. There is currently no German retail distribution.
The only pre-IPO profile in the database: investors specifically targeting the phase between venture and IPO will find no comparable semi-liquid product elsewhere. A young track record and the valuation dynamics of this segment demand corresponding patience — the manager itself cites five years.
Figures for class C1 USD Acc (LU3011741363) · product data 25 Sep 2026 · sources: prospectus (as at 16 Apr 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Sep 2022, the unit price has gained 26.9% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
55 monthly values, 40 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.
What the prospectus permits: Late-stage VC via master fund; primary and secondary financings, direct investments
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
33 holdings; the five largest account for 36.8% of the fund. 19.5% is held in the liquidity reserve — enough for 12 months of maximum redemptions.
How the reserve is invested: UMB MONEY MARKET II SPECIAL / 15.4% · State Street USD Liquidity LVNAV Fund (Dist) 8.9%. It covers 12 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: Technology & software 100%
Focus according to fund documents: North America 100%
Among the ten largest: 7 equity holdings, 3 mixed positions.
SpaceX (headquartered in Starbase, Texas) develops and operates reusable launch vehicles …
U.S. fintech company headquartered in San Francisco that offers blockchain-based solutions for cross-border payments, digital asset custody and stablecoins to financial institutions.
Nanotronics Imaging (Brooklyn, New York) develops AI-powered optical inspection systems for semiconductor and precision manufacturing as well as modular …
Dataminr runs an AI platform that analyzes publicly available data sources in real time and gives companies, government agencies and media early warning of events and risks …
Payward, Inc. operates Kraken, one of the world's largest cryptocurrency exchanges, offering spot and derivatives trading, custody and staking to retail and institutional clients.
Houston-based Axiom Space organizes private astronaut missions to the International Space Station and is developing Axiom Station, a commercial space station.
Databricks runs a cloud-based data and AI platform (lakehouse, or “Data Intelligence Platform”) for data engineering, analytics, machine learning and generative AI …
Upgrade is a US fintech offering personal loans, credit cards and checking accounts to consumers through a digital platform, with banking products provided by partner banks.
Motive Technologies (formerly KeepTruckin, headquartered in San Francisco) operates a fleet and driver management platform with telematics, AI-powered dash cams and spend management cards.
US wholesaler of fresh food with a digitized supply chain that also offers WholesaleWare software and AI tools for wholesalers and food distributors.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; 0.6% is not allocated to any block in the source; holdings as at 31 Aug 2026, reserve as at 30 Jun 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 3%, class C1 USD Acc is well above the median of the asset class (2.60%). There is no performance fee.
For 100,000 USD this means roughly 3,000 USD per year.
For 100,000 USD, a one-off up to 5,000 USD on purchase.
Based on the PRIIPs key information document of class C1 USD Acc, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed daily. The price is the NAV on the valuation day — it is not known when the order is placed.
orders after the cut-off may be accepted at an unknown NAV.
Price = NAV per share on this day.
NAV for each Business Day; no publication deadline quantified in the prospectus/supplement
An order placed today is invested in — days (—). Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
Shown without a date because the prospectus does not quantify: NAV publication, payment. The remaining markers are calculated from the prospectus rules.
| Frequency | daily |
|---|---|
| Procedure | fully paid-in |
| Valuation day | every bank business day |
| Cut-off | no lead time · 13:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV for each Business Day; no publication deadline quantified in the prospectus/supplement |
| Payment | after NAV publication: 7 business days after order placement |
| Minimum investment | USD 10,000 |
| Entry charge (max.) | 5% (Fund) |
| Subscription limit | The fund may reject subscriptions in whole or in part; the sub-fund/class may be closed to new subscriptions |
| Business day | Supplement: banks open for business in London, Luxembourg and New York (p. 105); main-part glossary only Luxembourg (p. 119) |
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 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.
Redemption days 25.03./25.06./25.09./25.12. (or the next bank business day), request 25 calendar days in …
Price = NAV per share on this day.
The sub-fund limits redemptions on each redemption date to 5% of the sub-fund NAV …
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
Money typically within a quarter — on average 81 days from decision to cash.
Rank 10 of 112 · rank 3 of 38 in Private Equity · no lock-up · no fixed redemption fee
Confidence medium — waiting time approximated · prospectus as at 16 Apr 2026 · score run 16 Oct 2026 · How 81 days become 52 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 | 25 calendar days before redemption day · 13:00 Luxembourg |
| Price | valuation day |
| Payout | 7 business days after redemption day |
| Gate | 5% of NAV on the redemption day per quarter |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | none |
| Suspension | Market closure/suspension of trading, price sources or IT systems unavailable, currency/transfer restrictions |
| Liquidity tools | Redemption Gate, extension of the notice period (max. 9 months), redemption fees, Swing Pricing/Dual Pricing, Anti-Dilution Levy, redemption in kind … |
| Switch / transfer | permitted with the prior written consent of the board of directors; the transferee must be an Eligible Investor |
| Compulsory redemption | Prohibited Person; falling below the minimum investment following a scaled-back redemption; breach of representations or missing AML/KYC documentation. |
The sub-fund limits redemptions on each redemption date to 5% of the sub-fund NAV ('Quarterly Redemption Limit'); if the requests exceed this limit, the board of directors may scale them back at its own discretion - or also permit more than 5%.
Two tiers: the fixed 'Quarterly Redemption Limit' of 5% of the sub-fund NAV per redemption date, which the board of directors may also increase at its own discretion, and, beyond that, in exceptional cases a 'Redemption Gate' of the AIFM by which redemptions may be limited further or suspended entirely.
Data as at 25 Sep 2026 · Documents: 08.
1 class. All cost and risk figures on this page refer to the basis class C1 USD Acc.
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 | 16 Apr 2026 | — |
| Key information document (PRIIPs KID) | 27 Jan 2026 | — |
| Factsheet / monthly report | 31 Jul 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Annual / semi-annual report 30 Jun 2026 | 30 Jun 2026 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Aug 2026 | 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 25 calendar days before redemption day, with 5% gate per quarter.
Ongoing costs of 3% p.a. according to the PRIIPs KID for class C1 USD Acc; the median of the Private Equity funds in this database is 2.60%; no performance fee.
100,000 USD in class C1 USD Acc.
Not as a retail investor. According to our evidence, in Germany it is open only to professional and institutional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the GAM LSA Private Shares (Lux). Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
Altaroc · FCPR · semi-monthly
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BlackRock · ELTIF 2.0 · quarterly
Blackstone · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.