Analysis · October 2026
Partners Group plans to split this fund into a compounding fund and a distributing fund. Read the analysis ›
ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
Fund database › Private Equity
Partners GroupLU1911739297Class E-N EUR ACC
The Partners Group Global Value SICAV is the oldest private-equity evergreen in the database — in the market since 2007, managed through almost two decades and several crises: secondaries, primaries and buyouts globally, with an unusually granular portfolio.
Monthly subscription and redemption with two months' notice and a quarterly net gate; no lock-up, no fixed charge for the main share class. Since June 2026 the quarterly gate has applied — according to the available evidence for the first time since launch: excess orders are filled pro rata and the remainder is carried forward to the following quarter.
The main share class targets institutional buyers with a high entry threshold; depending on the country, classes for professional and retail investors exist. Currently not registered for distribution in Germany.
The reference fund of the private-equity category with the longest live record in the segment — and since June 2026 the case in point for how a quarterly gate works while the fund stays open to new money: a well-documented precedent for semi-liquid structures under redemption pressure.
Figures for class E-N EUR ACC (LU1911739297) · product data 16 Oct 2026 · sources: prospectus (as at April 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Sep 2019, the unit price has gained 6.7% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
96 monthly values, 57 derived from monthly returns · Source: secondary source (data portal), price feed / provider document · 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 Feb 2007; a reliable NAV series of the class is available from Sep 2019.
What the prospectus permits: Direct controlling stakes (buyout) plus primaries and secondaries; private credit sleeve
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
5 holdings; the five largest account for 10.4% of the fund. 12.0% is held in the liquidity reserve — enough for 7 months of maximum redemptions.
How the reserve is invested: Partners Group Global Senior Loan Master Fund SICAV 6.0% · BLACKROCK TREASURY TRUST 062 2.0% · German Treasury Bill 0.00% 0.7% · 13 more 2.8%. It covers 7 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: 8 equity holdings, 2 GP-led secondaries.
DiversiTech manufactures parts, components and accessories for heating, ventilation and air-conditioning (HVAC) systems, such as equipment pads, condensate pumps and chemicals …
Pan-European provider of ERP software for small and medium-sized manufacturing and industrial companies, formed by combining numerous regional software firms (buy-and-build).
Allied Universal (Santa Ana, California) is one of the world’s largest security services providers, offering manned guarding, security technology, video surveillance and facility services.
Version 1 is a Dublin-based IT services provider supporting companies and public-sector clients with digital transformation, cloud migration, data projects and ERP implementations …
Żabka is Poland's largest convenience store chain, with more than 11,000 stores run mainly by franchisees, as well as digital offerings such as apps and quick commerce.
Emeria (formerly Foncia) is one of Europe’s largest residential property managers, offering building management, rental management …
One of the largest physician-led dermatology platforms in the US, with more than 200 practices in over 20 states, offering medical …
St Croix Hospice is a pure-play hospice provider in the US Midwest, delivering palliative and end-of-life care mainly to patients at home and in care facilities.
Continuation fund holding RLDatix, a provider of governance, risk and compliance software for healthcare, covering patient safety, incident reporting and workforce scheduling …
Single-asset continuation vehicle of KKR holding Internet Brands, a US operator of online media and software platforms …
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; holdings as at 31 Jul 2026, reserve as at 30 Jun 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 3.31%, class E-N EUR ACC is well above the median of the asset class (2.60%). On top comes a performance fee of 15% above a hurdle of 8% — without a high-water mark.
For 2,000,000 EUR this means roughly 66,200 EUR per year.
For 2,000,000 EUR, a one-off up to 100,000 EUR on purchase and up to 100,000 EUR on redemption.
Based on the PRIIPs key information document of class E-N EUR ACC, hence comparable across providers. Median: 35 Private Equity 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.
complete documentation 5 business days before the cut-off.
no discretionary acceptance of late orders; late requests are carried to the next …
Price = NAV per share on this day.
NAV typically available on the 18th business day of the calendar month following the …
after NAV publication: 3 business days after NAV publication
An order placed today is invested in — days (—); the money is due on —.
Shown without a date because the prospectus does not quantify: cut-off. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 17:00 CET · (fixed calendar day) |
| Price | valuation day |
| NAV publication | NAV typically available on the 18th business day of the calendar month following the valuation day (NAV Calculation Day) |
| Payment | after NAV publication: 3 business days after NAV publication |
| Minimum investment | 10,000 EUR |
| Entry charge (max.) | 5% (Fund) |
| Subscription limit | Net subscriptions p.a. max. 25% of the NAV at the start of the financial year in order to avoid dilution; waiver by the Directors possible |
| KYC / documents | complete documentation 5 business days before the cut-off; the registrar may accept later where the account has already been opened |
| Revocation | not addressed; in the event of a suspension or a switch to Annual Dealing the request may be withdrawn |
| Business day | "Business Day": a bank business day in Luxembourg, unless otherwise stated (p. 66, definitions section) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 16 Oct 2026 · Documents: 08.
Units can be redeemed monthly — 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.
Gating means the fund meets redemption requests only in part. If net redemptions in a period exceed the limit set in the prospectus, all requests are scaled back pro rata — the unmet portion is carried forward to the next dealing date. This is not a default but protection for remaining investors against forced sales in an illiquid portfolio; it does, however, lengthen the exit considerably.
Details of the ongoing limitation · as at 16 Oct 2026 · sources: Partners Group, ad-hoc notice under Art. 53 LR, 4 Jun 2026 (full text verified): 'GV SICAV will operate the 5% quarterly liquidity limitation' · Citywire, 'Partners Group flagship under continued redemption pressure', 2 Sep 2026 · Citywire, 'Partners Group H1 redemptions reach $3.8bn', 15 Jul 2026 · Reuters 3 Jun 2026 · CNBC 4 Jun 2026 · semi-annual report Partners Group Global Value SICAV 30 Jun 2026, note 13 … Earlier limitations are not shown here: the history before the current episode has not been conclusively verified.
Two dealing procedures: Monthly Dealing (currently applicable) and Annual Dealing …
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.
An exit is possible after three years at the earliest — arithmetically 32624 days from decision to cash.
Rank 101 of 112 · rank 37 of 38 in Private Equity · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Apr 2026 · score run 16 Oct 2026 · How 32624 days become 0 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 | monthly |
| Valuation day | last business day of the month |
| Notice | 2 months before Valuation day · 17:00 CET |
| Price | valuation day |
| Payout | 3 business days after NAV publication |
| Gate | 5% net of NAV at the previous quarter-end per quarter; the directors may reduce the limit for new share classes to 2.5% (gating mechanism), for no more than 2 consecutive … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% (discretionary) |
| Lock-up | none |
| Suspension | Markets closed; disposal not reasonably possible; breakdown in communications or in the currency markets |
| Liquidity tools | Gating, pro-rata deferral, redemption fee, redemption in kind, suspension of NAV, Annual Dealing with spread; no express designation of AIFMD LMTs |
| Switch / transfer | permitted by way of a transfer form, the transferee must satisfy KYC; the directors may refuse; no transfer to US persons |
| Compulsory redemption | in the case of a Prohibited Person, sanctions/registration risk, Late Trading/Market Timing, holding below one unit |
Net redemptions are limited to 5% of the NAV of the outstanding units per calendar quarter, calculated as at the end of the preceding quarter and aggregated separately for (a) all Old Share Classes, (b) all New Share Classes and (c) the pool of the Danish retail classes.
The gate is quarterly (5% of NAV per calendar quarter, aggregated across all New Share Classes) although dealing is monthly; the board of directors may reduce it to 2.5% (for no more than two years) or suspend it entirely. Separate 5% buckets, calculated separately, apply to the Old Share Classes and to the Danish retail classes.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 16 Oct 2026 · Documents: 08.
39 classes. All cost and risk figures on this page refer to the basis class E-N EUR ACC.
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. 13 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 |
|---|---|---|
| Factsheet / monthly report | 31 May 2026 | — |
| Prospectus | 1 May 2025 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Jul 2026 | Performance (01) |
| Positions and reserve | 31 Jul 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.
Pro-rata scale-back since 3 Jun 2026: redemptions are currently met only in part. Details under “Redemption & liquidity”.
Ongoing costs of 3.31% p.a. according to the PRIIPs KID for class E-N EUR ACC; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 15%.
From 10,000 EUR in the smallest class in EUR.
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.
Yes. Pro-rata scale-back since 3 Jun 2026 (as at 16 Oct 2026). Details under “Redemption & liquidity”.
Same asset class, similar sub-strategy.
Blackstone · Part II SICAV · quarterly
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CVC Capital Partners · Part II SICAV · quarterly
KKR · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.