Morgan Stanley Investment ManagementLU3230653498Class F0AHXA EUR
The Morgan Stanley ELTIF combines private equity, direct lending and real assets with a lower-mid-market focus — complemented by listed admixtures, launched in 2025, accumulating.
Monthly subscription; quarterly redemption with roughly two and a half months' notice; the limit is measured in two stages against fund assets and liquid holdings. No lock-up for the retail classes.
Subscription from EUR 10,000 for retail and professional investors, recommended holding period eight years; registered in roughly seventeen countries, including Germany.
The lower-mid-market cut sets it apart from the large-cap-heavy multi-asset competitors; the liquid admixture smooths valuation and redemption capacity — at the cost of the pure private-markets quota.
Figures for class F0AHXA EUR (LU3230653498) · product data 19 Aug 2026 · sources: prospectus (as at Jul 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Mar 2026, the unit price has gained 2.9% (cumulative, 0.4 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
7 monthly values, 1 derived from monthly returns · Source: secondary source (data portal) · 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 Oct 2025; a reliable NAV series of the class is available from Mar 2026.
What the prospectus permits: Direct investments, co-investments, secondaries
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
3 holdings; the five largest account for 71.2% of the fund. 25.4% is held in the liquidity reserve — enough for 15 months of maximum redemptions.
How the reserve is invested: Morgan Stanley Liquidity Funds – US Dollar Liquidity Fund 5.7%. It covers 15 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: Global, not broken down 100%
Among the ten largest: 10 loans.
Financing holding company of Adevinta, an Oslo-based operator of online classifieds marketplaces including mobile.de and Kleinanzeigen in Germany …
Irish acquisition company (bidco) of a private equity-backed business whose activities are not described in the report.
WebPros provides software for web hosting automation and server management, with products such as cPanel, Plesk and WHMCS used by hosting providers, agencies and developers worldwide.
Blue Midco GmbH is the German acquisition holding company of a private equity-backed business whose operations, according to the report, are focused on the US. The business activities …
Bright Finco Limited is the UK financing company of a private equity-backed business.
Consilio Midco Limited is a UK intermediate holding company of Consilio, a global provider of eDiscovery …
Wallet Bidco Limited is a UK acquisition company incorporated in October 2023 and based in London, held through Wallet Holdco 2 Limited.
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 1.35%, class F0AHXA EUR is well below the median of the asset class (2.30%). On top comes a performance fee of 12.50% above a hurdle of 7% — with a high-water mark.
For 10,000 EUR this means roughly 135 EUR per year; the cheapest class with a cost figure is F0IHXA (EUR) (0.50%, from 10,000 EUR).
For 10,000 EUR, a one-off up to 500 EUR on purchase and up to 200 EUR on redemption.
Based on the PRIIPs key information document of class F0AHXA EUR, hence comparable across providers. Median: 16 Multi-Asset funds in this database, data run 16 Oct 2026.
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 15 business days later.
complete KYC/AML checks a condition of acceptance, no deadline in days
The Board may waive the Cut-off (unless waived).
Price = NAV per share on this day.
NAV as at the last business day of the month, finalisation/publication approx. 15 …
after NAV publication: 3 business days after NAV publication
An order placed today is invested in — days (—); the money is due on —.
Shown without a date because the prospectus does not quantify: cut-off. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 1 · 13:00 CET · (counted from month-start) |
| Price | valuation day |
| NAV publication | NAV as at the last business day of the month, finalisation/publication approx. 15 business days thereafter |
| Payment | after NAV publication: 3 business days after NAV publication |
| Minimum investment | 10000 EUR or 10000 USD or 10000 GBP |
| Subscription limit | The Board may reject subscriptions in whole or in part or defer them to later Dealing Dates |
| KYC / documents | complete KYC/AML checks a condition of acceptance, no deadline in days |
| Revocation | irrevocable up to the Dealing Date, withdrawal of the order only with the consent of the fund |
| Business day | banks in Luxembourg, Dublin and London open for ordinary business (p. 10) |
Dates calculated from the prospectus rules (bank holidays: GB, IE, LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 3 months. How quickly the money arrives and what happens if many want out at once is set out below.
scaled-back requests are deemed to have been submitted for the next redemption day and are met pro rata in …
NAV per unit less redemption fee (up to 2%)
NAV at previous quarter-end (—)
redemption day
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 188 days from decision to cash.
Rank 65 of 112 · rank 11 of 15 in Multi-Asset · no lock-up · exit costs of 2.0% included
Money typically within half a year — on average 188 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 2026 · score run 16 Oct 2026 · How 188 days become 21 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 | 75 calendar days before redemption day · 13:00 CET |
| Price | quarter-end |
| Payout | 65 calendar days after redemption day |
| Gate | 5% of NAV at the previous quarter-end per quarter; in addition max. 30% of the available Eligible Liquid Investments plus the 12-month cash flow forecast … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (12 months, cliff (lapses after the period)) |
| Lock-up | fund-level, 3 months (fund launch) |
| Suspension | market disruption, valuation sources unavailable, capital transfer/repatriation restrictions |
| Liquidity tools | Redemption gate below the cap, partial/full suspension of redemptions; in addition, extension of the notice period |
| Switch / transfer | permitted with the consent of the Board, only to Eligible Investors; no matching under Art. 19(2a) ELTIF |
| Compulsory redemption | in the case of a Prohibited Person, loss of Eligible Investor status, Cause or BHCA control; a discount of up to 20% on NAV possible |
Redemption Cap: the total of all redemptions per calendar quarter is limited to the lower of (i) 5% of the sub-fund NAV as at the end of the preceding quarter and (ii) 30% of the eligible liquid assets available as at the redemption date plus the cash flow prudently forecast over twelve months (ELTIF Redemption Limit).
The gate is quantified in the supplement as a "Redemption Cap" and is the lower of (i) 5% of the sub-fund NAV as at the end of the preceding quarter and (ii) 30% of the eligible liquid investments available at the redemption date plus the cash flow forecast on a prudent basis over twelve months (ELTIF Redemption Limit); only the NAV component is captured.
Dates calculated from the prospectus rules (bank holidays: GB, IE, LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
3 classes. All cost and risk figures on this page refer to the basis class F0AHXA EUR; the cheapest class with a cost figure is F0IHXA (EUR) (0.50%, from 10,000 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.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Jul 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Key information document (PRIIPs KID) | 21 Nov 2025 | — |
| Annual / semi-annual report | 19 Aug 2026 | — |
| NAV series secondary source (data portal) | 28 Aug 2026 | Performance (01) |
| 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 75 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 188 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 1.35% p.a. according to the PRIIPs KID for class F0AHXA EUR; the median of the Multi-Asset funds in this database is 2.30%; plus a performance fee of 12.50%.
10,000 EUR in class F0AHXA EUR.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Morgan Stanley Private Markets ELTIF. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
BlackRock · ELTIF 2.0 · quarterly
DWS / Deutsche Bank · ELTIF 2.0 · quarterly
Hamilton Lane · ELTIF 2.0 · quarterly
J.P. Morgan Asset Management · ELTIF 2.0 · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.