Fund database › Multi-Asset

The Partners Fund SICAV

Partners GroupLU1912497127Class R-N EUR

Part II SICAVMulti-AssetLuxembourgSFDR Article 8accumulating26 share classes ↓
What the fund does

The Partners Fund is the multi-asset edition of the Partners Group evergreens: private equity, credit, infrastructure and real estate in one mandate, in the market since 2016, as a Luxembourg Part II SICAV, accumulating.

Liquidity

Monthly dealing with roughly one quarter's notice and a three-stage net limit per month, quarter and rolling year — more generously set than the field standard. No lock-up for the main share class.

Access

Subscription from EUR 10,000, for retail and professional investors depending on the country; currently not registered for distribution in Germany.

Price & return
NAV31 Jul 20261,495.10 EUR
Performance 1 year31 Jul 2026−3.9%
Since start of series p.a.Sep 2019+4.7%
Costs & risk
Ongoing costsmedian Multi-Asset 2.30%3.60%
Performance feeabove 0% hurdle, with high-water mark15%
Risk (SRI)scale 1 to 73 of 7
Access & liquidity
Minimum investmentclass R-N EUR10,000 EUR
Liquidity scoreavg. 139 days to cash41medium
Redemptiongate 10% per monthmonthly
Recommended holding periodper key information document5 years
Compared with the asset classMedian of Multi-Asset funds in this database with a documented value · data run 16 Oct 2026
Ongoing costs
3.60%this fund
2.30%median
Liquidity score
41this fund
40median
Redemption
monthlythis fund
quarterlytypical
ContextEditorial

Almost a decade of lived multi-asset practice with the most generous redemption limits in the category — the portfolio's maturity carries the openness; the young ELTIF competition has yet to deliver that proof.

Figures for class R-N EUR (LU1912497127) · product data 26 Sep 2026 · sources: prospectus (as at April 2026), PRIIPs-KID, Factsheet — full list under 08 documents.

01Performance

Since the data series began in Sep 2019, the unit price has gained 4.7% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.

Class R-N EUR · Net asset value (NAV) in EUR
1,495.10 EURNAV as at 31 Jul 2026Move the pointer over the line
1,0001,2001,4001,600Sep 2019Jun 2021Mar 2023Nov 2024Jul 2026
YTD 2026−3.8%
1 year−3.9%
Calendar year 2025+0.1%
3 years p.a.+0.9%

93 monthly values, 58 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 May 2016; a reliable NAV series of the class is available from Sep 2019.

02Strategy

What the prospectus permits: Direct investments, primaries, secondaries

prospectus (as at April 2026)
Launch13 May 2016
Fund size1.30 bn USDas at 31 Jul 2026
Sub-strategySecondaries · Primaries
SFDRArticle 8
Liquid assetstarget 15%actual 12% · see 03
Leverage limit25%

Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.

03Portfolio

4 holdings; the five largest account for 101.9% of the fund. 12.0% is held in the liquidity reserve — enough for 1 month of maximum redemptions.

30 Jun 2026
Where the money is% of fund assets · 30 Jun 2026
Private markets 88.0%Liquidity reserve 12.0%

How the reserve is invested: Partners Group Listed Investments SICAV - Listed Infrastructure EUR M Acc 0.5% · Care Bidco / First Lien (LX194161) 0.4% · Skopima Consilio Parent LLC / First Lien (LX256054) 0.2% · 7 more 1.0%. It covers 1 month of the maximum net redemption (at most 100% per year under the gate) — what that means for redemptions is in 06.

Sectorsactual portfolio · 31 Jul 2026
Technology & software20.0%Industrials & manufacturing19.0%Healthcare & life sciences13.0%Consumer discretionary12.0%Real estate11.0%Financial services7.0%Consumer staples5.0%Communication services5.0%Utilities & environment5.0%Chemicals & materials2.0%Other1.0%
Regions and structureactual portfolio · 31 Jul 2026
North America 46.0%Europe 41.0%Asia-Pacific 10.0%Other / unallocated 3.0%
4Holdings
101.9%Top 5 of NAV
93.2%largest position

Among the ten largest: 9 equity holdings, 1 fund interest.

The five largest positions% NAV · 30 Jun 2026 · top 10 together 109.5%
  1. 1
    Partners Group Partners Fund, L.P.fund interest · Multi-Asset Private Markets · Guernsey
    93.2%
  2. 2
    Emeriaequity holding · Real Estate · France
    2.3%

    Emeria (formerly Foncia) is one of Europe’s largest residential property managers, offering building management, rental management …

  3. 3
    DiversiTechequity holding · Industrials · USA
    2.3%

    DiversiTech manufactures parts, components and accessories for heating, ventilation and air-conditioning (HVAC) systems, such as equipment pads, condensate pumps and chemicals …

  4. 4
    Vishal Mega Martequity holding 2024 · Consumer Discretionary · India
    2.1%

    Vishal Mega Mart is an Indian discount retailer of apparel, general merchandise and fast-moving consumer goods with more than 790 stores, headquartered in Gurugram.

  5. 5
    Allied Universalequity holding · Industrials · USA
    2.0%

    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.

Positions 6 to 10together 7.7% · AtNorth · Spring Education Group · Forefront Dermatology · Unit4 · Ammega
  1. 6
    AtNorthequity holding · Digital infrastructure (Data centres) · Iceland/Nordics
    2.0%

    atNorth is a Nordic data center operator headquartered in Iceland, with sites in Iceland, Sweden, Finland and Denmark.

  2. 7
    Spring Education Groupequity holding · Consumer Discretionary (Education) · USA
    1.8%

    Spring Education Group operates private, for-profit preschools and K-8 schools in the United States, including under the Stratford School and BASIS Independent Schools brands …

  3. 8
    Forefront Dermatologyequity holding · Health Care · USA
    1.3%

    One of the largest physician-led dermatology platforms in the US, with more than 200 practices in over 20 states, offering medical …

  4. 9
    Unit4equity holding · IT · Netherlands
    1.3%

    Unit4 develops cloud-based ERP, finance and HR software for service-centric organizations such as consultancies, universities, nonprofits and public-sector bodies.

  5. 10
    Ammegaequity holding · Industrials · Europe
    1.3%

    Ammega is a global manufacturer of conveyor, process and power transmission belts for industry, logistics and food processing.

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.

04Costs

With ongoing costs of 3.60%, class R-N EUR is well above the median of the asset class (2.30%). On top comes a performance fee of 15% above a hurdle of 0% — with a high-water mark.

PRIIPs-KID R-N EUR
Ongoing costsper year, % of unit value
  • Total ongoing costs3.60%
  • of which management fee1.75%
  • Performance fee15%
  • Hurdle rate0%
  • High-water markyes
3.60%this fund
2.30%median Multi-Asset
3.19%cheapest class

For 10,000 EUR this means roughly 360 EUR per year; the cheapest class with a cost figure is I-N EUR (3.19%, from 10,000 EUR).

One-off costsmaximum per prospectus
  • Entry charge (for distribution)up to 5%
  • Redemption feeup to 5%

For 10,000 EUR, a one-off up to 500 EUR on purchase and up to 500 EUR on redemption.

  • Several layers of fees possible. Structurally two-tier, unquantified: TPF SICAV is a multi-alternatives vehicle investing in various alternative asset classes and strategies – typically via target funds and investment vehicles of Partners Group and of third parties. Target fund fees therefore arise at a second layer; a quantification, a fee rebate/waiver arrangement or a master-feeder structure are NOT documented = n.a

Based on the PRIIPs key information document of class R-N EUR, hence comparable across providers. Median: 16 Multi-Asset funds in this database, data run 16 Oct 2026.

05Subscription

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 17 business days later.

calculated on —
Next subscription cycleValuation day — · calculated on — Your step Fund-internal
  1. Documents complete
    —recommendation

    5 business days before the Cut-off Date, KYC/AML completed

  2. Order cut-off
    —11:00 CET

    Orders after the Cut-off Date are, if accepted, executed at the NAV of the next Valuation …

  3. Valuation day
    —T

    Price = NAV per share on this day.

  4. NAV published
    —T+17 BD

    NAV typically available on the 17th business day of the following month

  5. Payment due
    —NAV+3 BD

    after NAV publication: 3 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 —.

Before placing the orderwhat can delay, add cost to or scale back the subscription
  • Payment: after NAV publication. subscriptions not settled on time may be cancelled, cancellation costs charged to the investor
  • Scaling back possible. New subscriptions in New Share Classes from 2022 may be limited to 25% of the fund NAV at the start of the financial year, at the Directors' discretion
  • Clarify the share class first. EUR 10,000 (I, I-N, I-NZ2, R, R-N, M, T, T-N, T-NE); EUR 1,000,000 (Inst-N) · Entry charge (max.): 5%
  • Number of units is fixed later — 100,000 EUR at the latest NAV (1,495.10 EUR, 31 Jul 2026) would equal roughly 67 units.
All prospectus details on subscription13 items · incl. procedure, KYC, business-day definition
Frequencymonthly
Procedurefully paid-in
Valuation daylast business day of the month
Cut-off5 business days before Valuation day · 11:00 CET · (before the anchor date)
Pricevaluation day
NAV publicationNAV typically available on the 17th business day of the following month
Paymentafter NAV publication: 3 business days after NAV publication
Minimum investmentEUR 10,000 (I, I-N, I-NZ2, R, R-N, M, T, T-N, T-NE); EUR 1,000,000 (Inst-N)
Entry charge (max.)5% (Fund)
Subscription limitNew subscriptions in New Share Classes from 2022 may be limited to 25% of the fund NAV at the start of the financial year, at the Directors' discretion
KYC / documents5 business days before the Cut-off Date, KYC/AML completed
Revocationrevocable in the event of a suspension or a switch to Annual Dealing; otherwise not addressed
Business daya bank business day in Luxembourg, unless otherwise stated (p. 65)

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.

06Redemption & liquidity

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.

calculated on —
Next redemption cyclePricing date — · calculated on — Your step Fund-internal
  1. Request by cut-off
    —11:00

    Redemption deadline: 11:00 CET on the last business day three months before the Valuation Point of the …

  2. Pricing date
    —T

    NAV per unit less redemption fee (up to 5%)

  3. Gate check
    on the pricing date

    The fund deals monthly and the redemption limit has three tiers: net redemptions are capped at 10% of NAV per …

  4. NAV published
    —T+17 BD
  5. Payout
    —NAV+5 BD

    NAV publication

A request made today is paid out on — — — days; from the cut-off to cash it is — days.

Liquidity scoreHow quickly can you get your money out, according to the prospectus?
41/100medium

Money typically within half a year — on average 139 days from decision to cash.

Rank 26 of 112 · rank 6 of 15 in Multi-Asset · no lock-up · no fixed redemption fee

one dot = one fund (112, view as of today) · ● Multi-Asset · ● other asset classesMedian of all funds: 29
And if many want out at the same time?
  • At most 10% of NAV on the redemption day per month can be redeemed (net, subscriptions are offset). In addition: 25% per 3 months and 30% per rolling 12 months; separately for old and new share classes.
  • Carried forward automatically to the next dealing day.
  • Never triggered so far — no gate, no suspension since launch in May 2016 (press and provider reports). The reserve covers 1 month of maximum redemptions (03).
  • A suspension is limited to 12.

Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Apr 2026 · score run 16 Oct 2026 · How 139 days become 41 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.

All prospectus details on redemption14 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencymonthly
Valuation daylast business day of the month
Notice3 months before Valuation day · 11:00 CET
Pricevaluation day
Payout5 business days after NAV publication
Gate10% net of NAV on the redemption day per month; in addition, 25% per 3 months and 30% per rolling 12 months; separately for old and new share classes
Scaled-back portioncarried forward automatically to the next dealing day
Redemption fee (max.)up to 5% (discretionary)
Lock-upnone
SuspensionMarkets closed/restricted; disposal not practicable; political or monetary events
Liquidity toolsRedemption fee and redemption in kind as the LMTs selected; in addition suspension and Side Pockets
Switch / transferpermitted with the consent of the Directors, KYC/AML in advance; not to US persons
Compulsory redemptionin the case of a Prohibited Person, loss of class eligibility (M) or a holding below one unit; grace period possible

The fund deals monthly and the redemption limit has three tiers: net redemptions are capped at 10% of NAV per one-month period, 25% per three-month period and 30% per rolling twelve-month period, in each case calculated as at the immediately preceding valuation point, rounded down to whole numbers and aggregated separately for all Old Share Classes and all New Share Classes respectively.

The gate has three tiers: net redemptions are limited to 10% of NAV per month, 25% per three-month period and 30% per rolling twelve-month period (Old and New Share Classes each in separate buckets). The board of directors may reduce the limits for the New Share Classes to 5%, 12.5% and 15% in the interests of the fund - for no more than two years. Switches do not count towards net redemptions.

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.

07Share classes

26 classes. All cost and risk figures on this page refer to the basis class R-N EUR; the cheapest class with a cost figure is I-N EUR (3.19%, from 10,000 EUR).

17 of 26 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDStatusMinimum investmentMgmtOngoing costs
LU1912497127R-N EURbasisEUR partly hedgedaccumulating✓open10,000 EUR1.75%3.60%
LU1912496749I-N CHFCHF partly hedgedaccumulating✓open10,000 CHF1.50%3.19%
LU1912496582I-N EURcheapest classEUR partly hedgedaccumulating✓open10,000 EUR1.50%3.19%
+ show 23 further classesshow fewer
LU1912496822I-N GBPGBP partly hedgedaccumulating✓open10,000 GBP1.50%3.19%
LU1912497044I-N JPYJPYaccumulating✓—10,000 JPY1.50%3.30%
LU1912496665I-N USDUSD partly hedgedaccumulating✓open10,000 USD1.50%3.19%
LU3231910004I-NZ2 EUREUR partly hedgedaccumulating✓open10,000 EUR1.50%—
LU1912497473R-N CHFCHF partly hedgedaccumulating✓open10,000 CHF1.75%3.48%
LU1912497556R-N SGDSGD partly hedgedaccumulating✓open10,000 SGD1.75%3.48%
LU1912497390R-N USDUSD partly hedgedaccumulating✓open10,000 USD1.75%3.48%
LU2731255233R-NZ (CHF)CHFaccumulating———1.85%—
LU2731255076R-NZ (EUR)EURaccumulating———1.85%—
LU2731255159R-NZ (USD)USDaccumulating———1.85%—
LU1554077351T CHFCHFaccumulating——10,000 CHF0.75%—
LU1554054574T EUREURaccumulating——10,000 EUR0.75%—
LU1554076544T USDUSDaccumulating——10,000 USD0.75%—
LU1912497804T-N (CHF)CHFaccumulating——10,000 CHF0.75%—
LU1912497630T-N (EUR)EURaccumulating——10,000 EUR0.75%—
LU1912497713T-N (USD)USDaccumulating——10,000 USD0.75%—
LU1407933966I CHFCHF partly hedgedaccumulating✓closed10,000 CHF1.50%—
LU1339194224I EUREUR partly hedgedaccumulating✓closed10,000 EUR1.50%—
LU1407934006I GBPGBP partly hedgedaccumulating✓closed10,000 GBP1.50%—
LU1339194497I USDUSD partly hedgedaccumulating✓closed10,000 USD1.50%—
LU1407931911R CHFCHF partly hedgedaccumulating✓closed10,000 CHF1.75%—
LU1339194570R EUREUR partly hedgedaccumulating✓closed10,000 EUR1.75%—
LU1339194653R USDUSD partly hedgedaccumulating✓closed10,000 USD1.75%—

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. 7 classes are closed to new subscriptions.

08Master data & documents

Who is behind the fund, where it may be distributed — and which documents were evaluated.

AIFM / ManCoPartners Group (Luxembourg) S.A.
DepositaryNorthern Trust Global Services SE
Investor baseretail and professional investors
Distribution authorisationFinland, Liechtenstein, Swedenno distribution in Germany
DomicileLuxembourg
Legal wrapperPart II SICAV
Fund currencyEUR
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 26 Sep 2026
DocumentAs atUsed for
Prospectus22 Apr 2026—
Factsheet / monthly report30 Jun 2026—
Key information document (PRIIPs KID)7 Jul 2026—
NAV series
secondary source (data portal), price feed / provider document
31 Jul 2026Performance (01)
Positions and reserve30 Jun 2026Portfolio (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.

Frequently asked questions about the The Partners Fund SICAV

How quickly can I get out of the The Partners Fund SICAV?

Redemption monthly, notice period 3 months before Valuation day, with 10% gate per month. Subscribing today, it takes on average 139 days from decision to cash under the prospectus deadlines; a gate is not factored in.

What does the The Partners Fund SICAV cost per year?

Ongoing costs of 3.60% p.a. according to the PRIIPs KID for class R-N EUR; the median of the Multi-Asset funds in this database is 2.30%; plus a performance fee of 15%.

What is the minimum investment in the The Partners Fund SICAV?

10,000 EUR in class R-N EUR.

Can I buy the The Partners Fund SICAV as a retail investor in Germany?

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.

Is the The Partners Fund SICAV currently gated?

As at 16 Oct 2026, no redemption restriction is documented for the The Partners Fund SICAV. Under the prospectus a gate of 10% per month applies.

Similar funds

Same asset class, similar sub-strategy.

Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.

Important notes. semiliquid.info does not provide investment advice or any recommendation to buy, sell or hold fund units; no ranking, no offer, no solicitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We accept no liability for the accuracy, completeness or timeliness of the information. Semi-liquid funds invest in illiquid assets: redemptions are restricted and may be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and KID before any investment decision and seek professional advice where appropriate.