Fund database › Private Equity
The Moonfare Secondary Fund buys private equity stakes on the secondary market — portfolio interests sold by fund investors (LP-led) as well as continuation vehicles through which managers hold individual companies for longer (GP-led). The focus is on buyouts in North America and Western Europe. Launched in 2024 as a Luxembourg SCSp, open-ended with no fixed term, denominated in US dollars and accumulating.
Monthly subscription, quarterly redemption — but only after a hard lock-up of eighteen months per contribution. Requests need almost six weeks' notice before the quarterly dealing date, and a quantified quarterly limit caps payouts. Anything above it is scaled back pro rata and lapses; the investor has to apply again for a later quarter. The general partner may also levy a discretionary redemption fee. In addition, Moonfare runs a semi-annual auction through which units can be transferred to other investors.
Subscription from USD 25,000 via the Moonfare platform; fees fall with the size of the commitment in fixed class tiers. In Germany only for professional and semi-professional investors, not for retail investors; in Austria also for qualified private clients. The fund has no ISINs, and its documents are available only in the investor portal.
A secondaries fund from a platform business rather than a traditional asset-management house: Moonfare sources deals through its network of fund managers and passes access on from an entry point that is low for the segment. Next to the established secondaries evergreens in the database the fund is young; redemptions are more tightly governed than at most peers because of the lock-up and lapsing excess requests.
Figures at fund level · product data 22 Oct 2026 · sources: prospectus (as at LPA 8 Apr 2025; OM May 2025), PRIIPs-KID, Factsheet.
Since the data series began in Dec 2024, the unit price has gained 12.7% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
21 monthly values · Source: 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. The fund has been running since Jul 2024; a reliable NAV series of the class is available from Dec 2024.
What the prospectus permits: Secondaries (GP-led continuation vehicles and LP-led portfolio purchases), supplemented by co-investments and primaries (up to 10%).
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
29 holdings; the five largest account for 37.2% of the fund.
Among the ten largest: 6 GP-led secondaries, 4 LP secondaries; 10 names not disclosed.
LP-led secondary (purchase of existing fund interests from investors) from 2025: commitment 10.00 m USD, invested USD 3.93 m, fair value USD 4.34 m, TVPI 1.1x, IRR 90.3% (31 March 2026).
GP-led secondary (a manager's continuation vehicle) from 2025: commitment 2.00 m USD, invested USD 1.80 m, fair value USD 3.06 m, TVPI 1.7x, IRR 34.5% (31 March 2026).
LP-led secondary (purchase of existing fund interests from investors) from 2024: commitment 3.00 m USD, invested USD 2.47 m, fair value USD 2.91 m, TVPI 1.2x, IRR 17.8% (31 March 2026).
LP-led secondary (purchase of existing fund interests from investors) from 2024: commitment 3.00 m USD, invested USD 2.00 m, fair value USD 2.73 m, TVPI 1.4x, IRR 29.1% (31 March 2026).
GP-led secondary (a manager's continuation vehicle) from 2025: commitment 2.00 m USD, invested USD 1.80 m, fair value USD 2.73 m, TVPI 1.5x, IRR >100% (31 March 2026).
GP-led secondary (a manager's continuation vehicle) from 2024: commitment 2.00 m USD, invested USD 1.99 m, fair value USD 2.32 m, TVPI 1.2x, IRR 14.2% (31 March 2026).
GP-led secondary (a manager's continuation vehicle) from 2025: commitment 2.00 m USD, invested USD 1.82 m, fair value USD 2.28 m, TVPI 1.3x, IRR 37.2% (31 March 2026).
GP-led secondary (a manager's continuation vehicle) from 2024: commitment 2.36 m EUR, invested USD 1.98 m, fair value USD 2.27 m, TVPI 1.1x, IRR 17.5% (31 March 2026).
LP-led secondary (purchase of existing fund interests from investors) from 2024: commitment 2.00 m USD, invested USD 1.81 m, fair value USD 2.05 m, TVPI 1.3x, IRR 34.3% (31 March 2026).
GP-led secondary (a manager's continuation vehicle) from 2025: commitment 1.50 m USD, invested USD 1.45 m, fair value USD 1.93 m, TVPI 1.3x, IRR 32.7% (31 March 2026).
Positions and shares according to the provider; 5 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; 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 10% above a hurdle of 8% — with a high-water mark.
For 25,000 USD, no charge on purchase and up to 375 USD on redemption.
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 and is published only 10 business days later.
Acceptance no later than 8 business days after the cut-off
The GP may set a different cut-off for the initial offering period.
Price = NAV per share on this day.
NAV no later than 10 business days after the last business day of the month.
pre-funding: 10 business days after cut-off
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 business day of the month |
| Cut-off | 6 business days before month-end · 18:00 Luxembourg · (counted from month-end) |
| Price | valuation day |
| NAV publication | NAV no later than 10 business days after the last business day of the month; available to investors on request within 10 business days (LPA cl. 12.2) |
| Payment | pre-funding: 10 business days after cut-off |
| Minimum investment | USD 25,000 (UK: GBP 50,000) |
| Entry charge (max.) | 0% (Fund) |
| Subscription limit | The GP may temporarily suspend subscriptions to manage the size of the fund (LPA cl. 5.15) |
| KYC / documents | Acceptance no later than 8 business days after the cut-off |
| Revocation | not specified (cancellation notice under German distance-selling law for consumers) |
| Business day | a day (not being a Saturday or Sunday or a public holiday) on which banks are generally open for non-automated business in Luxembourg (LPA, Definitions) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 22 Oct 2026.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 18 months. How quickly the money arrives and what happens if many want out at once is set out below.
Quarter End = last business day of March, June and September.
NAV per unit less redemption fee (up to 1.5%)
5% of the latest aggregate NAV per Quarter End; pro-rata reduction by units held.
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 676 days from decision to cash.
Rank 80 of 113 · rank 27 of 39 in Private Equity · 18 months lock-up · no fixed redemption fee
Money typically within half a year — on average 129 days from decision to cash.
18 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 8 Apr 2025 · score run 22 Oct 2026 · How 676 days become 10 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 | 40 calendar days before redemption day · 18:00 Luxembourg |
| Price | quarter-end |
| Payout | 42 calendar days after redemption day |
| Gate | 5% gross of NAV per Quarter |
| Scaled-back portion | scaled-back portion lapses; new request required, no priority |
| Redemption fee (max.) | up to 1.5% (discretionary) |
| Lock-up | investor-level, 18 months (subscription) |
| Suspension | Suspension Event; no depositary; insolvency of the depositary |
| Liquidity tools | Gate, suspension (max. 12 months, then investor resolution on liquidation or extension), discretionary redemption fee, semi-annual matching auction (transfer) |
| Switch / transfer | possible with the consent of the GP; semi-annual structured auction via the Moonfare platform (LPA cl. 7) |
| Compulsory redemption | at the Default Price (NAV per unit minus 20%), among other cases for a breach of law, ineligibility, a holding below EUR 25,000 or reputational risk (LPA cl. 8) |
5% of the latest aggregate NAV per Quarter End; pro-rata reduction by units held; unfilled requests lapse and must be resubmitted; may be waived at the discretion of the General Partner.
The gate is quantified as a “redemption limit” of 5% of the “latest aggregate NAV” (NAV of the fund together with any parallel funds) per Quarter End. If requests exceed the limit, each investor is served in proportion to its units; the remainder is not carried forward, and the investor must submit a new request for a later quarter.
Data as at 22 Oct 2026.
19 classes according to provider documents; per-class details (ISIN, currency, costs) are not yet captured.
Who is behind the fund and where it may be distributed.
All figures are taken from provider documents (product data as at 22 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 40 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 676 days from decision to cash under the prospectus deadlines; a gate is not factored in.
25,000 USD.
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 22 Oct 2026, no redemption restriction is documented for the Moonfare Secondary Fund. Under the prospectus a gate of 5% per quarter applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.