ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
LeanVal Asset Management AGLI0435428979Class EUR
The LeanVal Private Debt Fonds financed real-estate project companies through bonds — real-estate debt from Liechtenstein, in the market since 2018 and subsequently migrated into the ELTIF 2.0 framework. The fund has been in liquidation since 30 September 2026.
Issue and redemption of units have been stopped since the liquidation decision of 30 September 2026; no official unit value is calculated any more. According to the wind-down plan the liquidation is expected to take more than a year, and investors will receive the proceeds only after the audited liquidation report. Redemptions under the liquidity-based limit had already been deferred since August 2026.
No subscriptions possible any more: the fund has been in liquidation since 30 September 2026. It was distributed mainly in Germany to risk-tolerant retail investors.
Project financing is the riskiest end of the real-estate credit spectrum. In 2026 the risk materialised first in significant write-downs, then in the deferral of redemptions and finally in the liquidation; unlike wind-downs driven by consolidation, this one was preceded by a loss in value. The page remains as a record.
Figures for class EUR (LI0435428979) · product data 13 Oct 2026 · sources: prospectus (as at 23 Dec 2025), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Nov 2018, the unit price has lost 1.4% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
94 monthly values, 2 derived from monthly returns · Source: secondary source (data portal), 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.
What the prospectus permits: Acquisition of bonds issued by real estate project companies with terms of between 12 and 60 months; focus on financing the acquisition of land for development projects and the purchase of real estate.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
41 holdings; the five largest account for 61.6% of the fund. 4.2% is held in the liquidity reserve.
Focus according to fund documents: Residential 100%
Focus according to fund documents: Germany 100%
Among the ten largest: 10 loans.
Project companies (I–VIII) developing a holiday park on Nordseeallee in Tossens (municipality of Butjadingen, Lower Saxony) with holiday homes for rental or sale.
Real estate project company or companies “Sodenmatt,” financed through seven smaller unlisted project bonds; the report assigns them to Germany.
Project company for the “Ikarus” residential property project in Frankfurt am Main.
German real estate project company “Alster Immobilienprojekt 21,” financed through four unlisted project bonds.
Bonner Flagge Holding GmbH is the holding company of a German real estate project called "Bonner Flagge". The type of use, location, size and project status are not described in the report.
Project company for the Hibiscus I site in Bielefeld, Germany.
Project company for the “Grön Winkel” residential development in Schortens, in the district of Friesland (Lower Saxony).
Cygnus Invest AG is a Swiss real estate holding company.
Project companies (I–II) of a health center in Neuenburg, Germany, with space for medical practices and healthcare providers.
German holding company of a neighborhood development project ("Havenquartier").
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.70%, class EUR is above the median of the asset class (2.42%). On top comes a performance fee of 9% above a hurdle of 0% — with a high-water mark.
For 1,147 EUR this means roughly 31 EUR per year.
For 1,147 EUR, a one-off up to 57 EUR on purchase.
Based on the PRIIPs key information document of class EUR, hence comparable across providers. Median: 6 Real Estate funds in this database, data run 16 Oct 2026.
No subscriptions possible: the issue and redemption of units have been suspended since 30 Sep 2026; the fund is being liquidated.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last calendar day of the month |
| Cut-off | 15 calendar days before Valuation day · 16:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV as at the valuation day (month-end) on the basis of the last known prices; settlement for issue and redemption three bank business days after the NAV … |
| Payment | after NAV publication: 3 business days after NAV publication |
| Minimum investment | 1 unit |
| Entry charge (max.) | 5% (not in the prospectus) |
| Subscription limit | The AIFM may suspend, limit or discontinue the issue in whole or temporarily where new investments would jeopardise the investment objective or where this is required in the interests of investors |
| Business day | No definition in the document; only 'three bank working days after calculation of the NAV' (p. 34). Domicile Liechtenstein; code LI not in the value list |
Data as at 13 Oct 2026 · Documents: 08.
No redemptions possible: the fund has been in liquidation since 30 Sep 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: Notice to unitholders, CAIAC Fund Management AG as liquidator, Bendern, 30 Sep 2026 (LAFV file id 512951; German): the AIFM has today decided to put the fund into liquidation; from publication of the notice, investors can in principle neither buy nor redeem units · Wind-down plan as at 9 Oct 2026 (LAFV file id 516595): voluntary dissolution decided 30 Sep 2026; last NAV 31 Aug 2026 EUR 899.07 (Class EUR) / CHF … 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 | 3 months before redemption day · 16:00 CET |
| Price | valuation day |
| Payout | 3 business days after NAV publication |
| Gate | 33.3% gross of available liquidity per redemption day; The reference figure is exclusively liquidity within the meaning of. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level (fund authorisation) |
| Suspension | Closure or restriction of trading on relevant markets; political or economic emergency; transfer restrictions |
| Liquidity tools | Redemption gate 33.3% of liquidity; notice period 3 months; suspension of the NAV calculation, issue and redemption. |
| Compulsory redemption | Unilateral repurchase where market timing or late trading is suspected, where eligibility to acquire is lacking or where the country of distribution is … |
max. 33.3% of the liquidity held in the ELTIF per redemption day (no NAV ratio), allocation on a pro-rata basis, the remainder is carried forward
The gate is now quantified, but does NOT relate to NAV: per redemption day, no more than 33.3% of the liquidity held directly in the ELTIF (liquid investments within the meaning of Art. 50(1) of Directive 2009/65/EC, plus new subscriptions settling on the redemption day) may be used for gross redemptions.
Data as at 13 Oct 2026 · Documents: 08.
2 classes. All cost and risk figures on this page refer to the basis class EUR.
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. 2 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) | 23 Dec 2025 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Mar 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 suspension since 30 Sep 2026: redemptions are currently suspended. Details under “Redemption & liquidity”.
Ongoing costs of 2.70% p.a. according to the PRIIPs KID for class EUR; the median of the Real Estate funds in this database is 2.42%; plus a performance fee of 9%.
From 1 EUR in the smallest class in EUR.
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 30 Sep 2026 (as at 13 Oct 2026). Details under “Redemption & liquidity”.
Same asset class, similar sub-strategy.
Blackstone · Part II SICAV · monthly
Greenman Investments · ELTIF 2.0 · quarterly
Pegasus Vermögensmanagement GmbH · ELTIF 2.0 · quarterly
Schroders Capital · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.