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Partners GroupLU2911154891Class PC (USD) ACC
The most unusual mandate in the field: the fund acquires licence and exploitation rights — royalties from music, pharma, brands and more — as an asset class of its own, across sectors, as a Luxembourg Part II SICAV, launched in 2025, accumulating.
Subscription is ongoing; redemptions run through periodic windows with a net quarterly gate. No lock-up — a time-limited redemption fee acts as a soft lock.
Subscription from EUR 10,000; currently distributed primarily through private-banking partners, not registered for distribution in Germany.
Royalties correlate with none of the classic private-markets asset classes — as a building block the fund is without competition in the field; as a young product in a new category it demands double trust in return: in the manager and in the asset class itself.
Figures for class PC (USD) ACC (LU2911154891) · product data 26 Sep 2026 · sources: prospectus (as at May 2026), PRIIPs-KID, Factsheet, monthly report — full list under 08 documents.
Since the data series began in Apr 2026, the unit price has gained 0.5% (cumulative, 0.3 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
3 monthly values · Source: price feed / provider document, secondary source (data portal) · 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 Jun 2025; a reliable NAV series of the class is available from Apr 2026. series incomplete (3/4 months).
What the prospectus permits: Three investment modes: acquisition of existing royalties, creation of new royalties (royalty financing) and debt secured by royalties
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
53 holdings; the five largest account for 68.6% of the fund. 32.1% is held in the liquidity reserve — enough for 19 months of maximum redemptions.
How the reserve is invested: Partners Group Global Senior Loan Master Fund SICAV - Class P USD A 11.0% · Universal Music Group NV 1.0% · Royalty Pharma PLC 1.0% · 7 more 3.7%. It covers 19 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 3 equity holdings, 2 fund interests, 2 loans; 2 names not disclosed.
Royalty-backed note on the licensing revenues of the US animated series South Park, created by Trey Parker and Matt Stone.
Undisclosed 2026-vintage royalty fund in which Partners Group invested as a primary investor.
Undisclosed continuation vehicle in which Partners Group, as lead investor, extends the holding in an acquirer of commercially successful film and TV rights.
Ultra Natural Gas Royalties is a US aggregation strategy that acquires royalty interests in natural gas wells.
Royalty-backed financing on the music catalog of Canadian artist The Weeknd (Abel Tesfaye).
The position comprises royalty rights to the back catalog of film and television music of Warner Bros.
U.S. royalty strategy that acquires royalty interests in natural gas production in Texas, Oklahoma and Louisiana and aggregates them into a portfolio.
Primary investment in HealthCare Royalty (HCRx), an investor in royalties on approved pharmaceutical and biotech products as well as royalty-backed financings, headquartered in Stamford …
Positions and shares according to the provider; 2 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; 1.9% 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%, class PC (USD) ACC is close to the median of the asset class (2%). On top comes a performance fee of 12.50% — with a high-water mark.
For 10,000 USD this means roughly 200 USD per year; the cheapest class with a cost figure is EB PC (USD) ACC (1.70%, from 10,000 USD).
For 10,000 USD, a one-off up to 500 USD on purchase and up to 500 USD on redemption.
Based on the PRIIPs key information document of class PC (USD) ACC, hence comparable across providers. Median: 1 Other funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 21 business days later.
Notice Period and Cut-Off Time differing at the discretion of the Board.
Price = NAV per share on this day.
NAV usually available on the 21st business day after the Dealing Day
after NAV publication: 4 business days after NAV publication
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 | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last calendar day of the month |
| Cut-off | 25 business days before dealing day · 17:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV usually available on the 21st business day after the Dealing Day |
| Payment | after NAV publication: 4 business days after NAV publication |
| Minimum investment | USD 10,000 (PC/PR/TC/TR/RDR/PG/M/EB-classes); USD 1,000,000 (I) |
| Entry charge (max.) | 5% (Fund) |
| Subscription limit | not addressed; the Board may reject subscriptions at its discretion |
| Revocation | in the event of a suspension, withdrawal of the order until the end of the suspension; otherwise not addressed |
| Business day | banks open the whole day for non-automated business in Luxembourg (p. 19); Supplement 3 with no differing definition |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 26 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
The share class table states Lock-Up Period as N/A throughout.
NAV per unit less redemption fee (up to 5%)
NAV at previous quarter-end (—)
NAV publication
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 147 days from decision to cash.
Rank 95 of 112 · rank 1 of 1 in Other · no lock-up · exit costs of 5.0% included
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 May 2026 · score run 16 Oct 2026 · How 147 days become 5 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 45 business days before redemption day · 17:00 Luxembourg |
| Price | valuation day |
| Payout | 4 business days after NAV publication |
| Gate | 5% net of NAV at the previous quarter-end per quarter |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% |
| Lock-up | none |
| Suspension | market closed/suspended; valuation sources unavailable; transfer restrictions |
| Liquidity tools | Redemption in kind and redemption fee as the LMTs selected; in addition suspension and Side Pockets |
| Switch / transfer | permitted, only to Eligible Investors and with the consent of the fund |
| Compulsory redemption | in the case of a Prohibited Person, lack of Eligible Investor status or Market Timing, at the Board's discretion |
Quarterly gate: 5% of the NAV of the shares outstanding as at the end of the preceding quarter, aggregated across all share classes, measured against net redemptions including the related conversions and distributions. Orders in excess are scaled back pro rata and carried forward automatically to the next redemption day; the board of directors or the manager may raise or waive the limit where liquidity is sufficient.
The 5% gate applies per calendar quarter to net redemptions including the related switches AND the distributions under section 11, aggregated across all share classes and measured against the NAV as at the end of the previous quarter.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 26 Sep 2026 · Documents: 08.
5 classes. All cost and risk figures on this page refer to the basis class PC (USD) ACC; the cheapest class with a cost figure is EB PC (USD) ACC (1.70%, from 10,000 USD).
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. The risk indicator differs by class (3 to 4); the key figures show the value of the basis class. 2 classes are closed to new subscriptions.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | May 2026 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Factsheet / monthly report | 30 Apr 2026 | — |
| Key information document (PRIIPs KID) | 7 Jul 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| NAV series price feed / provider document, secondary source (data portal) | 31 Jul 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 45 business days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 147 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2% p.a. according to the PRIIPs KID for class PC (USD) ACC; the median of the Other funds in this database is 2%; plus a performance fee of 12.50%.
10,000 USD in class PC (USD) ACC.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Partners Group Evergreen Royalties Opportunities. Under the prospectus a gate of 5% per quarter applies.