The market for semi-liquid funds

Live analysis of our database · product data as at 19 Aug 2026 · access data as at 12 Aug 2026

141funds covered
91providers
+62new launches since 2025
2.34%median ongoing costs

New launches per year

The ELTIF 2.0 effect: since the new rules in 2024, launches have picked up markedly.

13
up to 2021
9
2022
16
2023
24
2024
47
2025
15
2026

Launch year documented for 124 of 141 funds. 2026 is a year in progress.

Asset classes

Distribution of the funds we cover by asset class.

Private Equity
48 funds
Private Credit
35 funds
Infrastructure
28 funds
Multi-Asset
20 funds
Real Estate
9 funds
Other
1 fund

Ongoing costs by asset class

Median ongoing costs according to the PRIIPs KID.

Private Equity (n=31)
2.53%
Real Estate (n=5)
2.30%
Private Credit (n=23)
2.19%
Multi-Asset (n=14)
2.19%
Infrastructure (n=19)
2.10%

Ongoing costs documented for 92 of 141 funds; classes with fewer than five values are not shown.

Minimum investment distribution

The effect of ELTIF 2.0 on entry hurdles: a large share of the funds is accessible from EUR 10,000 or below.

up to EUR 1,000
28 funds
over EUR 1,000 – 10,000
28 funds
over EUR 10,000 – 25,000
11 funds
over EUR 25,000 – 100,000
15 funds
over EUR 100,000
8 funds

56 of 90 documented funds are accessible from EUR 10,000 or below. No data for: 47 funds.

Distribution authorisation by country

For how many of the funds we cover active distribution in the country in question is documented or inferred.

Austria
103 of 141
Germany
99 of 141
France
97 of 141
Italy
83 of 141
Switzerland
45 of 141
UK
42 of 141

Based on our data; unverified cases are not counted. Details and requirements in the Access check.

Legal structure

ELTIF and ELTIF 2.0 dominate — alongside Luxembourg and French structures.

ELTIF 2.0
64 funds
Part II SICAV
39 funds
SICAV-RAIF
9 funds
FCPR
7 funds
ELTIF
7 funds
SICAV
6 funds
no data
2 funds
ELTIF 1.0
2 funds
Coöperatie (NL)
1 fund
FPS (ELTIF 2.0)
1 fund
SICAV-SIF
1 fund
FPS (ELTIF authorisation applied for)
1 fund
QIAIF
1 fund

Data basis

All figures calculated live from the database, no estimates. Fund size: documented for 95 of 141 funds, currencies mixed (EUR/USD) — we deliberately do not add them up. Fields without evidence are not included.

Methodology

How we count, what we include, what we exclude.

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