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HanseMerkur Trust AGLU3134353856Class C
The HanseMerkur ELTIF concentrates on digital infrastructure — data centres, fibre, towers — through primaries, co-investments and fund building blocks, as an ELTIF 2.0, launched in 2025, distributing.
A three-year ramp-up lock from authorisation; thereafter quarterly redemption with three to six months' notice, filled from liquid assets and expected cash flows. A matching request is possible considerably earlier. The recommended holding period is ten years.
Open to all investor groups after a suitability assessment, with a symbolic minimum investment; distribution focused on Germany.
The only pure digital-infrastructure profile in the database — thematically where the decade's greatest investment need lies; structurally a patient product from an insurance house that invests its own balance sheet alongside.
Figures for class C (LU3134353856) · product data 12 Oct 2026 · sources: prospectus (as at prospectus January 2026; KID 15 Jan 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Dec 2025, the unit price has gained 0.2% (cumulative, 0.7 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
4 monthly values · Source: price feed / provider document, secondary source (data portal) · Price return excluding distributions · 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 Sep 2025; a reliable NAV series of the class is available from Dec 2025. distributing, no distribution data — price return excluding distributions; series incomplete (4/9 months).
What the prospectus permits: Fund of funds: predominantly indirect investment through target funds of specialised asset managers, complemented by primaries, secondary acquisitions and co-investments; no direct investments
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
The largest holdings are Investment 1 (target fund, anonymised), Investment 2 (target fund, anonymised), Investment 3 (target fund, anonymised). 100.2% is held in the liquidity reserve.
Focus according to fund documents: Data centres 100%
Focus according to fund documents: Global, not broken down 100%
Among the largest positions: 3 LP secondaries; 3 names not disclosed.
The first of three undisclosed target funds, managed by a manager specializing in digital infrastructure, particularly data centers.
The second of three undisclosed target funds in digital infrastructure with a focus on data centers.
The third of three undisclosed target funds in digital infrastructure with a focus on data centers.
Positions and shares according to the provider; weights of the holdings are not reported; 3 of 3 names not disclosed; short descriptions by semiliquid.info from public sources; holdings as at 1 Jan 2026, reserve as at 31 Dec 2025; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 3.17%, class C is well above the median of the asset class (2.42%). On top comes a performance fee of 10% above a hurdle of 10% — without a high-water mark.
For 1,000 EUR this means roughly 32 EUR per year.
For 1,000 EUR, a one-off up to 20 EUR on purchase and up to 8 EUR on redemption.
Based on the PRIIPs key information document of class C, hence comparable across providers. Median: 25 Infrastructure funds in this database, data run 16 Oct 2026.
Units can be subscribed quarterly. The prospectus does not fix a determinable dealing day; the sequence is therefore shown as a rule, without dates.
Processing only after completion of the identity and AML checks
not addressed; late subscription requests apply to the next subscription date (p. 46)
Price = NAV per share on this day.
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
| Frequency | quarterly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | special rule, see prospectus |
| Cut-off | 20 business days before dealing day · 12:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV calculation by the 5th bank business day after each valuation day; additional NAV calculation days 30.06. and 31.12. |
| Payment | after NAV publication: 10 business days after dealing day |
| Minimum investment | EUR 1,000 |
| Entry charge (max.) | 2% (distributor) |
| Subscription limit | planned subscription volume EUR 50 million, the general partner may deviate upwards and downwards; rejection without reasons possible |
| KYC / documents | Processing only after completion of the identity and AML checks |
| Revocation | Retail investors 2 weeks from submission to the distributor, repayment without deductions; where the NAV is suspended the request may be revoked |
| Business day | Banks in Luxembourg and Frankfurt open and a trading day on both exchanges, excluding 24.12. and 31.12. (p. 12) |
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 only after a 3-year ramp-up period from ELTIF authorisation, on each valuation day.
NAV per unit less redemption fee (up to 0.79%)
max. 33.33% of expected 12-month cash flows and liquid investments per redemption date
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
Money typically only after more than a year — on average 852 days from decision to cash.
Rank 106 of 112 · rank 21 of 23 in Infrastructure · 23 months lock-up · exit costs of 0.8% included
Money typically within half a year — on average 153 days from decision to cash.
23 months lock-up — expired for existing holdings · exit costs of 0.8% included
Confidence medium — waiting time approximated · prospectus as at 15 Jan 2026 · score run 16 Oct 2026 · How 852 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 | 3 months before Valuation day · 12:00 CET |
| Price | valuation day |
| Payout | 11 business days after redemption day |
| Gate | 33.33% gross of available liquidity per redemption day |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 0.79% |
| Lock-up | fund-level, 36 months (fund authorisation) |
| Suspension | Disposal/valuation not practicable; prices cannot be determined; liquidation resolution |
| Liquidity tools | Payout cap under Art. 18 ELTIF Regulation, pro-rata satisfaction with carry-forward, suspension of the NAV calculation, matching under. |
| Switch / transfer | possible with the prior written consent of the general partner (not to be unreasonably withheld). |
| Compulsory redemption | Compulsory redemption by the general partner on loss of investor eligibility or in the interest of the company, 15 bank business days' prior notice, last … |
max. 33.33% of expected 12-month cash flows and liquid investments per redemption date
Data as at 12 Oct 2026 · Documents: 08.
2 classes. All cost and risk figures on this page refer to the basis class C.
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 | Jan 2026 | — |
| Key information document (PRIIPs KID) | 15 Jan 2026 | — |
| Annual / semi-annual report | 29 Jul 2025 | — |
| NAV series price feed / provider document, secondary source (data portal) | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 1 Jan 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 3 months before Valuation day, with 33.33% gate per redemption day.
Ongoing costs of 3.17% p.a. according to the PRIIPs KID for class C; the median of the Infrastructure funds in this database is 2.42%; plus a performance fee of 10%.
1,000 EUR in class C.
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 HanseMerkur Digital Infrastructure ELTIF. Under the prospectus a gate of 33.33% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.