ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
Fund database › Infrastructure
HEP Kapitalverwaltung AGLU3053689975Class R
The hep ELTIF was designed as an Article 9 fund for photovoltaics and power storage across the full life cycle — project rights, construction and operation in Europe and North America, from the solar specialist based in Baden-Württemberg. Since 14 August 2026 the fund has been in liquidation.
Issue and redemption of units have been suspended since the fund was dissolved with effect from 14 August 2026. According to the liquidation notice, its assets consist solely of bank deposits; after settlement of liabilities they will be distributed to investors pro rata. The redemption mechanics originally provided for no longer apply.
No longer open for subscription: distribution was discontinued in August 2026, followed by the dissolution of the fund on 14 August 2026.
An ELTIF dissolved while still in its start-up phase — at dissolution its assets consisted solely of bank deposits. The case shows that the ELTIF boom also has a consolidation side; the suspension of redemptions here is a consequence of the liquidation, not a liquidity squeeze.
Figures for class R (LU3053689975) · product data 25 Sep 2026 · sources: prospectus (as at 1 Jul 2025; superseded by liquidation notice dated 14 Aug 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Aug 2025, the unit price has gained 0.0% (cumulative, 0.9 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
35 monthly values, 10 derived from monthly returns · Source: secondary source (data portal), Bloomberg · 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.
What the prospectus permits: Coverage of the entire value chain (project development, construction, operation, disposal); marketing of the electricity generated through long-term power purchase agreements (PPA) or state-regulated feed-in tariffs.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
100.0% is held in the liquidity reserve.
Focus according to fund documents: Solar (PV) 100%
Focus according to fund documents: Global, not broken down 100%
Positions and shares according to the provider; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.20%, class R is below the median of the asset class (2.42%). On top comes a performance fee of 25% above a hurdle of 4%.
For 10,000 EUR this means roughly 220 EUR per year; the cheapest class with a cost figure is A (1.70%).
For 10,000 EUR, a one-off up to 500 EUR on purchase.
Based on the PRIIPs key information document of class R, hence comparable across providers. Median: 25 Infrastructure funds in this database, data run 16 Oct 2026.
No subscriptions possible: the issue and redemption of units have been suspended since 14 Aug 2026; the fund is being liquidated.
| Frequency | daily |
|---|---|
| Procedure | fully paid-in |
| Valuation day | every bank business day |
| Cut-off | 1 business day before Valuation day · 16:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | The NAV is determined for each valuation day, the calculation being carried out on the next valuation day in each case. |
| Payment | DVP: 10 business days after cut-off |
| Minimum investment | none |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The management company may discontinue the issue of units temporarily or entirely; issue must be discontinued where redemptions are suspended on account of Exceptional Circumstances … |
| KYC / documents | Subscription application only if complete; missing documents delay or cancel the acquisition |
| Revocation | Retail investors 2 weeks after signing, repayment without deductions (Art. 30(7) ELTIF Regulation) |
| Business day | Bank business day/valuation day: any working day on which the banks in Luxembourg, Hamburg and Frankfurt am Main are open for normal business, except 24. |
Data as at 25 Sep 2026 · Documents: 08.
No redemptions possible: the fund has been in liquidation since 14 Aug 2026. Investors receive the liquidation proceeds once liabilities have been settled; there is no redemption date.
A suspension means the fund temporarily redeems no units; requests already submitted are only met once the suspension ends. If the fund is being liquidated, it ends with the distribution of the liquidation proceeds.
Details of the ongoing limitation · as at 13 Oct 2026 · sources: Liquidation notice of HANSAINVEST LUX S.A. of 14 Aug 2026; confirmed by ECOreporter (27 Aug 2026, German-language report on the liquidation; total assets EUR 0.6 million as at 21 Aug 2026) and boerse-express.com (German-language report that the ELTIF liquidation has been initiated). Earlier limitations are not shown here: the history before the current episode has not been conclusively verified.
No liquidity score — the fund is in liquidation.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 12 months before redemption day · 16:00 Luxembourg |
| Price | quarter-end |
| Payout | 2 business days after redemption day |
| Gate | 50% gross of available liquidity per quarter; The basis is Freely Available Liquid Investments = liquid investments less short-term liabilities, fees … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | investor-level, 24 months (subscription) |
| Suspension | Assets not available; proceeds not transferable; exchange closed/trading restricted; political/economic events. |
| Liquidity tools | Minimum holding period 24 months, notice period 12 months to the end of the quarter (capable of extension to 15 months), redemption restriction to 50% of the … |
| Switch / transfer | fully paid-in units freely transferable to Qualified Investors; secondary market (regulated market or MTF) permitted. |
| Compulsory redemption | Prohibited persons subject to 15 calendar days' prior notice; compulsory redemption in the best interest of the sub-fund; defaulting investors at 75% of NAV |
Redemption only at quarter-end, after a 24-month minimum holding period and with a 12-month irrevocable notice period (extendable to 15 months). The aggregate amount of redemptions is capped, for each redemption day, at 50% of the 'Freely Available Liquid Investments' - being the liquid investments less short-term liabilities, distributions already announced, fees, provisions, loss carry-forwards and planned …
Data as at 25 Sep 2026 · Documents: 08.
5 classes. All cost and risk figures on this page refer to the basis class R; the cheapest class with a cost figure is A (1.70%).
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. 5 classes are closed to new subscriptions.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 10 Feb 2026 | — |
| NAV series secondary source (data portal), Bloomberg | 25 Aug 2026 | Performance (01) |
| Positions and reserve | 14 Aug 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 suspension since 14 Aug 2026: redemptions are currently suspended. Details under “Redemption & liquidity”.
Ongoing costs of 2.20% p.a. according to the PRIIPs KID for class R; the median of the Infrastructure funds in this database is 2.42%; plus a performance fee of 25%.
The prospectus sets no minimum investment.
No. According to our evidence, the fund cannot currently be subscribed in Germany (as at 5 Oct 2026). The Access check shows the details.
Yes. Redemption suspension since 14 Aug 2026 (as at 13 Oct 2026). Details under “Redemption & liquidity”.
Same asset class, similar sub-strategy.
Aquila Capital Investmentgesellschaft mbH · ELTIF 2.0 · monthly
Allianz Capital Partners GmbH · ELTIF 2.0 · quarterly
Blackstone · ELTIF 2.0 · quarterly
EQT AB / EQT Global Wealth Solutions · ELTIF 2.0 · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.