We do not yet have a NAV series for this fund. Semi-liquid funds often publish their unit prices only monthly or quarterly — and not always publicly.
Provider figures
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.
Performance 12M · as at 31 Dec 2025
11.92%
Since launch p.a. · as at 31 Dec 2025
10.18%
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2023
Fund sizeUSD 2.70bnas at 31 Dec 2025
CurrencyUSD
Income treatment—
SFDR—
Recommended holding—
Liquidity buffer6.40%
Leverage limit—
Risk indicatornot documentedfrom 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.
Secondaries and direct investments; approx. 4,000 underlying companies
Portfolio composition
Underlying Fund as at 31 Dec 2025 – strategy
Direct44.0%
Secondary44.0%
Total initial portfolio12.0%
Stage
Buyout88.0%
Venture/growth12.0%
Other0.0%
Provider wording in full
Underlying Fund as at 31 Dec 2025 – strategy: direct 44 %, secondary 44 %, total initial portfolio 12 % (specified more precisely in the commentary: 11.6 % of NAV). Stage: buyout 88 %, venture/growth 12 %, other 0 %. Geography: North America 68 %, Europe 24 %, Asia 8 %. Sector: Information Technology 29 %, Industrials 20 %, Healthcare 16 %, Financials 15 %, Consumer Discretionary 10 %, Communication Services 4 %, Materials 3 %, Consumer Staples 2 %, Other 1 %
Source: Factsheet HGPS-DPE / Ironbark Class H, Monthly Report per 31 Dec 2025
Top holdings
Ten largest investments of the Underlying Fund (% of HGPS-DPE NAV, 31 Dec 2025): Total Initial Portfolio 11.65 %; Project Galaxy (secondary/buyout) 2.73 %; Project Saber (secondary/buyout, 13 companies) 2.61 %; Project Waltz (secondary, 18 LP interests from a US pension plan) 2.41 %; Co-Investment 1 (direct, European discount retailer) 2.36 %; Project Chicago (direct, US wealth-management/retirement platform) 2.08 %; Kee Safety Limited (direct, UK safety systems) 2.08 %; Project Wrigley (secondary, 3 insurers) 2.03 %; Odoo SA (direct, venture/growth, ERP for SMEs) 1.88 %; Project Helvetica (secondary, 3 companies) 1.87 %
Source: Factsheet HGPS-DPE / Ironbark Class H, Monthly Report per 31 Dec 2025
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.00%
Total ongoing costs
not documented
Entry charge max.
not documented
Redemption fee
not documented
Performance fee
12.50%
Hurdle rate
not documented
High-water mark
not documented
How the performance fee works
Not documented. Hurdle (level, hard/soft), catch-up, high-water mark or loss recovery account, crystallisation frequency and calculation basis (total return vs. realised gains) could not be documented
Costs per the key information document
A public PRIIPs KID is not documented; ongoing costs and cost impact are not disclosed.
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentnot documented
Entry chargenot documented
Rec. holding periodnot documented
Subscription per the document
monthly ('PRICING FREQUENCY Monthly', feeder level)
Source: Factsheet HGPS-DPE / Ironbark Class H, Monthly Report per 31 Dec 2025
05Redemption & liquidity
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.
1 · Lock-upnot documented
2 · Notice periodunknown
3 · Redemption datequarterly
4 · Gatenot documented
5 · Payoutnot documented
Redemption per the document
quarterly (typical)
Gate per the document
not documented
Notice period
not documented
Lock-up
not documented
06Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
Portfolio manager of the Underlying Fund: HarbourVest Partners L.P. The report analysed is issued by Ironbark Asset Management (Fund Services) Limited as responsible entity of the Australian feeder
Source: Factsheet HGPS-DPE / Ironbark Class H, Monthly Report per 31 Dec 2025
Launch date
The Underlying Fund (HGPS-DPE) was launched with effect from 1 Jan 2023 ('the portfolio which was transferred to the Underlying Fund when it launched on 1 January 2023'); the Australian feeder Ironbark HarbourVest - Diversified Private Equity Fund (AUD) has an inception date of 30 Jun 2024
Source: Factsheet HGPS-DPE / Ironbark Class H, Monthly Report per 31 Dec 2025
Eligible investors
Feeder level: 'The information is for Wholesale Clients' (Australian wholesale clients/eligible investors)
Source: Factsheet HGPS-DPE / Ironbark Class H, Monthly Report per 31 Dec 2025
Fee layers / double charging
STRUCTURAL DOUBLE CHARGING LIKELY: HGPS-DPE is a diversified private equity fund of funds with primaries, secondaries and co-investments on the HarbourVest platform (USD 161bn AUM as at 31 Dec 2025). At the level of the primary fund commitments and the secondary interests acquired, management fees and carried interest of the respective GPs accrue in addition. Explicit disclosure/quantification in the accessible material: n/a
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.
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Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.
Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can 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 the key information document before making an investment decision and seek professional advice where appropriate.