Income treatmentaccumulatingclass tracked, verified
Performance since Aug 2023 p.a.+7.4%Class A USD
Ongoing costs—
Min. investmentUSD 25,000
Redemptionquarterly
Risk (SRI)—
01Performance
Unit price (NAV) in USD · share class A USD · 56 data points · not the share class named in the header
30.46 USDNAV as at 12 Aug 2026
Source: Price feed from the management company, individual values from provider documents19 of 56 values derived (back-calculated from monthly returns)
YTD+4.5%
1 year+3.7%
since Aug 2023 p.a.+7.4%
Calendar-year returns
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.
Provider figures
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
6.29%
Since launch p.a.
19.16%
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2022
Fund sizeUSD 442mas at 30 Jun 2026 (monthly report)
CurrencyUSD
Income treatmentboth
SFDRArticle 6
Recommended holding—
Liquidity buffer1.50%
Leverage limit200.00%
Risk indicatornot documentedfrom 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.
Sector breakdown
Actual portfolioFair market valueas at 31 May 2026
Technology & software23.3%
Industrials & manufacturing19.3%
Healthcare & life sciences11.8%
Consumer & retail11.3%
Financial services10.4%
Real assets, not broken down19.1%
Other3.4%
Private credit, not broken down1.4%
Show individual values
Real assets, not broken down19.1%
Technology & software17.0%
Industrials & manufacturing16.4%
Healthcare & life sciences11.8%
Consumer discretionary11.3%
Financial services10.4%
Communication services6.3%
Chemicals & materials2.9%
Private credit, not broken down1.4%
Other3.4%
Source: StepStone 'Private Markets (SPRIM Lux)' Monatsbericht Juni 2026, 'Sector Composition' per 31.05.2026
Geographic breakdown
Actual portfolio% of NAVas at 30 Jun 2026
North America88.0%
Europe12.0%
Source: StepStone 'Private Markets (SPRIM Lux)' Monatsbericht Juni 2026, Grafik 'Geography'
Strategy
SecondariesCo-InvestmentsPrimaries / Target Funds
Secondaries, co-investments, selective primaries
Portfolio composition
Asset classes
Private equity74.2%
Real assets21.0%
Private debt4.8%
Strategy
Secondary investments78.0%
Co-investments21.0%
Primary investment funds1.0%
Provider wording in full
Asset classes (as % of private-markets investments, 30 Jun 2026): private equity 74.2 %, real assets 21.0 %, private debt 4.8 %. Strategy: secondary investments 78 %, co-investments 21 %, primary investment funds 1 %. Geography: North America 81 %, Europe 17 %, rest of the world 2 %
No individual holdings, but 'Top managers' as at 31 Mar 2026: PSG Equity L.L.C., KKR & Co. Inc., EQT AB, Hudson Structured Capital Management Ltd, Hellman & Friedman LLC
Source: Praesentation_SPRIM_US_ohne-Datum.pdf
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.40%
Total ongoing costs
not documented
Entry charge max.
0.00%
Redemption fee
0.00%
Performance fee
0.00%
Hurdle rate
not documented
High-water mark
not documented
How the performance fee works
Not applicable at fund level (no carried interest, no incentive fee). At target-fund level: approximately 20 % carried interest plus a management fee of 1.00-2.00 % on the original acquisition cost of the investments
Source: Praesentation_SPRIM_US_ohne-Datum.pdf
Costs per the key information document
A PRIIPs KID cost statement (broken down into management/operating costs, transaction costs and the cost impact of the performance fee), as well as a stated annual total cost impact (reduction in yield), is not available; SPRIM Lux is a Part II UCI/EU AIF for professional investors for which no retail KID is published. The individual fees are known: management fee 1.40 % p.a., performance fee 0.00 %, front load 0.00 %, back load 0.00 %, servicing fee 0.00 %. As a measure of return: class A (USD) since launch +17.2 % cumulative, or 6.2 % p.a. NET of fees, volatility 5.6 %, Sharpe ratio 0.33 (at a risk-free rate of 4.3 %), best month +4.5 % (Nov 2023), worst month −3.2 % (Aug 2023). Fund size USD 370m, 700 individual investments (as at 28 Feb 2026)
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentUSD 25,000 – USD 50m by class
Entry chargeup to 0.00%
Rec. holding periodnot documented
Subscription per the document
Daily in the US vehicle ('Daily entry', 'Daily NAV', 'No capital calls'). For the Luxembourg sub-fund (LU2485281252), the subscription frequency is not documented in the documents available.
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 quarterly; on each date the fund redeems at most 5 % of fund assets.
1 · Lock-upnone
2 · Notice periodunknown
3 · Redemption datequarterly
4 · Gatemax. 5 % per date
5 · Payoutnot documented
The gate caps redemptions at 5 % 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.
Redemption per the document
Quarterly repurchase offers at 100 % of NAV ('Quarterly repurchase offers for a percentage of fund at 100% of NAV'; 'Quarterly repurchases at NAV'). Expressly voluntary: 'The Fund is not obligated to redeem any shares, and approval is at the Board of Trustees' discretion. The share redemption plan ... may be modified, suspended or terminated.'
Source: Praesentation_SPRIM_US_ohne-Datum.pdf
Gate per the document
'The share redemption plan is subject to 5% of the Fund's outstanding shares per quarter and to other limitations, and the Board may modify, suspend or terminate the plan.'
Source: Praesentation_SPRIM_US_ohne-Datum.pdf, footnote 1 to the slide 'SPRIM – Comprehensive private markets exposure'
Notice period
not documented
Lock-up
no redemption charge
06Share classes
13 classes known. All cost and risk figures on this page apply to LU3044418955. Minimum investment by class USD 25,000 – USD 50m.
ISIN
Status
Min. investment
Ongoing costs
SRI
LU3044418955
basis of this page
USD 25,000
not documented
not documented
LU2485281252
documented
USD 1m
2.70%
4/7
LU3044419763
documented
USD 25,000
not documented
not documented
+ 10 more share classes
ISIN
Status
Min. investment
Ongoing costs
SRI
LU2485281419
documented
USD 1m
not documented
not documented
LU2485281500
documented
USD 1m
not documented
not documented
LU2485281336
documented
USD 1m
not documented
not documented
LU3044419094
documented
USD 25,000
not documented
not documented
LU3044419177
documented
USD 25,000
not documented
not documented
LU3044419250
documented
USD 25,000
not documented
not documented
LU3044419920
documented
USD 25,000
not documented
not documented
LU3446605498
documented
USD 50m
not documented
not documented
LU3446605571
documented
USD 50m
not documented
not documented
LU3446605654
documented
USD 50m
not documented
not documented
Note on the classes
Prospectus dated 27 Jul 2026: 18 class types (A/AP/E/EI/F/G/H/RC/RA/RPA/RE/RPE/S1/S2/J/K/L/M), each in USD, EUR, GBP and CHF, accumulating and distributing, hedged and unhedged. Ten classes are funded (06/2026 monthly report); three S1 classes have been announced and do not yet have a NAV. The main class shown is RC USD (LU3044418955): accessible to retail investors, clean (no distribution or entry charge), minimum investment USD 25,000. Class A USD (LU2485281252) is reserved for institutional investors under chapter 7.11 of the prospectus (minimum investment USD 1 million).
07Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
Not documented; administrator: Northern Trust Global Services SE
Launch date
Launch of the Luxembourg SICAV (first class A EUR): 30 Sep 2022 (monthly report 06/2026: 'inception of SPRIM Lux on 30 September 2022'); according to the information available, legal launch took place as early as 15 Jun 2022. US parallel vehicle since 1 Oct 2020.
Source: Praesentation_SPRIM_US_ohne-Datum.pdf, footnote 3 — relates to the US vehicle, not SPRIM Lux
Eligible investors
US vehicle: 'No eligibility limitations', 'Lower suitability standards', expressly designed for private wealth/high net worth; 1099 tax reporting (no K-1). Distribution by Distribution Services, LLC
Source: Praesentation_SPRIM_US_ohne-Datum.pdf
Distribution authorisation
AT, BE, DK, FI among others (19 countries)
Fee layers / double charging
TWO-TIER WITH A SECONDARY-MARKET FOCUS. The fund builds a diversified portfolio of SECONDARY FUND INTERESTS (the principal implementation route, per 'Underlying Investment Type: Secondaries'), CO-INVESTMENTS alongside GPs and selected PRIMARY FUND COMMITMENTS; focus on private equity, supplemented by real assets and private debt, regions North America and Europe. On the secondary and primary positions, the management fees and carried interest of the respective target-fund managers continue to run at the second level; on co-investments they generally do not arise. The 1.40 % management fee is a pure fund-level fee and does NOT include the target-fund costs; a fee-rebate/waiver arrangement is not documented. No master-feeder structure. Investment limits: max. 20 % per issuer or UCI, ≤10 % of securities of the same kind, ≤10 % in unlisted securities; leverage capped at 33⅓ % of gross assets (AIFMD maximum 200 % under the gross and commitment methods). Administrator: Northern Trust Global Services SE
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.
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Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.