Fund database › Private Equity
The secondaries building block of the HarbourVest evergreen platform buys existing private-equity positions with a North American focus — as a Luxembourg Part II SICAV, launched in 2025, accumulating.
Monthly subscription; quarterly redemption with roughly one month's notice and a quantified quarterly gate. No minimum holding period — economically, a one-year soft lock operates through the early-redemption fee.
Designed for private-wealth and institutional investors outside the US, and for retail investors in some countries; currently not registered for distribution in Germany.
One of what are by now several pure secondaries vehicles in the field — here with the reach of one of the oldest fund-of-funds and secondary-market houses of all; what chiefly distinguishes it from competitors is the clear North American focus.
Figures at fund level · product data 12 Oct 2026 · sources: prospectus (as at July 2025), PRIIPs-KID — full list under 08 documents.
No documented NAV series in the database.
What the prospectus permits: Secondaries (buyout); 868 holdings
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
19 holdings; the largest are EngageSmart, Gen II Fund Services, Sézane. 10.5% is held in the liquidity reserve — enough for 6 months of maximum redemptions.
How the reserve is invested: Goldman Sachs Financial Square Government Fund 3.2% · BlackRock Liquidity Funds FedFund 3.0% · JPMorgan U.S. Government Money Market Fund 2.2% · 1 more 2.2%. It covers 6 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: n/a
Focus according to fund documents: n/a
Among the largest positions: 4 equity holdings.
EngageSmart provides software-as-a-service for customer engagement and integrated payments, including SimplePractice …
US fund administrator for private equity, private credit and real assets funds, providing fund accounting, investor reporting, tax and regulatory services to fund managers.
Sézane is a Paris-based French fashion label founded in 2013 by Morgane Sézalory that sells women's clothing and accessories digital-first through its own online store and its own stores in …
Squarespace offers a platform for website building, hosting, domains and online stores, mainly for small businesses and self-employed individuals.
Positions and shares according to the provider; weights of the holdings are not reported; short descriptions by semiliquid.info from public sources; 0.8% is not allocated to any block in the source; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Cost figures of the main class according to provider documents. On top comes a performance fee of 12.50% above a hurdle of 0% — with a high-water mark.
Cost figures of the main class according to provider documents.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed.
KYC/AML complete before the Dealing Deadline, otherwise postponement to the next Trade …
The Board may accept requests received after the Dealing Deadline but before the …
Price = NAV per share on this day.
Publication around the 20th business day of the month following the valuation day
pre-funding: 0 business days after Valuation day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last calendar day of the month |
| Cut-off | 5 business days before Valuation day · 17:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | Publication around the 20th business day of the month following the valuation day |
| Payment | pre-funding: 0 business days after Valuation day |
| Minimum investment | USD 2 m |
| Subscription limit | Board discretion: acceptance/rejection/deferral according to capacity, market conditions, fund size, investor suitability |
| KYC / documents | KYC/AML complete before the Dealing Deadline, otherwise postponement to the next Trade Date |
| Revocation | where deferred by the Board, cancellation until the next Dealing Deadline; otherwise not addressed |
| Business day | banks open in Luxembourg City; excluding Saturdays and Sundays (p. 111) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 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 quarterly as at the valuation day of the last month of the quarter, notification 20 business days …
NAV per unit less redemption fee (up to 5%)
NAV at previous quarter-end (—)
NAV publication
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 118 days from decision to cash.
Rank 80 of 112 · rank 27 of 38 in Private Equity · no lock-up · exit costs of 5.0% included
Money typically within half a year — on average 118 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Jul 2025 · score run 16 Oct 2026 · How 118 days become 9 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 | quarter-end |
| Notice | 20 business days before Valuation day · 17:00 CET |
| Price | quarter-end |
| Payout | 10 business days after NAV publication |
| Gate | 5% gross of NAV at the previous quarter-end per quarter; NAV of class M excluded from the gate basis |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% (12 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | market/exchange closure, valuation sources unavailable, transfer restrictions/Force Majeure |
| Liquidity tools | Gates, suspension of NAV and dealing, redemption in kind, anti-dilution adjustment, Limited Dealing Procedure |
| Switch / transfer | Possible with notice to the fund and the Board's consent, pre-emption right possible, 12-month inalienability restriction possible. |
| Compulsory redemption | in the case of a Prohibited Person, breach of the eligibility criteria, falling below the minimum holding, payment default; 30 calendar days notice period |
Quarterly gate: redemptions by all investors are limited per calendar quarter to 5% of the sub-fund NAV as at the end of the immediately preceding quarter; the NAV attributable to Class M units is left out of the reference base. Requests in excess are scaled back in proportion to the NAV held by the respective investor and carried forward to the next permissible dealing day.
The 5% limit is measured against the NAV of the sub-fund at the end of the preceding calendar quarter, excluding the NAV attributable to Class M units. Unlike the sister sub-fund Diversified Private Equity, there is NO increase in the limit by the subscriptions accepted on the same dealing day. The board of directors may in addition reduce the permissible redemption amount further.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
1 class according to provider documents; per-class details (ISIN, currency, costs) are not yet captured.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Jul 2025 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Positions and reserve | 31 Dec 2025 | 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 20 business days before Valuation day, with 5% gate per quarter. Subscribing today, it takes on average 118 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the HarbourVest Global Private Solution - Secondaries Fund. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
Apollo Global Management · ELTIF 2.0 · quarterly
Blackstone · Part II SICAV · quarterly
Brookfield Asset Management / Oaktree · Part II SICAV · quarterly
CVC Capital Partners · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.