ELTIF Liquidity Report 2026
This fund is covered in the ELTIF Liquidity Report 2026. Read the report ›
Fund database › Infrastructure
PATRIZIALU2886115216Class AD
The PATRIZIA ELTIF combines infrastructure equity and debt in one evergreen — from the Augsburg real-asset house with decades of infrastructure and real-estate experience, as an ELTIF 2.0, launched in 2025, with no performance fee.
A three-year lock-up from the first subscription order; thereafter quarterly redemption with one year's notice, capped through liquid assets and fund assets. The recommended holding period is seven years.
Designed with a very low minimum investment for institutional and retail investors; distribution in Germany and a few markets.
The blended equity-and-debt approach is rare in the infrastructure field — it smooths the income path, but demands the patient commitment PATRIZIA also openly requires through its long lock-up and notice periods.
Figures for class AD (LU2886115216) · product data 19 Aug 2026 · sources: prospectus (as at prospectus 16 Apr 2026; articles of incorporation consolidated 25 Jun 2025; KID 10 Jun 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Jun 2025, the unit price has gained 0.0% (cumulative, 1.0 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
16 monthly values · Source: 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 Jan 2025; a reliable NAV series of the class is available from Jun 2025.
What the prospectus permits: Equity investments (infrastructure equity) and lending (infrastructure debt) through direct investments/co-investments and interests in target funds (acquired on the primary or secondary market).
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 64.5% of the fund. 37.4% is held in the liquidity reserve — enough for 22 months of maximum redemptions.
How the reserve is invested: BlackRock ICS Euro Liquidity Fund Core 11.2%. It covers 22 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: Italy 88%, Other / unallocated 13%
Among the largest positions: 1 co-investment, 1 primary fund.
Fully integrated Italian waste management company headquartered in Segrate (Milan) with around 20 facilities in northern and central Italy for waste treatment, waste-to-energy …
Macquarie Global Infrastructure Fund (MGIF) is an open-ended evergreen infrastructure fund managed by Macquarie Asset Management with a Luxembourg fund structure and a globally diversified …
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.13%, class AD is below the median of the asset class (2.42%). There is no performance fee.
For 10,000 EUR this means roughly 213 EUR per year; the cheapest class with a cost figure is CA (1.54%, from 10,000 EUR).
For 10,000 EUR, a one-off up to 500 EUR on purchase.
Based on the PRIIPs key information document of class AD, hence comparable across providers. Median: 25 Infrastructure 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.
in the month of the first dealing day, cut-off 2 business days before the dealing …
Price = NAV per share on this day.
An order placed today is invested in — days (—). Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
Shown without a date because the prospectus does not quantify: NAV publication, payment. 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 | 12 business days before dealing day · 16:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV monthly on the last business day (valuation day), three decimal places; no publication deadline in the prospectus. |
| Payment | after NAV publication: 20 business days after dealing day |
| Minimum investment | 100 EUR |
| Entry charge (max.) | 5% (not in the prospectus) |
| Subscription limit | Subscription applications may at any time be accepted, deferred, placed on hold or rejected; subscriptions may be suspended; no contributions in kind |
| Revocation | Retail investors: withdrawal within 2 weeks (14 calendar days) of signing the initial subscription agreement, repayment without deductions |
| Business day | any day on which the banks in Luxembourg are open for business, except Sat, Sun, public holidays and 24. and 31.12. |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 36 months. How quickly the money arrives and what happens if many want out at once is set out below.
Lock-up: the first redemption day is the last business day of the calendar quarter following the 3rd …
Price = NAV per share on this day.
max. 50% of the available liquid assets or 5% of NAV per quarter
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
Money typically only after more than a year — on average 896 days from decision to cash.
Rank 96 of 112 · rank 17 of 23 in Infrastructure · 15 months lock-up · no fixed redemption fee
Money typically only after more than a year — on average 440 days from decision to cash.
15 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 16 Apr 2026 · score run 16 Oct 2026 · How 896 days become 4 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 | 12 months before redemption day |
| Price | quarter-end |
| Payout | 20 business days after redemption day |
| Gate | 5% net of NAV on the redemption day per quarter; in addition max. 50% of the liquid assets on the redemption day. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 36 months (fund launch) |
| Suspension | Disposal not practicable (political/economic events), failure of the pricing sources/means of communication, valuation of subsidiaries impossible, market … |
| Liquidity tools | Redemption limit (Gate), extension of the notice period by max. 6 months, redemption fee, Swing Pricing, Dual Pricing, anti-dilution levy, redemption in kind. |
| Switch / transfer | Shares transferable in principle without the consent of the management, save on grounds of invalidity … |
| Compulsory redemption | compulsory redemption of shares of excluded persons after at least 10 business days' prior notice; compulsory redemption also to distribute cash. |
max. 50% of the available liquid assets or 5% of NAV per quarter
Three-part rule: redemptions are scaled back where they (i) exceed 50% of the liquid assets on the redemption day or (ii) exceed 5% of net asset value measured over the quarter or (iii) would cause the liquid assets to fall below 5% of NAV. The NAV ratio recorded here is the one under (ii).
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
16 classes. All cost and risk figures on this page refer to the basis class AD; the cheapest class with a cost figure is CA (1.54%, from 10,000 EUR).
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 |
|---|---|---|
| Prospectus | 30 Jun 2025 | — |
| NAV series secondary source (data portal) | 31 Aug 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 5% gate per quarter. Subscribing today, it takes on average 896 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.13% p.a. according to the PRIIPs KID for class AD; the median of the Infrastructure funds in this database is 2.42%; no performance fee.
100 EUR in class AD.
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 PATRIZIA Infrastructure Invest. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
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Commerz Real · ELTIF 2.0 · monthly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.