Fund database › Private Equity
HMW Kapitalanlagen / HMW Emissionshaus AGDE000A40A508
The RockPhant ELTIF 1 is one of the few ELTIFs under German law: a fund-of-funds approach across primaries, co-investments and venture/growth in the small and mid market of Europe and North America, launched in 2025, distributing.
The strictest mechanics in the database: a five-year minimum holding period per unit, thereafter redemption only once a year at the financial year-end with a full year's notice and a limit measured against the liquid assets. The manager cites a recommended holding period of fifteen years.
No meaningful minimum investment, expressly designed for all investor groups with a long horizon; distribution in Germany and a few neighbouring countries.
The counter-model to the semi-liquid mainstream: where the field builds monthly windows, this fund applies closed-end-fund logic in an ELTIF wrapper — consistently long-term, and without the liquidity illusion that elsewhere has to be caught by gates. A German fund domicile is a rarity in the field.
Figures for class — (DE000A40A508) · product data 9 Oct 2026 · sources: prospectus (as at 1 May 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Jun 2025, the unit price has gained 0.9% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
16 monthly values, 1 derived from monthly returns · Source: price feed / provider document, secondary source (data portal) · Price return excluding distributions · 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. distributing, no distribution data — price return excluding distributions.
What the prospectus permits: Investment in private equity and venture capital target funds; primary market subscriptions, secondary market purchases and co-investments are permitted; the target funds invest in small and mid-market portfolio companies
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
100.0% is held in the liquidity reserve.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: Europe 100%
Positions and shares according to the provider; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.30%, the main class is below the median of the asset class (2.60%). On top comes a performance fee of 20% above a hurdle of 6% — without a high-water mark.
For 10,000 EUR this means roughly 230 EUR per year.
For 10,000 EUR, a one-off up to 500 EUR on purchase and up to 500 EUR on redemption.
Cost figures of the main class according to provider documents. Median: 35 Private Equity 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.
cut-off for acceptance of applications not quantified in the prospectus.
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 | daily |
|---|---|
| Procedure | fully paid-in |
| Valuation day | every bank business day |
| Cut-off | 14 calendar days before Valuation day · (before the anchor date) |
| Price | next NAV after centralisation |
| NAV publication | Unit value determined on all Hamburg exchange trading days; no determination on 24 Dec, 31 Dec and German public holidays; no publication deadline specified |
| Minimum investment | 1 EUR |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | Issue of units only on each exchange trading day until 31 Dec 2027, no further issue from 1 Jan 2028; number unlimited until then; discontinuation reserved at any time |
| Revocation | retail investors: 2 weeks withdrawal period, settlement only thereafter |
| Business day | No definition of a bank business day; valuation days are Hamburg stock exchange trading days Mon-Fri excluding 24./31.12. |
Dates calculated from the prospectus rules (bank holidays: DE); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
Units can be redeemed annually — with a volume limit (Gate), lock-up 60 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption in fact only ONCE A YEAR at the financial year end 30.09.
NAV per unit less redemption fee (up to 5%)
max. 10% of the available liquid assets per date
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
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 | annually |
| Valuation day | special rule, see prospectus |
| Notice | 12 months before redemption day |
| Price | valuation day |
| Gate | 10% gross of available liquidity per redemption day; basis limited to the assets under section 6(2)(d)-(f) of the investment conditions, less committed funds |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% |
| Lock-up | investor-level, 60 months (subscription) |
| Suspension | valuation difficulties; severe liquidity problems; BaFin order |
| Liquidity tools | Redemption restriction of 10% of the liquid investments; extension of the redemption notice period by max. |
| Switch / transfer | Admission to listing by the company possible; inclusion in over-the-counter trading by third parties cannot be ruled out |
max. 10% of the available liquid assets per date
Limit on the liquid investments, not on the NAV.
Data as at 9 Oct 2026 · Documents: 08.
1 class. All cost and risk figures on this page refer to the basis class DE000A40A508.
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) | 4 Jun 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| NAV series price feed / provider document, secondary source (data portal) | 25 Aug 2026 | Performance (01) |
| Positions and reserve | 30 Sep 2025 | 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 annually, notice period 12 months before redemption day, with 10% gate per redemption day.
Ongoing costs of 2.30% p.a. according to the PRIIPs KID; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 20%.
1 EUR.
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 RockPhant ELTIF 1. Under the prospectus a gate of 10% per redemption day applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.