Glossary › Lock-up
A lock-up is a period during which units cannot be redeemed, or only against a deduction.
The lock-up gives the fund time to invest the money it has raised without having to hold liquidity for redemptions straight away. There are two forms: with a hard lock-up, redemption is excluded. With a soft lock-up it is possible but costs a deduction in favour of the fund, often 2 to 5% of the redemption amount.
Just as important is when the period starts. If it runs from the fund’s launch, it is over at some point for later investors. If it runs from one’s own subscription, it starts again with every subscription – including a savings plan. Anyone who may need their money earlier should look at the lock-up together with the notice period, redemption frequency and gate: only all four together give the time until cash.
49 of the 139 active funds provide for a lock-up, 89 do not. Where there is one, it lasts 24 months at the median, ranging from 1 month to 84 months.
Shortest, middle and longest lock-up · as at 16 Oct 2026