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Tikehau CapitalFR00140102X7Class R-bis EUR
The Tikehau Défense et Sécurité is the first ELTIF to invest specifically in European defence and security companies — through primaries, secondaries and co-investments, as a French ELTIF 2.0, launched in 2025, accumulating.
A hard three-year lock-up from the first closing; thereafter semi-monthly windows open with short notice and a quantified limit. The recommended holding period is eight years.
Designed for retail and professional investors, currently distributed in its home market; not registered for distribution in Germany.
The field's first thematic vehicle with a defence focus — a sector no other semi-liquid fund covers. The French combination of a ramp-up lock followed by fine-grained windows follows the national pattern from Altaroc to Sienna.
Figures for class R-bis EUR (FR00140102X7) · product data 19 Aug 2026 · sources: prospectus (as at 15 Jul 2025), PRIIPs-KID — full list under 08 documents.
Since the data series began in Aug 2025, the unit price has gained 6.1% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
18 monthly values, 5 derived from monthly returns · 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 Jul 2025; a reliable NAV series of the class is available from Aug 2025.
What the prospectus permits: Direct holdings in European defence and security companies; existing portfolio of more than 30 European companies
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
30 holdings; the five largest account for 23.1% of the fund. 49.0% is held in the liquidity reserve.
How the reserve is invested: Cash (money market funds and term deposits) 49.0%.
Focus according to fund documents: Defence & security 100%
Focus according to fund documents: Europe 100%
Among the ten largest: 6 LP secondaries, 2 co-investments, 1 loan.
Aubert & Duval is a French manufacturer of high-performance metallic materials and parts, including special steels, superalloys, and titanium and aluminum alloys, for aerospace, defense …
Belgian developer and manufacturer of displays, computers and mission systems for avionics and for land and naval defense, headquartered in Kortrijk.
French advisory group for strategic intelligence, economic security, compliance and due diligence investigations as well as support for international business development …
Mecachrome is a French manufacturer of precision parts and assemblies for aircraft engines and aerostructures as well as motorsport, headquartered in Amboise.
French software provider headquartered in Paris whose platforms process location and network data from mobile networks.
French aerospace supplier of structural parts, engine and landing gear components made of aluminum, titanium and composites, with customers such as Airbus, Boeing and Safran.
Crouzet, headquartered in Valence, is a French manufacturer of electromechanical and electronic components such as switches, sensors, motors and power electronics for aerospace …
ChapsVision is a Paris-based French software group for sovereign data processing, AI-powered analytics and cybersecurity.
German software provider for secure, encrypted data exchange and file transfer, for example for email attachments, large files and automated workflows, with customers in industry …
French family-owned company (founded 1968) specializing in high-precision machining, additive manufacturing, metrology and assembly of components for civil and military aviation …
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 3.13%, class R-bis EUR is well above the median of the asset class (2.60%). On top comes a performance fee of 15% above a hurdle of 6% — without a high-water mark.
For 10,000 EUR this means roughly 313 EUR per year.
For 10,000 EUR, no charge on purchase.
Based on the PRIIPs key information document of class R-bis EUR, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed semi-monthly. The prospectus does not fix a determinable dealing day; the sequence is therefore shown as a rule, without dates.
Price = NAV per share on this day.
No date can be calculated from the captured rules — a determinable valuation day is missing. Shown are the prospectus figures.
| Frequency | semi-monthly |
|---|---|
| NAV publication | The KID refers only to the date d etablissement de la valeur liquidative, with no frequency or period. |
| Minimum investment | 10,000 EUR |
| Entry charge (max.) | 0% (distributor) |
| Business day | "jours ouvres" is used in the KID but is nowhere defined; domicile country France assumed (KID p. 3) |
Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed semi-monthly — 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.
No liquidity score — the redemption frequency cannot be determined from 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 | semi-monthly |
| Notice | 5 business days before NAV day · 12:00 |
| Price | next NAV after centralisation |
| Gate | 4.2% gross of liquid investments per redemption day; per investor 5% of its net assets in the fund, where its request accounts for more than 2.1% of the sum of the … |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 36 months (fund launch) |
| Suspension | exceptional circumstances in the interests of investors (details only in the articles of incorporation) |
| Liquidity tools | Redemption cap (Seuil de Declenchement); temporary suspension of redemptions |
'Seuil de Declenchement' - the management company caps the redemption requests where their aggregate amount exceeds the LOWER of the following two thresholds: (i) 4.2% of the sum of (a) the liquid assets pocket and (b) the expected cash flows under a 12-month forecast.
Data as at 19 Aug 2026 · Documents: 08.
1 class. All cost and risk figures on this page refer to the basis class R-bis 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 |
|---|---|---|
| Key information document (PRIIPs KID) | 15 Jul 2025 | — |
| NAV series secondary source (data portal) | 30 Sep 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 semi-monthly, notice period 5 business days before NAV day, with 4.20% gate per redemption day.
Ongoing costs of 3.13% p.a. according to the PRIIPs KID for class R-bis EUR; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 15%.
10,000 EUR in class R-bis EUR.
No. According to our evidence, the fund cannot currently be subscribed 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 Tikehau Défense et Sécurité. Under the prospectus a gate of 4.20% per redemption day 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.