Partners GroupLU1912497127Class R-N EUR
The Partners Fund is the multi-asset edition of the Partners Group evergreens: private equity, credit, infrastructure and real estate in one mandate, in the market since 2016, as a Luxembourg Part II SICAV, accumulating.
Monthly dealing with roughly one quarter's notice and a three-stage net limit per month, quarter and rolling year — more generously set than the field standard. No lock-up for the main share class.
Subscription from EUR 10,000, for retail and professional investors depending on the country; currently not registered for distribution in Germany.
Almost a decade of lived multi-asset practice with the most generous redemption limits in the category — the portfolio's maturity carries the openness; the young ELTIF competition has yet to deliver that proof.
Figures for class R-N EUR (LU1912497127) · product data 26 Sep 2026 · sources: prospectus (as at April 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Sep 2019, the unit price has gained 4.7% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
93 monthly values, 58 derived from monthly returns · Source: secondary source (data portal), price feed / provider document · 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 May 2016; a reliable NAV series of the class is available from Sep 2019.
What the prospectus permits: Direct investments, primaries, secondaries
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
4 holdings; the five largest account for 101.9% of the fund. 12.0% is held in the liquidity reserve — enough for 1 month of maximum redemptions.
How the reserve is invested: Partners Group Listed Investments SICAV - Listed Infrastructure EUR M Acc 0.5% · Care Bidco / First Lien (LX194161) 0.4% · Skopima Consilio Parent LLC / First Lien (LX256054) 0.2% · 7 more 1.0%. It covers 1 month of the maximum net redemption (at most 100% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 9 equity holdings, 1 fund interest.
Emeria (formerly Foncia) is one of Europe’s largest residential property managers, offering building management, rental management …
DiversiTech manufactures parts, components and accessories for heating, ventilation and air-conditioning (HVAC) systems, such as equipment pads, condensate pumps and chemicals …
Vishal Mega Mart is an Indian discount retailer of apparel, general merchandise and fast-moving consumer goods with more than 790 stores, headquartered in Gurugram.
Allied Universal (Santa Ana, California) is one of the world’s largest security services providers, offering manned guarding, security technology, video surveillance and facility services.
atNorth is a Nordic data center operator headquartered in Iceland, with sites in Iceland, Sweden, Finland and Denmark.
Spring Education Group operates private, for-profit preschools and K-8 schools in the United States, including under the Stratford School and BASIS Independent Schools brands …
One of the largest physician-led dermatology platforms in the US, with more than 200 practices in over 20 states, offering medical …
Unit4 develops cloud-based ERP, finance and HR software for service-centric organizations such as consultancies, universities, nonprofits and public-sector bodies.
Ammega is a global manufacturer of conveyor, process and power transmission belts for industry, logistics and food processing.
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 3.60%, class R-N EUR is well above the median of the asset class (2.30%). On top comes a performance fee of 15% above a hurdle of 0% — with a high-water mark.
For 10,000 EUR this means roughly 360 EUR per year; the cheapest class with a cost figure is I-N EUR (3.19%, from 10,000 EUR).
For 10,000 EUR, a one-off up to 500 EUR on purchase and up to 500 EUR on redemption.
Based on the PRIIPs key information document of class R-N 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 17 business days later.
5 business days before the Cut-off Date, KYC/AML completed
Orders after the Cut-off Date are, if accepted, executed at the NAV of the next Valuation …
Price = NAV per share on this day.
NAV typically available on the 17th business day of the following month
after NAV publication: 3 business days after NAV publication
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 | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 5 business days before Valuation day · 11:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV typically available on the 17th business day of the following month |
| Payment | after NAV publication: 3 business days after NAV publication |
| Minimum investment | EUR 10,000 (I, I-N, I-NZ2, R, R-N, M, T, T-N, T-NE); EUR 1,000,000 (Inst-N) |
| Entry charge (max.) | 5% (Fund) |
| Subscription limit | New subscriptions in New Share Classes from 2022 may be limited to 25% of the fund NAV at the start of the financial year, at the Directors' discretion |
| KYC / documents | 5 business days before the Cut-off Date, KYC/AML completed |
| Revocation | revocable in the event of a suspension or a switch to Annual Dealing; otherwise not addressed |
| Business day | a bank business day in Luxembourg, unless otherwise stated (p. 65) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 26 Sep 2026 · Documents: 08.
Units can be redeemed monthly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption deadline: 11:00 CET on the last business day three months before the Valuation Point of the …
NAV per unit less redemption fee (up to 5%)
The fund deals monthly and the redemption limit has three tiers: net redemptions are capped at 10% of NAV per …
NAV publication
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 139 days from decision to cash.
Rank 26 of 112 · rank 6 of 15 in Multi-Asset · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Apr 2026 · score run 16 Oct 2026 · How 139 days become 41 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 | monthly |
| Valuation day | last business day of the month |
| Notice | 3 months before Valuation day · 11:00 CET |
| Price | valuation day |
| Payout | 5 business days after NAV publication |
| Gate | 10% net of NAV on the redemption day per month; in addition, 25% per 3 months and 30% per rolling 12 months; separately for old and new share classes |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% (discretionary) |
| Lock-up | none |
| Suspension | Markets closed/restricted; disposal not practicable; political or monetary events |
| Liquidity tools | Redemption fee and redemption in kind as the LMTs selected; in addition suspension and Side Pockets |
| Switch / transfer | permitted with the consent of the Directors, KYC/AML in advance; not to US persons |
| Compulsory redemption | in the case of a Prohibited Person, loss of class eligibility (M) or a holding below one unit; grace period possible |
The fund deals monthly and the redemption limit has three tiers: net redemptions are capped at 10% of NAV per one-month period, 25% per three-month period and 30% per rolling twelve-month period, in each case calculated as at the immediately preceding valuation point, rounded down to whole numbers and aggregated separately for all Old Share Classes and all New Share Classes respectively.
The gate has three tiers: net redemptions are limited to 10% of NAV per month, 25% per three-month period and 30% per rolling twelve-month period (Old and New Share Classes each in separate buckets). The board of directors may reduce the limits for the New Share Classes to 5%, 12.5% and 15% in the interests of the fund - for no more than two years. Switches do not count towards net redemptions.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 26 Sep 2026 · Documents: 08.
26 classes. All cost and risk figures on this page refer to the basis class R-N EUR; the cheapest class with a cost figure is I-N EUR (3.19%, 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. 7 classes are closed to new subscriptions.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | 22 Apr 2026 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Key information document (PRIIPs KID) | 7 Jul 2026 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Jul 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 monthly, notice period 3 months before Valuation day, with 10% gate per month. Subscribing today, it takes on average 139 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 3.60% p.a. according to the PRIIPs KID for class R-N EUR; the median of the Multi-Asset funds in this database is 2.30%; plus a performance fee of 15%.
10,000 EUR in class R-N EUR.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the The Partners Fund SICAV. Under the prospectus a gate of 10% per month 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.