Pegasus Vermögensmanagement GmbHLU3256141964Class R
The Licus ELTIF extends bridge financings for real-estate projects in Germany and Europe — short-dated, secured loans as an ELTIF 2.0, launched in 2026, distributing.
A two-year minimum holding period from subscription, thereafter redemption at quarter-end with one year's irrevocable notice; filled from the freely available liquid assets. Daily subscription, also in instalments.
No formal minimum investment for retail, semi-professional and professional investors; distribution focused on Germany.
Bridge lending in a retail wrapper is a novelty — short-dated assets meet a long investor commitment: an unusual asymmetry the young fund has yet to justify with lived practice.
Figures for class R (LU3256141964) · product data 24 Sep 2026 · sources: prospectus (as at undated (first issue of the share classes 1 Apr 2026)), PRIIPs-KID — full list under 08 documents.
Since the data series began in Apr 2026, the unit price has gained 1.9% (cumulative, 0.3 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
10 monthly values, 4 derived from monthly returns · Source: secondary source (data portal), Bloomberg · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Jan 2026; a reliable NAV series of the class is available from Apr 2026.
What the prospectus permits: Origination of short-term bridge loans secured by land charges registered in the land register to property and project companies of portfolio holders and project developers for acquisition, completion or the provision of liquidity; min.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
1 holding; the five largest account for 87.4% of the fund. 12.1% is held in the liquidity reserve.
Focus according to fund documents: Residential 51%, Mixed use 49%
Focus according to fund documents: Germany 51%, Europe, other 49%
Among the largest positions: 1 loan.
Property developer based in Wildeshausen (Lower Saxony, Oldenburg local court) that plans, builds and markets residential and commercial real estate.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; 0.5% is not allocated to any block in the source; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.34%, class R is below the median of the asset class (2.42%). On top comes a performance fee of 25% above a hurdle of 5% — with a high-water mark.
For 10,000 EUR this means roughly 234 EUR per year.
For 10,000 EUR, a one-off up to 500 EUR on purchase.
Based on the PRIIPs key information document of class R, hence comparable across providers. Median: 6 Real Estate funds in this database, data run 16 Oct 2026.
Units can be subscribed daily. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 1 business day later.
no late acceptance; requests received after 16:00 are settled at the issue price of the …
Price = NAV per share on this day.
The net asset value for each valuation day is determined on the preceding bank business …
with the order: 0 business days after order placement
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | daily |
|---|---|
| Procedure | fully paid-in |
| Valuation day | every bank business day |
| Cut-off | 1 business day before Valuation day · 16:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | The net asset value for each valuation day is determined on the preceding bank business day; the assets are valued monthly |
| Payment | with the order: 0 business days after order placement |
| Minimum investment | no minimum subscription amount |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The management company may suspend the issue temporarily or entirely; no issue during a suspension of redemptions on account of exceptional circumstances |
| Revocation | Retail investors may cancel the subscription within two weeks of subscribing (KID p. 1); redemption requests are irrevocable |
| Business day | Bank business day: any working day on which the banks in Luxembourg, Hamburg and Frankfurt am Main are open, other than 24 and 31 December (p. 12) |
Dates calculated from the prospectus rules (bank holidays: DE, LU); only the transfer agent’s confirmation is binding. Data as at 24 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 24 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption days 31.03./30.06./30.09./31.12.; irrevocable request at least 12 months in advance, extendable to …
Price = NAV per share on this day.
max. 50% of freely available liquid assets per redemption day
Pricing date for a request made today: —, in — days.
Shown without a date because the prospectus does not quantify: payment. The remaining markers are calculated from the prospectus rules.
No liquidity score — the payout period is not quantified in the prospectus.
The score needs a quantified redemption frequency, notice period and payout rule; as soon as the prospectus provides them, it is calculated.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 12 months before redemption day |
| Price | quarter-end |
| Gate | 50% of available liquidity per redemption day; minimum liquidity reserve of at least 5% of net asset value |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | investor-level, 24 months (subscription) |
| Suspension | Closure of an exchange or restriction on trading; assets unavailable or incapable of valuation; minimum liquidity reserve of 5% not maintained |
| Liquidity tools | Redemption cap of 50% of the freely available liquid assets; minimum holding period 24 months; redemption notice period 12 months, extendable to 15 months. |
| Switch / transfer | fully paid-in units freely transferable to Qualified Investors under Art. 19(2) of the ELTIF Regulation (other than to the management company); no listing |
| Compulsory redemption | Compulsory redemption in the best interest of the sub-fund and in the case of Ineligible Persons on 15 calendar days' notice. |
max. 50% of freely available liquid assets per redemption day
Dates calculated from the prospectus rules (bank holidays: DE, LU); only the transfer agent’s confirmation is binding. Data as at 24 Sep 2026 · Documents: 08.
4 classes. All cost and risk figures on this page refer to the basis class R.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 9 Jan 2026 | — |
| Presentation | 1 Apr 2026 | — |
| NAV series secondary source (data portal), Bloomberg | 10 Sep 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 12 months before redemption day, with 50% gate per redemption day.
Ongoing costs of 2.34% p.a. according to the PRIIPs KID for class R; the median of the Real Estate funds in this database is 2.42%; plus a performance fee of 25%.
The prospectus sets no minimum investment.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Licus ELTIF - Real Estate Bridge Invest. Under the prospectus a gate of 50% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.