Semi-Liquid & Evergreen Structures in Private Markets

Private markets are undergoing a profound transformation: traditional funds with a defined lifespan now coexist with a new generation of permanent-capital vehicles designed to offer investors periodic liquidity. This evolution is reshaping fund structuring, distribution and administration practices in Luxembourg.

This four-hour training provides an operational and structured perspective on this transition. It covers the market forces driving the movement - the democratisation of private assets, regulatory pressure (ELTIF 2.0) and demand from wealth management networks - before examining in detail the vehicles available in Luxembourg, including Part II UCIs, ELTIFs and RAIFs.

The training focuses on the operational mechanics specific to semi-liquid funds: NAV calculation, management of gates and liquidity pockets, swing pricing and notice periods. It also addresses the fundamental risks-asset/liability mismatch, valuation, and governance,as well as key areas of attention for back-office, middle-office, and distribution teams.

• Distinguish the structural and operational characteristics of closed-ended, semi-liquid and evergreen funds, and explain their practical implications for management, fund administration and distribution teams

• Identify the main Luxembourg investment vehicles used for semi-liquid strategies (including Part II UCIs, ELTIF 2.0 and RAIFs), and select the appropriate structure for a given context

• Master the key liquidity management mechanisms - gates, liquidity pockets, swing pricing, notice periods and lock-ups - and apply their underlying logic when processing subscriptions and redemptions

• Identify and prioritise the specific risks associated with semi-liquid funds (asset/liability mismatch, valuation, suitability) and implement the appropriate control practices within one's professional scope

• Market

  • Democratisation and retailisation forces

  • Regulatory pressures (ELTIF 2.0, Liquidity RTS, CSSF Circular 25/901)

• Structures

  • Comparative understanding of Luxembourg fund vehicles, with US BDCs as a reference framework

• Operations

  • Gates

  • Liquidity pockets

  • Swing pricing

  • ADL

  • Notice periods

  • Lock-ups and semi-liquid NAV calculation

• Risks

• Asset/liability mismatch

• Valuation risk and distribution risks (suitability)

This training is designed for professionals working within the Luxembourg investment fund ecosystem (including back-office, middle-office and distribution teams) who wish to understand the structural transformation of the private markets towards semi-liquid and evergreen vehicles.