Fund database › Private Equity
GAM Investments · LU3011741363
SICAV Private Equity Luxembourg Article 6 Secondaries Venture Capital Primaries / Target Funds
Unit price (NAV) in USD · share class C1 USD Acc · 54 data points
Calendar years, calculated from the NAV series
Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
| Since launch p.a. | 28.60% |
What the fund does and how the portfolio is put together.
Risk indicator 3 of 7 from 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.
Strategy
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 1.90% |
| Total ongoing costs | 2.50% |
| Entry charge max. | 5.00% |
| Redemption fee | 0.00% |
| Performance fee | 0.00% |
| Hurdle rate | not documented |
| High-water mark | not documented |
Median across 31 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How you get into the fund, and on what terms.
monthly (typical)
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.
Units can be redeemed quarterly; notice must be given 25 days before the date; on each date the fund redeems at most 5 % of fund assets.
The gate caps redemptions at 5 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
From the notice being received to the money reaching your account: typically around 32 to 124 days — depending on how far away the next redemption date is. If the gate bites or redemptions are suspended, it can take considerably longer.
quarterly (typical)
5 % of sub-fund NAV per quarter
not documented
no redemption charge at fund level
The score measures only the contractual redemption mechanics (the higher, the more flexible) — not whether the fund actually stays liquid under stress. Weightings in per cent.
Who stands behind the fund, who it is authorised for — and what the figures rest on.
Not documented; Administrator: State Street Bank International GmbH, Lux
11 Jul 2025
Institutional / professional / retail (depending on the country)
BE, FI, FR, DE, IT and others (12 countries)
CLEAR MASTER-FEEDER STRUCTURE — TWO-TIER FEES. The strategy description is unambiguous: 'GAM LSA Private Shares pursues late-stage venture capital by investing, VIA A MASTER FUND, in primary and secondary equity and equity-linked financings of private, operating growth companies, mainly in the US.' The Luxembourg sub-fund is therefore a FEEDER into the LSA master fund managed by Liberty Street Advisors. The 1.90 % p.a. relates to the feeder level; the master fund's fees (management fee and, where applicable, performance fee) are charged IN ADDITION and are not disclosed. Investment limits: max. 20 % of NAV per portfolio company, expected voting rights below 5 % per issuer (max. 40 %)
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.
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.