ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
VEGA Investment SolutionsLU2997435198Class R
The Navigator builds a fund-of-funds portfolio across private equity, debt, infrastructure and real estate — the Natixis group's multi-asset answer, as an ELTIF 2.0, launched in 2025, accumulating, with no performance fee.
Quarterly subscription and redemption; after a multi-year initial commitment, six months' notice applies alongside a discretionary gate and the hard liquidity limit.
Subscription from EUR 15,000 for retail investors through advised distribution, recommended holding period ten years; registered in eleven countries, including Germany.
A fund of funds of the classic school in ELTIF dress — a long commitment, a layered structure, no performance fee: solid fare in a field of platform products, whose trial by fire will be the first redemption wave.
Figures for class R (LU2997435198) · product data 24 Sep 2026 · sources: prospectus (as at 5 May 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Mar 2026, the unit price has gained 0.7% (cumulative, 0.3 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
2 monthly values · 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 Jan 2025; a reliable NAV series of the class is available from Mar 2026. series incomplete (2/4 months).
What the prospectus permits: Fund-of-Funds / Primaries; adaptive allocation along the economic cycle, affiliate-neutral fund selection
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
6 holdings; the five largest account for 33.3% of the fund. 66.9% is held in the liquidity reserve — enough for more than three years of maximum redemptions.
How the reserve is invested: Ostrum SRI Cash Plus (EUR) 33.5% · Ecofi Trésorerie (N, EUR) 32.9%. It covers more than three years of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the largest positions: 6 primary funds.
CIC European Large Cap Senior Debt Fund III is the third large-cap senior debt fund of CIC Private Debt, the private debt unit of Crédit Mutuel Alliance Fédérale in Paris.
EIFFEL Infrastructures Vertes is an evergreen ELTIF managed by Eiffel Investment Group (Paris) that provides bonds and loans to solar, wind, storage and biogas projects in Europe …
Third fund in the Opportunities series of Naxicap Partners, the Paris-based private equity subsidiary of Natixis Investment Managers.
Mirova Energy Transition 6 is the sixth energy transition infrastructure fund of Mirova (Natixis Investment Managers, Paris), 2023 vintage.
Eurazeo PME V is a mid-market buyout fund of Eurazeo (Paris), vintage 2025 …
Bridgepoint Europe VIII is the eighth European flagship buyout fund of Bridgepoint, a listed private markets manager based in London.
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 2.83%, class R is well above the median of the asset class (2.30%). There is no performance fee.
For 15,000 EUR this means roughly 425 EUR per year; the cheapest class with a cost figure is Q (2.08%, from 1 EUR).
For 15,000 EUR, a one-off up to 750 EUR on purchase and up to 1,800 EUR on redemption.
Based on the PRIIPs key information document of class R, hence comparable across providers. Median: 16 Multi-Asset funds in this database, data run 16 Oct 2026.
Units can be subscribed quarterly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 30 business days later.
KYC/AML complete before the relevant Cut-off, otherwise rejection
End-client cut-off may be agreed differently with the intermediary.
Price = NAV per share on this day.
NAV dated as at the last calendar day of the quarter, available approx. 30 business days …
after NAV publication: 33 business days after dealing 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 | quarterly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | quarter-end |
| Cut-off | 18 business days before dealing day · 13:30 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV dated as at the last calendar day of the quarter, available approx. 30 business days after the quarter end |
| Payment | after NAV publication: 33 business days after dealing day |
| Minimum investment | 15,000 EUR |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The Board/AIFM may reject subscriptions in whole or in part or defer them to later dealing days |
| KYC / documents | KYC/AML complete before the relevant Cut-off, otherwise rejection |
| Revocation | irrevocable until the next dealing day |
| Business day | banks in Luxembourg and Paris fully open for ordinary business the whole day (p. 12) |
Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 24 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 60 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption notice period exactly 6 months before the redemption day, or the preceding business day where this …
NAV per unit less redemption fee (up to 12%)
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.
An exit is possible after three years at the earliest — arithmetically 1464 days from decision to cash.
Rank 110 of 112 · rank 15 of 15 in Multi-Asset · 39 months lock-up · no fixed redemption fee
Money typically within a year — on average 278 days from decision to cash.
39 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence medium — editorial correction applied · prospectus as at 5 May 2026 · score run 16 Oct 2026 · How 1464 days become 0 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 | 6 months before redemption day · 13:30 CET |
| Price | valuation day |
| Payout | 3 business days after NAV publication |
| Gate | 5% net of NAV at the previous quarter-end per quarter; ELTIF Maximum Redemption Limit: max. 50% of the ELTIF Liquid Investments available on the redemption day plus the … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 12% |
| Lock-up | fund-level, 60 months (fund authorisation) |
| Suspension | Market/exchange closure, prices cannot be reliably determined, restrictions on capital movements and transfers |
| Liquidity tools | Redemption Limit 5% per quarter, ELTIF Maximum Redemption Limit, anti-dilution levy, partial or complete suspension of redemption; expressly no swing pricing |
| Switch / transfer | in principle freely transferable to Eligible Investors under Art. 19(2) ELTIF, notification and KYC with the administrator. |
| Compulsory redemption | Compulsory redemption in the case of Prohibited Persons and loss of investor eligibility pursuant to the main part of the prospectus |
Discretionary gate of 5% of the NAV of the preceding redemption date per quarter, alongside a hard ELTIF ceiling of 50% of the available liquid assets plus forecast 12-month cash flows; pro-rata scale-back, with unsatisfied requests carried forward automatically to the next redemption date (without priority; cancellation possible up to 30 calendar days beforehand).
Two-tier gate: the AIFM may limit net redemption requests per redemption date to 5% of the NAV of the preceding redemption date (discretionary, not mandatory); alongside this, the ELTIF Maximum Redemption Limit of 50% of the available ELTIF Liquid Investments applies as a hard ceiling.
Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 24 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 Q (2.08%, from 1 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 |
|---|---|---|
| Factsheet / monthly report | 31 Mar 2026 | — |
| Prospectus | — | — |
| NAV series secondary source (data portal) | 30 Jun 2026 | Performance (01) |
| Positions and reserve | 30 Jun 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 quarterly, notice period 6 months before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 1464 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.83% p.a. according to the PRIIPs KID for class R; the median of the Multi-Asset funds in this database is 2.30%; no performance fee.
From 1 EUR in the smallest class in 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 Natixis Multi Private Assets Navigator. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.