Fund database › Private Equity
HMW Kapitalanlagen / HMW Emissionshaus AG, Pullach i. Isartal · DE000A40A508
ELTIF 2.0 Private Equity Germany Article 6 Secondaries Co-Investments Venture Capital
Unit price (NAV) in EUR · 16 data points
Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
| Since launch p.a. · as at 30 Sep 2025 | 0.00% |
Target return per the provider: PRIIPs scenarios (EUR 10,000 including the entry charge): 15 years (recommended holding period) moderate scenario 4.8 % p.a. (EUR 20,170), favourable 11.4 % p.a., unfavourable -10.8 % p.a., stress -16.4 % p.a.; 8 years: moderate scenario 3.7 % p.a.; 1 year: moderate scenario -4.5 % p.a. Return before costs 7.9 % p.a
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
What the fund does and how the portfolio is put together.
Risk indicator 5 of 7 from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Strategy
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 1.97% |
| Total ongoing costs | 2.30% |
| Entry charge max. | 5.00% |
| Redemption fee | 5.00% |
| Performance fee | 20.00% |
| Hurdle rate | 6.00% |
| High-water mark | not documented |
Median across 31 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How you get into the fund, and on what terms.
Not expressly quantified in the PRIIPs KID. Documented is the statutory right of withdrawal: 'Under the provisions of the ELTIF Regulation, retail investors may withdraw their subscription within two weeks of subscribing and receive their money back without deductions.'
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
Units can be redeemed annually; notice must be given 360 days before the date; for the first 60 months after subscription no redemption is possible.
Annually – unit redemptions in each case as at the end of a fund financial year (30 Sep), by irrevocable redemption declaration to the custodian bank
'The aggregate amount of redemptions [is] limited to 10 % of the value, as at the redemption date, of the liquid investments pursuant to Paragraf 6 Absatz 2 lit. d) bis f) of the investment conditions ... that are not required to service short-term liabilities (including distributions already announced), fees, provisions, loss carryforwards, investments or reinvestments.' In the event of oversubscription, pro rata servicing; portions not executed are carried forward as 'carried-forward redemption declarations' to the next redemption date and processed there IN PRIORITY to new redemption declarations – processing may extend over several redemption dates. Investors may apply in text form for the cancellation of redemption requests that have not been fully executed. In addition: suspension of issue and redemption for liquidity reasons is possible, as is an extension of the redemption notice period
12-month notice period as at the financial year end, irrevocable redemption declaration to the custodian bank; the company may extend the notice period for the redemption of units
Minimum holding period of 60 months (5 years): 'Unit redemptions are possible only after the expiry of a minimum holding period of 60 months and subject to a 12-month notice period, in each case as at the end of the fund's financial year ...' In addition, in the KID header: 'This product has a minimum holding period of 5 years.'
Who stands behind the fund, who it is authorised for — and what the figures rest on.
HANSAINVEST Hanseatische Investment-GmbH, Kapstadtring 8, 22297 Hamburg (management company/manufacturer, part of the SIGNAL IDUNA Gruppe, supervised by BaFin). Managing directors: Dr. Jörg W. Stotz, Claudia Pauls, Ludger Wibbeke. The fund management selects the assets 'with the support of the investment adviser'
Hauck Aufhäuser Lampe Privatbank AG, Frankfurt am Main
Short financial year 2 Jun 2025 to 30 Sep 2025 (= launch 2 Jun 2025). Fund term until 30 Sep 2040 (15 years), extendable at the company's sole discretion up to twice by 2 years each – to 30 Sep 2042 or at most 30 Sep 2044. Termination of the management mandate is possible on at least three months' notice by announcement in the Bundesanzeiger
Listed as “RockPhant ELTIF 1“ · fund type: domestic P-AIF (Germany) · ID 70172229
'The fund is aimed at all types of investors who pursue the objective of building or optimising wealth and who wish to invest over the long term.' Investors must be able to bear losses up to the amount of the capital invested, must not require a guarantee and must accept the limited availability of the units; 'You should invest only a small part of your overall investment portfolio in an ELTIF.'
Germany, Austria, Italy
UNAMBIGUOUS DOUBLE CHARGING – FUND-OF-FUNDS STRUCTURE. RockPhant ELTIF 1 is explicitly a PRIVATE EQUITY FUND OF FUNDS ('fund of funds') investing globally in target funds with a focus on VENTURE CAPITAL – via a mix of primary investments, secondary investments and co-investments. At target-fund level their management fees (typically 2.0–2.5 % for VC) and carried interest (typically 20 %) accrue in addition, ON TOP OF the 2.3 % and 20 % at fund level. The total cost impact of 3.1 % p.a. disclosed in the PRIIPs KID captures these target-fund fees only incompletely, because no target-fund costs had yet been incurred in the short financial year (disclosed TER 0.00 %)
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.