DEEN
Knowledge · 16 chapters

Understanding ELTIFs and evergreen funds

Semi-liquid funds – ELTIFs and evergreen funds – issue units continuously at net asset value and redeem them only on fixed dates and in limited amounts: 97 of the 140 funds recorded redeem quarterly, 75 with a gate of at most 5% per redemption date. The 16 chapters explain structure, redemption, valuation, returns, buying and tax – with figures from the fund database.

By · Text reviewed 16 Oct 2026 · Data as at 16 Oct 2026 · 140 funds, 91 providers

Latest Gating monitor · as at 16 Oct 20266 funds are currently restricting redemptionsAnalysis · as at 8 Oct 2026Partners Group Global Value SICAV: Two funds, one planData report · as at 26 Sep 2026ELTIF Liquidity Report 2026: How liquid is semi-liquid?
Straight to the answer
How quickly can I get my money back?Chapter 01 What happens when a fund is “gating”?Practice 01 ELTIF or evergreen – what is the difference?Chapter 01 How are ELTIFs taxed?Practice 07 Is the NAV the real value of my fund?Practice 03 Where can I buy an ELTIF – can I use a neobroker?Practice 06 Is an ELTIF worth it? What are the drawbacks?Practice 08 Can I compare an ELTIF’s return with an ETF?Practice 04

The course

Six stations and a checklist – read in this order they form a course, but you can start anywhere.
01 Semi-liquid funds explainedStart here Fundamentals · 16 min Evergreen structure, NAV and redemption: 97 of 140 funds redeem quarterly, usually with a 5% gate. Plus the ELTIF 2.0 background and the price of flexibility. 97 / 140funds with quarterly redemption 02 Private Equity Asset class · 49 funds · 15 min Buyout, secondaries, co-investments: how evergreen PE funds are built – and the returns debate with figures instead of marketing. 2.60%median costs p.a. (PRIIPs KID) 03 Private Credit Asset class · 36 funds · 15 min Direct lending, unitranche, PIK and non-accruals: what the return is made of – and how to spot credit quality in the fund report. 2.05%median costs p.a. (PRIIPs KID) 04 Infrastructure Asset class · 28 funds · 14 min Regulated tariffs and long-term contracts: where the stable cash flows come from, where they end – and what inflation protection really means. 2.42%median costs p.a. (PRIIPs KID) 05 Real Estate Asset class · 8 funds · 14 min German open-ended property funds vs ELTIFs: appraisal values, NAV mechanics and the lessons of 2008, 2016 and 2022. 2.42%median costs p.a. (PRIIPs KID) 06 Multi-Asset Asset class · 18 funds · 13 min The one-fund solution examined: the cost cascade in a fund of funds, real vs measured diversification – and the vintage argument. 2.30%median costs p.a. (PRIIPs KID) ✓ Five questions before you subscribe Checklist · 2 min Access to your money, total costs, valuation, track record, distribution route – each question answerable straight from the database. 5questions you can check in the database

Practice & depth

Nine chapters – from the core risk of gating via NAV, returns and secondaries to buying, tax, criticism and the methodology of the liquidity score.
01 When a fund is “gating” The core risk · 15 min Gate = upper limit per redemption date, 5% of assets for 75 of 140 funds. What happens when requests exceed it – proration, queue, suspension – and the BREIT case in figures. 6funds currently restricting redemptions · 16 Oct 02 Liquidity management tools in detail In depth · 12 min Swing pricing, side pockets, redemption in kind: the toolbox under AIFMD II – and how to see in the prospectus which tools your fund has chosen. ≥ 2liquidity management tools per fund (AIFMD II) 03 Valuation & NAV In depth · 16 min The NAV is a Level 3 estimate, not a market price: multiples, DCF, appraisals – and why it reacts more slowly than the stock market in a crash. Level 3valuation level instead of a market price 04 Understanding evergreen performance In depth · 13 min Time-weighted NAV return vs IRR: a 20% IRR for a closed-end fund corresponds to around 11% p.a. in an evergreen. What TVPI and DPI say and how to compare fairly with ETFs. 20% ≈ 11%IRR vs return p.a. over ten years 05 Understanding secondaries In depth · 14 min The secondary market for fund stakes: US$240 billion of volume in 2025, LP portfolios at 87% of NAV on average. How the price is formed and what GP-led deals mean. 87%of NAV: average price for LP portfolios in 2025 06 Buying an ELTIF in practice Practice · 12 min High-street bank, platform, neobroker or provider: four routes, the technical subscription process, the MiFID suitability assessment – and what the distribution route costs. from €1at a neobroker, savings plan possible 07 Tax on semi-liquid funds Practice · 13 min Flat-rate withholding tax, advance lump-sum tax, partial exemption by equity participation ratio, custody-account practice – with a look at Austria and Switzerland. 25%flat-rate withholding tax plus solidarity surcharge, before partial exemption 08 ELTIF criticism fact-checked Context · 13 min “Too expensive”, “bargain bin”, “liquidity illusion”: six objections from consumer advocates, BaFin and academia, checked against 140 funds and named sources. 6objections checked against data and sources 09 Liquidity score: how it is calculated Methodology · 11 min How redemption frequency, deadlines, lock-up and exit costs become one number from 0 to 100 – curve, bands, conventions, fully disclosed. 0 – 1007 days = 100 · three years = 0

Look up terms

The technical terms from the chapters, each with its own page.
Redemption gate Proration Notice period Lock-up Net asset value (NAV) Evergreen fund ELTIF Redemption frequency Advance lump-sum tax Ongoing costs Performance fee Secondaries All 155 terms in the glossary →

Put it to use

Check what you have read against real funds.
Fund databaseFilter and sort 140 fundsRedemption, gate, notice period, costs and minimum investment per fund – from the prospectus and PRIIPs KID.Open the database → CompareUp to four funds side by sideRedemption, gate, notice period, costs and liquidity score in one table – can be saved as CSV or PDF.Open the comparison → Access checkWho may subscribe in which countryEnter your country, investor type and amount – the check shows which of the 140 funds you can subscribe to.Open the check →