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GF Lumyna Private Equity World Fund

Generali Investments / Lumyna InvestmentsFR0013504479Class EUR B2

FCPRPrivate EquityFranceSFDR Article 6accumulating3 share classes ↓
What the fund does

The GF Lumyna Private Equity World Fund combines a multi-strategy PE portfolio with a private-debt allocation — as a French FCPR, launched in 2020 and thus one of the older vehicles in the field, focused on Europe and North America.

Liquidity

Dealing takes place at the two valuation dates per month with very short notice — with no lock-up and no redemption discount; a net ceiling per dealing date caps payouts. This makes the fund one of the most frequently tradable in the database.

Access

Subscription from EUR 10,000, primarily through unit-linked insurance solutions; designed for informed retail investors with advice. Not registered for distribution in Germany.

Price & return
NAV30 Jun 2026157.07 EUR
Performance 1 year30 Jun 2026+4.4%
Since start of series p.a.Aug 2021+7.0%
Costs & risk
Ongoing costsmedian Private Equity 2.60%3.28%
Performance feeabove 5% hurdle, with high-water mark15%
Risk (SRI)scale 1 to 73 of 7
Access & liquidity
Minimum investmentclass EUR B210,000 EUR
Liquidity scoreavg. 70 days to cash54high
Redemptiongate 2.50% per centralisationsemi-monthly
Recommended holding periodper key information document3 years
Compared with the asset classMedian of Private Equity funds in this database with a documented value · data run 16 Oct 2026
Ongoing costs
3.28%this fund
2.60%median
Liquidity score
54this fund
27median
Redemption
semi-monthlythis fund
quarterlytypical
ContextEditorial

One of the few funds with a multi-year live record through two market cycles, and at the same time one of the most liquid — the combination of age, dealing frequency and insurance distribution is found nowhere else in the field.

Figures for class EUR B2 (FR0013504479) · product data 25 Sep 2026 · sources: prospectus (as at 29 Apr 2026), PRIIPs-KID — full list under 08 documents.

01Performance

Since the data series began in Aug 2021, the unit price has gained 7.0% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.

Class EUR B2 · Net asset value (NAV) in EUR
157.07 EURNAV as at 30 Jun 2026Move the pointer over the line
120140160Aug 2021Nov 2022Jan 2024Apr 2025Jun 2026
YTD 2026+0.6%
1 year+4.4%
Calendar year 2025+5.3%
3 years p.a.+6.1%

59 monthly values, 59 derived from monthly returns · 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 2020; a reliable NAV series of the class is available from Aug 2021.

02Strategy

What the prospectus permits: five building blocks: Growth Capital, Private Debt, Co-Investments, primary markets (fund subscriptions at launch) and secondary markets; the allocation is managed on an ongoing basis by Adams Street Partners

prospectus (as at 29 Apr 2026)
Launch2020
Fund size400 m EURas at 30 Jun 2026
Sub-strategyPrimaries · Co-Investments · Venture/Growth
SFDRArticle 6
Liquid assetstarget 10%actual 13% · see 03
Leverage limit10%

Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.

03Portfolio

119 holdings; the five largest account for 9.9% of the fund. 13.3% is held in the liquidity reserve — enough for 2 months of maximum redemptions.

31 Dec 2023
Where the money is% of fund assets · 30 Jun 2026
Private markets 86.7%Liquidity reserve 13.3%
Sectorsactual portfolio · 30 Jun 2026
Technology & software23.3%Healthcare & life sciences17.6%B2B services14.6%Financial services14.0%Industrials & manufacturing12.5%Consumer & retail11.0%Energy & commodities1.7%Diversified, no sector breakdown5.3%
Regions and structureactual portfolio · 30 Jun 2026
United States 69.4%Europe 26.2%Asia-Pacific 2.0%Other / unallocated 2.4%
119Holdings
9.9%Top 5 of NAV
3.6%largest position

Among the ten largest: 7 LP secondaries, 2 equity holdings, 1 GP-led secondary.

The five largest positions% NAV · 31 Dec 2023 · top 10 together 16.7%
  1. 1
    DispatchHealthequity holding · Healthcare · USA
    3.6%

    DispatchHealth provides mobile acute and urgent care to patients at home, working with health insurers, health systems and physicians to avoid emergency room visits and hospital stays.

  2. 2
    Madison (fund interest, abbreviated 'Madison' in the inventory)LP secondary · USA
    1.8%

    Fund interest listed in the inventory only in abbreviated form as “Madison”, acquired on the secondary market.

  3. 3
    G Square (fund interest)LP secondary · Healthcare/Services (G Square focus) · Europe
    1.5%

    Fund interest in G Square Capital, a European mid-market private equity investor with offices in London and Helsinki.

  4. 4
    MC Private Equity ('MC PRIVATE EQU' in the inventory)LP secondary · USA
    1.5%

    Fund interest in a US private equity vehicle, listed in the inventory only in abbreviated form as “MC PRIVATE EQU” and acquired on the secondary market.

  5. 5
    PPC Fund IILP secondary · USA
    1.5%

    US fund interest “PPC Fund II,” complemented by the co-investment vehicle “Sugar PPC.” The sponsor is not spelled out in the inventory, so the manager, strategy …

Positions 6 to 10together 6.8% · Homeward · Berkshire Partners (fund interests) · Vitruvian Investment Partners (fund interest) · CIVC SIB CF (CIVC Partners Continuation Fund) · Prospect Partners (fund interest)
  1. 6
    Homewardequity holding · Healthcare · USA
    1.4%

    U.S. healthcare provider for rural areas that primarily serves Medicare beneficiaries under value-based care models.

  2. 7
    Berkshire Partners (fund interests)LP secondary · Diversified (Buyout) · USA
    1.4%

    LP interest in a buyout fund of Berkshire Partners (Boston), a US private equity firm focused on mid- and large-cap transactions in sectors such as business services, consumer, healthcare …

  3. 8
    Vitruvian Investment Partners (fund interest)LP secondary · Diversified (Growth-Buyout, Tech) · United Kingdom/Europe
    1.4%

    LP interest in an unspecified fund of Vitruvian Partners (London), a European growth buyout investor.

  4. 9
    CIVC SIB CF (CIVC Partners Continuation Fund)GP-led secondary · USA
    1.3%

    Single-asset continuation fund of CIVC Partners (Chicago), a US lower mid-market private equity firm focused on business and financial services.

  5. 10
    Prospect Partners (fund interest)LP secondary · Diversified (Lower Mid-Market Buyout) · USA
    1.3%

    LP interest in a buyout fund managed by Prospect Partners, a Chicago-based private equity firm specializing in the U.S. lower middle market.

Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; holdings as at 31 Dec 2023, reserve as at 30 Jun 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.

04Costs

With ongoing costs of 3.28%, class EUR B2 is well above the median of the asset class (2.60%). On top comes a performance fee of 15% above a hurdle of 5% — with a high-water mark.

PRIIPs-KID EUR B2
Ongoing costsper year, % of unit value
  • Total ongoing costs3.28%
  • of which management fee2.75%
  • Performance fee15%
  • Hurdle rate5%
  • High-water markyes
3.28%this fund
2.60%median Private Equity

For 10,000 EUR this means roughly 328 EUR per year.

One-off costsmaximum per prospectus
  • Entry charge (for distribution)up to 1%
  • Redemption fee0%

For 10,000 EUR, a one-off up to 100 EUR on purchase.

  • Several layers of fees possible. STRUCTURAL DOUBLE CHARGING HIGHLY LIKELY: portfolio management is sub-delegated to Adams Street Partners LLC, one of the oldest private equity fund of funds managers; the 'Private Equity World' strategy is set up as a global fund of funds. At target fund level, the management fees and carried interest of the respective GPs are therefore incurred in addition.

Based on the PRIIPs key information document of class EUR B2, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.

05Subscription

Units can be subscribed fortnightly. The prospectus does not fix a determinable dealing day; the sequence is therefore shown as a rule, without dates.

Next subscription cycleper prospectus, no dates Your step Fund-internal
  1. Documents complete
    before the cut-off
  2. Order cut-off
    2 business days before NAV day · 12:00 Paris
  3. Valuation day
    special rule, see prospectus

    Price = NAV per share on this day.

  4. NAV published
    Valuation days: the last business day of each …
  5. Payment due
    with the order: 0 business days after order …

No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.

Before placing the orderwhat can delay, add cost to or scale back the subscription
  • Payment: with the order. Units are issued only upon receipt of funds and a complete subscription agreement
  • Scaling back possible. Suspension of subscription possible, including where the quota share could fall below 50% or where cumulative subscriptions over the last 12 months exceed EUR 1 billion or 100% of net assets.
  • Clarify the share class first. EUR 10,000 · Entry charge (max.): 1%
  • Number of units is fixed later — 100,000 EUR at the latest NAV (157.07 EUR, 30 Jun 2026) would equal roughly 637 units.
All prospectus details on subscription12 items · incl. procedure, KYC, business-day definition
Frequencyfortnightly
Procedurefully paid-in
Valuation dayspecial rule, see prospectus
Cut-off2 business days before NAV day · 12:00 Paris · (before the anchor date)
Pricenext NAV after centralisation
NAV publicationValuation days: the last business day of each month and the first business day after the 14th calendar day of the month.
Paymentwith the order: 0 business days after order placement
Minimum investmentEUR 10,000
Entry charge (max.)1% (distributor)
Subscription limitSuspension of subscription possible, including where the quota share could fall below 50% or where cumulative subscriptions over the last 12 months exceed EUR 1 billion or 100% of net assets.
RevocationSubscriptions are firm and irrevocable
Business dayCalendar day other than a Sat/Sun or a public holiday in France, Luxembourg, the UK or the USA, or a day on which banks are closed; 24.12.

Data as at 25 Sep 2026 · Documents: 08.

06Redemption & liquidity

Units can be redeemed fortnightly — 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.

Next redemption cycleper prospectus, no dates Your step Fund-internal
  1. Request by cut-off
    2 business days before NAV day · 12:00 Paris

    Centralisation 2 business days before the NAV date, 12:00 Paris time (Standard Notice Period), extendable by …

  2. Pricing date
    special rule, see prospectus

    Price = NAV per share on this day.

  3. Gate check

    Redemption requests centralised for a valuation day are served up to 2.5% of the fund's net assets.

  4. NAV published
    Valuation days: the last business day of each …
  5. Payout
    60 calendar days after redemption day

No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.

Liquidity scoreHow quickly can you get your money out, according to the prospectus?
54/100high

Money typically within a quarter — on average 70 days from decision to cash.

Rank 8 of 112 · rank 2 of 38 in Private Equity · no lock-up · no fixed redemption fee

one dot = one fund (112, view as of today) · ● Private Equity · ● other asset classesMedian of all funds: 29
And if many want out at the same time?
  • At most 2.5% of NAV on the redemption day per centralisation can be redeemed (net, subscriptions are offset).
  • Carried forward on request.
  • Never triggered so far — no gate, no suspension since launch in 2020 (press and provider reports). The reserve covers 2 months of maximum redemptions (03).
  • A suspension is limited to 2.5.

Confidence medium — waiting time approximated · prospectus as at 29 Apr 2026 · score run 16 Oct 2026 · How 70 days become 54 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.

All prospectus details on redemption14 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencyfortnightly
Valuation dayspecial rule, see prospectus
Notice2 business days before NAV day · 12:00 Paris
Pricenext NAV after centralisation
Payout60 calendar days after redemption day (latest 60 calendar days)
Gate2.5% net of NAV on the redemption day per centralisation
Scaled-back portioncarried forward on request
Redemption fee (max.)0%
Lock-upnone
Suspensionexceptional circumstances under Art. L.214-24-41 CMF, the interest of investors or of the public, pre-liquidation
Liquidity toolsGating (2.5% net), extension of the notice period (max. 5 business days before the NAV date), suspension of redemptions and subscriptions, pre-liquidation
Switch / transferpermitted with the prior consent of the management company via the registrar portal; the transferee must meet the investor criteria; possible at any time
Compulsory redemptionCompulsory withdrawal on breach of the US person or ERISA representations; transfer prohibited in these cases

Redemption requests centralised for a valuation day are served up to 2.5% of the fund's net assets. The trigger is the NET size: if the sum of the redemption requests less the subscription requests exceeds 2.5% of net assets (Gating Threshold), the management company may activate the scale-back - it may, however, also serve beyond it if the liquidity position permits.

The Gate is a net gate: the relevant figure is the difference between centralised redemption and subscription orders in relation to the fund's net assets. The threshold of 2.5% applies uniformly to all share classes. The management company MAY trigger the Gate but is not obliged to do so - it may also satisfy requests beyond it where liquidity permits.

Data as at 25 Sep 2026 · Documents: 08.

07Share classes

3 classes. All cost and risk figures on this page refer to the basis class EUR B2.

1 of 3 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDMinimum investmentMgmtOngoing costs
FR0013504479EUR B2basisEURaccumulating✓10,000 EUR2.75%3.28%
FR0014009QB9A4 UnitsEUR——10,000 EUR——
FR0013504495C UnitsUSD——10,000 USD——

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.

08Master data & documents

Who is behind the fund, where it may be distributed — and which documents were evaluated.

AIFM / ManCoFundRock LIS S.A.
DepositaryState Street Bank International GmbH
Investor baseprofessional investors only
Distribution authorisationFrance (exclusively Generali Vie contracts); distribution responsibility France/Luxembourg
DomicileFrance
Legal wrapperFCPR
Fund currencyEUR
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 25 Sep 2026
DocumentAs atUsed for
Key information document (PRIIPs KID)31 Dec 2022—
PresentationJul 2022—
NAV series
price feed / provider document
30 Jun 2026Performance (01)
Positions and reserve31 Dec 2023Portfolio (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.

Frequently asked questions about the GF Lumyna Private Equity World Fund

How quickly can I get out of the GF Lumyna Private Equity World Fund?

Redemption semi-monthly, notice period 2 business days before NAV day, with 2.50% gate per centralisation.

What does the GF Lumyna Private Equity World Fund cost per year?

Ongoing costs of 3.28% p.a. according to the PRIIPs KID for class EUR B2; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 15%.

What is the minimum investment in the GF Lumyna Private Equity World Fund?

10,000 EUR in class EUR B2.

Is the GF Lumyna Private Equity World Fund currently gated?

As at 16 Oct 2026, no redemption restriction is documented for the GF Lumyna Private Equity World Fund. Under the prospectus a gate of 2.50% per centralisation applies.

Similar funds

Same asset class, similar sub-strategy.

Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.

Important notes. semiliquid.info does not provide investment advice or any recommendation to buy, sell or hold fund units; no ranking, no offer, no solicitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We accept no liability for the accuracy, completeness or timeliness of the information. Semi-liquid funds invest in illiquid assets: redemptions are restricted and may 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 KID before any investment decision and seek professional advice where appropriate.