One number from 0 to 100 for one question: how many days pass between the redemption request and the cash according to the prospectus — and what reduces the entitlement to it? Score run of 29 Sep 2026, 112 of 140 funds with a value.
By Niko Hatziiosifidis · last reviewed 30 Sep 2026
The score translates the contractual waiting time to cash into points: 7 days are 100, three years are 0, and every doubling of the waiting time costs the same. Only what the prospectus states goes into the calculation. A missing redemption right and certain exit costs lower the value; whatever depends on the behaviour of other investors — how much a gate lets through, whether redemptions are suspended — sits beside the number as a letter, not inside it. The score says nothing about whether a fund is good.
Semi-liquid funds promise redemptions on fixed dates, with notice periods, gates and lock-ups. Put two prospectuses side by side and you see quarterly redemptions with 90 days’ notice here and monthly redemptions with 5 days’ notice there — and cannot compare the waiting time at a glance. The liquidity score does exactly that: it converts the chain of deadlines into calendar days, and those into a number that is comparable across all 140 funds in this database.
In one sentence: how many days pass from the need for liquidity until the cash arrives, if everything runs as the prospectus says — devalued if there is no entitlement to it, if exiting certainly costs money, or if the fund is currently scaling back.
Everything else that affects liquidity but depends on the behaviour of other investors — gate throughput, netting against subscriptions, lapse of unmet requests, maximum durations, swing pricing, discretionary fees — sits beside the number as a letter or a note. Points are awarded only for what is certain.
No weights, no addition of sub-scores. Every feature acts with its severity: a lock-up of 34 months pushes a fund from 73 to below 1; thirty more days of notice at 100 days of waiting time cost five points.
What is counted are calendar days from the need for liquidity to the arrival of cash, averaged over a year: redemption frequency (how long one waits on average for the next dealing day), notice period, lag until the NAV is determined and payout period, using the bank-holiday calendar of the fund’s domicile. If one of these figures is missing from the prospectus, there is no score but a stated reason. There is no default assumption — a value resting on an assumption would not be one.
If a fund is currently scaling back and the fulfilment ratio is documented, it is translated into time: with a ratio q, a complete exit takes 1/q redemption periods. A fund that meets half of every request needs twice as long. The ratio applies until a new one is documented.
Two anchors, set openly: 7 days are 100 points, three years (1,095 days) are 0. In between, logarithmic — every doubling of the waiting time costs 13.7 points. Investors perceive 30 versus 60 days as the same difference as 180 versus 360; the curve reflects that.
| Days | 7 | 14 | 30 | 60 | 90 | 120 | 180 | 270 | 365 | 730 | 1095 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Points | 100 | 86 | 71 | 57 | 49 | 44 | 36 | 28 | 22 | 8 | 0 |
The anchors are a convention. They do not matter for the ranking: the curve is monotonic, other anchors shift points, not ranks.
A redemption right counts in full (factor 1.0). If the prospectus only provides for a regular repurchase offer to which there is no entitlement, the factor is 0.8; if redemption is at the board’s discretion, 0.7. The size of the factors is a judgement and is disclosed as such; it affects few funds and hardly changes the ranking.
Only what is certain to be charged on exit goes into the number: a permanent redemption discount and — in the “from today” view — a time-limited early-exit fee if the earliest possible exit still falls within the fee period. Fees at the manager’s discretion and maximum swing-pricing rates are notes. The rate of 7 points per percentage point corresponds, in the range of 60 to 120 days, to roughly 25 to 50 days of additional waiting time; this too is a convention with little effect on ranks.
From today is the view of an investor who subscribes today and wants to exit at the earliest possible date: lock-up (the full duration for investor-based lock-ups, the remainder as at the reference date for fund-based ones) plus the chain of deadlines, plus the time-limited fee if the end of the lock-up still falls within the fee period. This is the value shown on the fund page, in the list and in the sort order.
Existing holding is the view of an investor who is past the lock-up and fee periods: the chain of deadlines alone, only the permanent discount. Both values stand side by side on every fund page, so that a fund with a long remaining lock-up and a short waiting time is not read as permanently illiquid — the difference is information in itself.
The bands are day thresholds fixed before the run — not quantiles of the distribution. If the market shifts, the funds move between the bands, not the bands themselves.
| Band | Days to cash | Reading | Points | Funds from today | Funds, existing holding |
|---|---|---|---|---|---|
| very high | up to 35 | cash typically within a month | ≥ 68 | 3 | 5 |
| high | up to 100 | within a quarter | ≥ 47 | 7 | 19 |
| medium | up to 190 | within half a year | ≥ 35 | 32 | 62 |
| low | up to 380 | within a year | ≥ 21 | 22 | 17 |
| very low | beyond | over a year, or devalued by a discount or discretion | > 0 | 39 | 13 |
| locked | from 1095 | three years and longer | 0 | 9 | 0 |
A fund with 59 days of waiting time and a 5 % early-exit fee stands at 23 (“low”) from today and at 58 (“high”) as an existing holding. Both are correct, and both are explained on the fund page.
Four items stand beside the score on every fund page. They do not enter the value because they describe the conditional — what happens when many investors want out at the same time.
Below the score, every fund page shows the derivation: one sentence per component that traces back to the passage in the prospectus, with the document date.
Eight funds that show the mechanics — every figure also appears on the fund page.
| Fund | Days from today | Score from today | existing holding | Band | How it is calculated |
|---|---|---|---|---|---|
| Eiffel Private Credit Private credit | 10 | 93 | 93 | very high | 10 days waiting time → curve 92.9 |
| GF Lumyna Private Equity World Fund Private equity | 70 | 54 | 54 | high | 70 days waiting time → curve 54.4 |
| Hamilton Lane Private Markets Access ELTIF Fund Multi-asset | 104 | 47 | 47 | medium | 104 days waiting time → curve 46.6 |
| Nuveen Global Cities REIT Access Fund Real estate | 59 | 23 | 58 | low | 59 days waiting time → curve 57.8; −7 × 5.0 % certain exit costs from today |
| Sienna Private Assets Allocation Private equity | 1062 | 1 | 73 | very low | 28 days waiting time → curve 72.6; from today plus 34 months lock-up = 1062 days → 0.6 |
| StepStone Private Credit ELTIF Private credit | 240 | 24 | 24 | low | 240 days waiting time → curve 30.0; entitlement factor 0.8 (repurchase offer) |
| Partners Group Global Value SICAV Private equity | 195 | 34 | 34 | low | 195 days waiting time → curve 34.1; ongoing scaling back: waiting time extended by the documented fulfilment ratio |
| UniPrivatmarkt Infrastruktur ELTIF Infrastructure | 391 | 20 | 20 | very low | 391 days waiting time → curve 20.4 |
112 of 140 funds carry a value from today, 116 as an existing holding. The 28 without a value are named data gaps, not a modelling decision: redemption frequency cannot be determined from the prospectus (9); payout period not quantified (5); payout depends on the NAV publication, whose timing is not quantified (4); lock-up or fee period not quantified (no value from today) (4); notice period not stated as a number (3); fund in liquidation (2); redemptions suspended (1).
| Asset class | Funds with a score | Median from today | Median, existing holding |
|---|---|---|---|
| Private equity | 38 | 26 | 41 |
| Private credit | 31 | 36 | 43 |
| Infrastructure | 23 | 8 | 35 |
| Real estate | 4 | 17 | 42 |
| Multi-asset | 15 | 40 | 40 |
| Other | 1 | 5 | 5 |
| all | 112 | 27 | 41 |
The middle is crowded because the middle of the market is crowded: quarterly redemption with 100 to 190 days to cash. Within a band the number keeps separating — 100 days are 47 points, 190 days are 35. From today, half of the funds lie below 27 points, mostly because of lock-ups and twelve-month notice periods for new investors.
Until September 2026, semiliquid.info showed a score from 1 to 5 made of four weighted sub-scores (redemption frequency 40 %, gate 25 %, notice period 20 %, redemption discount 15 %). It added up incomparable things and let maxima stand beside expected values: a fund with a 34-month lock-up stood at 3.6 of 5. The version described here applies since 30 Sep 2026; the old values are not comparable.
Last reviewed: 30 Sep 2026 · Score run 29 Sep 2026 · Data basis: sales prospectuses, key information documents and investor notices of the 140 funds covered · Sort all funds by score · No investment advice.