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Gating monitor: ELTIFs and evergreen funds with restricted redemptions

6 of the 139 active (not liquidated) funds in the database are currently restricting redemptions (as at 16 Oct 2026): 4 because redemption requests exceeded the limit, 2 due to liquidation. Of the rest, one was restricted in the past; for 53 we found no restriction; for one we are checking an unconfirmed report, and 78 are too young for a meaningful history.

Ongoing restrictions

Sorted by start, longest first. * Rate derived or approximated from reported figures, not published as such by the manager. Source and wording for each case on the fund page.

Fulfilment rate per dealing date

How much a gate holds back is shown by the fulfilment rate: the share of the redemption requests for a dealing date that was paid out. It is rarely published; figures per dealing date are available for 3 of the 6 ongoing cases.

Greenman OPEN ELTIF

Apollo U.S. Private Credit Fund

Partners Group Global Value SICAV

Period: the dealing date or reference date the rate refers to; it is often announced weeks later. Feeder fund: a fund through which investors, for example in Australia, invest in the fund; it deals monthly and may have limits of its own. The cut-off is its acceptance deadline: requests received by then go into the fund’s next dealing date, where the scale-back takes effect – so a cut-off can predate the start of the restriction. As at: date on which the manager quantified the backlog. * Rate derived or approximated from reported figures, not published as such by the manager. Announced: rate the manager or a feeder fund reported in advance as expected; settlement is not documented. Old/new classes: Partners Group distinguishes share classes closed to subscriptions since 2018 from open ones; only the new classes can offset redemptions with new money and therefore receive a higher rate.

Timeline since 2020

ongoingongoing, due to liquidationconcludedconcluded, end not documented

Concluded episodes

A fund can have several episodes. Where an episode turned into a current restriction, it is listed here as concluded and the fund also appears above. Suspensions due to liquidation count as restrictions because investors could not redeem during that time.

Context

A gate is not a default. It limits how much money a fund pays out per dealing date, and so protects those who stay invested: those who leave first should not be paid at the expense of the rest, and the fund does not have to sell companies, loans or property under pressure. For investors who want to redeem, it still means they receive only part of their money on the requested date, and nothing for the time being under a suspension.

In 2 of the 6 ongoing cases, redemptions are halted because the fund is being wound up; investors receive their money from the sale of the assets as the wind-down plan provides. The other 4 are liquidity cases: requests exceeded the limit the prospectus provides for such situations. That nothing is documented for 78 young funds says little about how they would behave under stress.

How the monitor is compiled

The monitor shows actual restrictions only: a limit was triggered, requests were scaled back, deferred or suspended. What the prospectus provides for in case of need is on the fund pages and does not count here. Every episode is backed by a primary source – an investor notice, ad hoc announcement, annual or half-year report, or a notice from a feeder fund; weaker indications are recorded but not shown. Each month we check the Swiss Fund Data register (category deferral or suspension of redemptions), the German Federal Gazette, the Liechtenstein Investment Fund Association, the notice archives of the management companies, Australian platform notices on feeder funds and the trade press. US funds of the same name run by the same managers do not count.

The fulfilment rate is the share of the requests for a dealing date that was paid out. Where a manager publishes only the request rate, we derive it from the limit and the requests; such rates carry an asterisk. Background: the gating chapter; how long redemption takes without a gate is shown by the liquidity score.

Data

Both tables as CSV (semicolon, UTF-8): episodes (10 rows) and fulfilment rates per dealing date (17 rows). Use with the credit “semiliquid.info, gating monitor, as at 16 Oct 2026” (licence CC BY 4.0); terms and citation under use our data.

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