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Sienna Gestion · FR001400LQT2
FCPR Private Equity France Article 8 Secondaries Co-Investments Buyout
Unit price (NAV) in EUR · share class A2 - FR001400LQ · 24 data points
Calendar years, calculated from the NAV series
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.
| Performance 12M · as at 31 Mar 2026 | 4.50% |
| Since launch p.a. · as at 31 Mar 2026 | 7.79% |
Target return per the provider: No target return; 'un objectif de performance n'est pas garanti'. PRIIPs scenarios Part A2 (EUR 10,000, 8 years): Tensions -11.96 % p.a. (EUR 3,610) / defavorable -8.60 % p.a. (EUR 4,870) / intermediaire +2.01 % p.a. (EUR 11,730) / favorable +14.02 % p.a. (EUR 28,570). After 1 year: intermediaire -5.00 %. Return before costs 5.89 % p.a., after costs 2.01 % 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 6 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
As at 31 Mar 2026
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 2.00% |
| Total ongoing costs | 3.75% |
| Entry charge max. | 0.00% |
| Redemption fee | 0.00% |
| Performance fee | 0.00% |
| Hurdle rate | 0.00% |
| 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.
Subscription possible at any time ('Periode de souscription: Ouvert a tout moment'); valuation twice monthly ('La valeur liquidative sera bi-mensuelle, datee du 15 de chaque mois et du dernier jour calendaire de chaque mois'). Subscription/redemption orders are centralised by 11:00 Paris time at the latest five (5) business days before the NAV date
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 twice monthly; notice must be given 5 days before the date; on each date the fund redeems at most 2 % of fund assets; for the first 60 months after subscription no redemption is possible.
The gate caps redemptions at 2 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
From the notice being received to the money reaching your account: typically around 8 to 23 days — depending on how far away the next redemption date is. If the gate bites or redemptions are suspended, it can take considerably longer.
Twice monthly (bimensuel), in each case on the 15th and on the last calendar day of the month - after expiry of the five-year lock-up: 'Au terme de la Periode de Blocage, les rachats de Parts du Fonds a l'initiative des Porteurs sont autorises a chaque date de calcul de la Valeur Liquidative tout au long de la duree de vie du Fonds.'
'Mecanisme de gates: dans la limite de 2 % de l'actif net du fonds sur une periode d'un mois' (presentation). Factsheet: 'Le Reglement du fonds prevoit toutefois un mecanisme de gates permettant au gerant de plafonner les rachats au-dela de 2 % minimum de l'actif net du fonds sur une periode d'un mois.' KID: 'Sienna Gestion pourra plafonner les rachats des parts sur une periode ne depassant pas 18 mois et suspendre provisoirement les rachats dans certaines situations exceptionnelles' - the cap can therefore be maintained for up to 18 months
5 business days: 'Les demandes de souscription/rachat des Parts sont centralisees par le Centralisateur des ordres de souscription et de rachat au plus tard avant 11 heures (heure de Paris) cinq (5) jours ouvres precedant la date d'etablissement de la valeur liquidative.' Presentation: 'Cut-off - Centralisation: 5 J avant la valeur liquidative, avant 11h00'
Hard lock-up of 5 years from the Date de Constitution du Fonds: 'les demandes de rachat seront bloquees pendant une duree de 5 ans a compter de la Date de Constitution du Fonds'; the KID specifically states that the fund could be unsuitable for investors who intend to exit before 05/07/2029. The presentation cites as a disadvantage: 'Un blocage des parts pendant les cinq premieres annees a compter de la date de constitution du fonds (hors cas de deblocage anticipe)' - early-release cases are therefore possible. Recommended holding period 8 years
The score measures only the contractual redemption mechanics (the higher, the more flexible) — not whether the fund actually stays liquid under stress. Weightings in per cent.
Who stands behind the fund, who it is authorised for — and what the figures rest on.
SIENNA GESTION, member of the Sienna Investment Managers group; AMF authorisation No. GP 97020 of 13 March 1997; registered office 21 Boulevard Haussmann, 75009 Paris; RCS Paris 320 921 828. Valuation agent/valorisateur: BNP FUND ADMIN. Auditor: KPMG
BNP PARIBAS SA ('DEPOSITAIRE: BNP PARIBAS SA')
DOCUMENT CONFLICT: The presentation states 'Date de creation du fonds 03/07/2024'. The KID puts the end of the five-year lock-up at 5 Jul 2029 ('Le Fonds pourrait ne pas convenir aux investisseurs qui prevoient de retirer leur apport avant le 05/07/2029'), which points to a Date de Constitution of 5 Jul 2024. Fund term 99 years.
Presentation ('Souscripteurs concernes'): 'Societes, compagnies d'assurance et mutuelles, dans le cadre d'un PER ou d'un contrat d'assurance-vie; Clients professionnels autres que ceux precites et notamment des societes, compagnies d'assurance et mutuelles investissant en fonds propres' - access for retail investors is therefore primarily via unit-linked life insurance policies and PER pension contracts. KID: 'investisseurs de detail ayant suffisamment d'experience et de connaissance theorique des fonds non cotes (dette privee et private equity), capables d'assumer la perte de leur investissement et qui ont un horizon d'investissement a long terme'; no US persons. The management company may rebate part of the management fees to the insurers in order to remunerate distribution and liquidity in connection with the fund's referencing as a unit-linked wrapper
France (not within assurance-vie)
Two-tier cost structure: at fund level a 2.00 % ongoing management fee (no performance fee), at target-fund level a maximum of 1.65 % p.a. in indirect management fees - around 43 % of the total burden. The evergreen fund of funds holds 70 % in target funds (private equity, infrastructure) and 30 % liquid. No rebate at target-fund level is provided for; only during the ramp-up phase does up to 1.50 percentage points of the management fee flow to the insurer.
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.