Fund database › Private Equity
UBS Asset ManagementLU2459535261Class P-acc
The UBS evergreen targets PE secondaries, complemented by primaries and co-investments, globally across Europe, North America and Asia — as a Luxembourg Part II SICAV, launched in 2022, accumulating.
Monthly subscription; quarterly redemption with roughly one quarter's notice; its distinctive feature is that the gate is measured per share class rather than at fund level, supplemented by an annual ceiling. Redemption orders are irrevocable as a rule; staggered charges make early exits more expensive.
Subscription from EUR 50,000 for knowledgeable retail investors and professional investors; not registered for distribution in Germany.
The class-by-class gate measurement is unique in the field — it shields investors in one class from the redemption behaviour of the others, but makes available liquidity harder to compare. In the market since 2022, it ranks among the more seasoned Part II vehicles.
Figures for class P-acc (LU2459535261) · product data 12 Oct 2026 · sources: prospectus (as at 22 Jan 2025), PRIIPs-KID — full list under 08 documents.
Since the data series began in Oct 2023, the unit price has gained 7.2% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
35 monthly values · 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 Sep 2022; a reliable NAV series of the class is available from Oct 2023.
What the prospectus permits: Secondaries (min. 70% Target Funds), Primaries, Co-Investments; Buyout/Growth
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
46 holdings; the five largest account for 14.9% of the fund. 28.8% is held in the liquidity reserve — enough for 17 months of maximum redemptions.
How the reserve is invested: UBS (Irl) Select Money Market Fund – EUR (Accum S) 22.4%. It covers 17 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: 7 GP-led secondaries, 2 LP secondaries, 1 co-investment.
Corsair Riva is the first continuation vehicle of Corsair, a private equity firm specializing in financial services (New York/London), which closed in May 2025 at around USD 600 million …
Continuation fund of Leonard Green & Partners (Los Angeles), a large US buyout investor focused on consumer, healthcare and services.
USD vehicle (“Polar”) newly subscribed in 2026 and classified in the report as a GP-led secondary or continuation vehicle.
Holding vehicle (“DB Sunshine Holdings I”) of a GP-led secondary transaction, denominated in USD and classified as US; no further description is available.
Single-asset continuation fund of Deutsche Beteiligungs AG (DBAG) for Solvares Group, a German provider of software for scheduling …
Warburg Pincus XII is Warburg Pincus's global flagship private equity fund, a 2015 vintage with about USD 12 billion in commitments.
Luxembourg transaction vehicle (SCSp, code name "CF24XB") of a secondary transaction, reported as an LP interest.
Co-investment vehicle alongside Greenbriar Equity Group (New York), a private equity investor focused on industrial, transportation and logistics service providers.
Single-asset continuation fund of Greenpeak Partners (Munich), a mid-market private equity investor focused on companies in German-speaking countries …
Undisclosed portfolio company ("Smile") in which a co-investment was made in 2024 alongside Audax Private Equity and Audax Strategic Capital.
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 2.45%, class P-acc is below the median of the asset class (2.60%). On top comes a performance fee of 10% above a hurdle of 8% — with a high-water mark.
For 50,000 EUR this means roughly 1,225 EUR per year; the cheapest class with a cost figure is EUR D-acc (0.40%).
For 50,000 EUR, no charge on purchase and up to 1,000 EUR on redemption.
Based on the PRIIPs key information document of class P-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.
application including the required documents by the cut-off 2 weeks before the …
The Board may shorten the lead time to 1 business day in the event of technical problems.
Price = NAV per share on this day.
pre-funding: 0 business days after dealing day
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 —.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last calendar day of the month |
| Cut-off | 14 calendar days before dealing day · 17:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation Day last calendar day of the month; Price Publication Day in the last week of the following month |
| Payment | pre-funding: 0 business days after dealing day |
| Minimum investment | EUR 50,000 |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The Board may limit subscriptions, including where the size of the fund leaves no suitable investments; a partial acceptance is carried forward with priority to the next dealing day |
| KYC / documents | application including the required documents by the cut-off 2 weeks before the Subscription Dealing Day |
| Revocation | Rejection/partial acceptance by the Board possible until the contract note is dispatched; the investor's order is not expressly revocable |
| Business day | A day (not Saturday, Sunday or public holiday) on which banks are generally open for non-automated business in Luxembourg (p. 81) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 12 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption fee at discretion: up to 5% during the lock-up, up to 2% thereafter.
NAV per unit less redemption fee (up to 2%)
On each redemption dealing day (last calendar day of the quarter), no more than 5% of the net asset value of …
Pricing date for a request made today: —, in — days.
Shown without a date because the prospectus does not quantify: NAV publication, payment. The remaining markers are calculated from the prospectus rules.
No liquidity score — payout depends on NAV publication, whose timing the prospectus does not quantify.
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 | 90 calendar days before redemption day · 17:00 Luxembourg |
| Price | quarter-end |
| Payout | 2 business days after NAV publication |
| Gate | 5% gross of NAV on the redemption day per quarter; 20% p.a. per share class per Appendix 1, column "Gate (p.q / p.a.)" = 5% / 20%. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (discretionary) |
| Lock-up | fund-level, 12 months (fund launch) |
| Suspension | Market closed/restricted; valuation cannot be determined; disorderly liquidation; NAV suspension at target funds |
| Liquidity tools | Gate 5% per quarter / 20% p.a., pro-rata carry-forward, Deferral Period, NAV suspension with indicative NAV, Partial Swing Pricing, redemption fee, redemption … |
| Switch / transfer | permitted with consent; no transfer to persons not eligible to subscribe |
| Compulsory redemption | in the event of legal/tax disadvantage, breach of the articles of incorporation, an ineligible holder, or failure to maintain the minimum holding |
On each redemption dealing day (last calendar day of the quarter), no more than 5% of the net asset value of the RELEVANT SHARE CLASS may be redeemed; the class table in Appendix 1 additionally states an annual limit of 20% (column 'Gate (p.q / p.a.): 5% / 20%').
The Gate is CLASS-SPECIFIC, not fund-wide: on each redemption dealing day, no more than 5% of the NAV of the relevant share class may be redeemed. The class table in Appendix 1 additionally states an annual limit of 20% ('Gate (p.q / p.a.): 5% / 20%'), which applies to all classes with a lock-up; for the fee-free classes D-acc and I-B-acc the table shows neither lock-up nor Gate (N/A).
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
2 classes. All cost and risk figures on this page refer to the basis class P-acc; the cheapest class with a cost figure is EUR D-acc (0.40%).
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) | 17 Apr 2025 | — |
| Key information document (PRIIPs KID) | 18 Nov 2024 | — |
| NAV series secondary source (data portal), price feed / provider document | 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 90 calendar days before redemption day, with 5% gate per quarter.
Ongoing costs of 2.45% p.a. according to the PRIIPs KID for class P-acc; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 10%.
50,000 EUR in class P-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 Private Equity (Lux) Evergreen Secondary Fund. Under the prospectus a gate of 5% per quarter 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.