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Altaroc · FR001400Q544
FCPR Private Equity France Article 8 Secondaries Co-Investments Primaries / Target Funds
Unit price (NAV) in EUR · share class A · 17 data points
Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
Target return per the provider: No official target return. KID scenarios (EUR 10,000, 10 years): Tensions -2.92 % p.a. (EUR 7,435), Défavorable +3.97 % p.a. (EUR 14,755), Intermédiaire +10.07 % p.a. (EUR 26,114), Favorable +12.33 % p.a. (EUR 31,976)
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
What the fund does and how the portfolio is put together.
Risk indicator 6 of 7 from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Strategy
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 2.00% |
| Total ongoing costs | 7.30% |
| Entry charge max. | 5.00% |
| Redemption fee | 0.00% |
| Performance fee | 10.00% |
| Hurdle rate | 0.00% |
| High-water mark | not documented |
Median across 31 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How you get into the fund, and on what terms.
Twice monthly (bi-mensuelle): 'Les parts sont souscrites sur une base bi-mensuelle'; subscriptions are possible throughout the fund's entire life, with the full capital called immediately (no capital-call mechanism)
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
Units can be redeemed twice monthly; on each date the fund redeems at most 1 % of fund assets; for the first 36 months after subscription no redemption is possible.
The gate caps redemptions at 1 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
From year 4, twice-monthly redemption windows ('fenêtres de rachat bimensuelles'); no redemptions during years 1 to 3. NAV determination: quarterly with twice-monthly estimated values (KID: 'valeurs liquidatives ... en principe tous les 15 jours')
The fund documents differ here: the PRIIPs KID (11/2025) cites 'un mécanisme de limitation des rachats consistant à limiter leurs montants à 1 % de l'Actif Net du Fonds à chaque Date de Centralisation des Rachats', whereas the provider brochure (04/2025) cites 'fenêtres de rachat bimensuelles dans la limite de 2 % de l'actif net du fonds par mois ou 6 % par trimestre'. In addition, a temporary suspension of up to 12 months is possible.
not documented
Hard lock-up ('Période de Blocage des Rachats') of 3 years from the Date de Constitution: 'Un Porteur de Parts ne peut pas demander le rachat de ses Parts par le Fonds avant un délai de trois (3) ans suivant la Date de Constitution du Fonds'. No redemption fee thereafter
Who stands behind the fund, who it is authorised for — and what the figures rest on.
Altaroc Partners SAS (Société de Gestion / AIFM), 61 rue des Belles Feuilles, 75116 Paris, AMF authorisation GP-97022 (since 24 Mar 1997), RCS Paris 309 044 840
CACEIS Bank ('Dépositaire: CACEIS Bank')
January 2025
KID 'Investisseurs de détail visés': insurance companies and mutuelles as well as FRPS (occupational supplementary pension funds) which qualify as professional clients within the meaning of Art. D. 533-11 CMF and which subscribe on behalf of unit-linked life insurance or capitalisation contracts (Parts B exclusively for these). Brochure: 'Réservé aux Investisseurs professionnels au sens de l'article L. 533-16 du Code monétaire et financier'. Retail investors have access only indirectly via assurance-vie/PER
France
DOUBLE CHARGING IS STRUCTURAL: Altaroc Discovery is an FCPR in evergreen format with a SECONDARY-MARKET-ORIENTED STRATEGY to limit the J-curve; Altaroc products are in principle funds of funds that invest in target funds of leading international private equity managers. At target-fund level, management fees and carried interest of the respective GPs therefore arise in addition - on top of the 1.5–2 % and approx. 20 % at Altaroc level. Distributed via life insurance policies and PER (the French pension plan), which adds a FURTHER cost layer (the insurance contract's costs)
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.