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Moonfare Secondary Fund
Key Statistics
Launch Year
2024
Min. Investment
€25,000
Availability
Open for public
Structure
SCSp
Product Category
Open-end
Domicile
Luxembourg
GP Type
Multi
Liquidity Level
Semi-liquid
Management Fee
1%
Carry
10%
High Water Mark
No
Currencies
EUR
Investor Eligibility
Professional
Liquidity Options
Monthly subscriptions
Highlights
Allocations
Investment Strategy
Industry Focus
Portfolio Composition
Information about fund
LP-Led and GP-Led Secondaries in One Evergreen Fund
Moonfare Secondary Fund is an open-ended Luxembourg partnership, established in 2024, that buys second-hand stakes in private equity funds and continuation vehicles. The mix is deliberately balanced between LP-led deals — portfolios of fund interests bought from investors who want out early, usually at a discount to net asset value — and GP-led continuation vehicles where a manager rolls its best assets into a new fund. The focus is buyouts in North America and Western Europe, spread across managers, sectors and vintages.
Key Facts
Structure
Evergreen
Luxembourg SCSp, launched 2024
Strategy
Secondaries
LP-led portfolios + GP-led continuation vehicles
Geography
NA & W. Europe
Buyout focus
Minimum
€25,000
Varies by jurisdiction
Fees
~1% / 10%
Per Moonfare; exact terms on platform
Liquidity
Quarterly
After lock-up; capped, GP consent
How the Evergreen Structure Works Here
The evergreen wrapper suits secondaries well: the underlying assets are already mature, so cash returns sooner than in a primary fund, and Moonfare reinvests those distributions automatically to keep the compounding going. Subscriptions are monthly and redemptions quarterly once an initial lock-up has passed, subject to a cap on the share of NAV redeemed each quarter and to the general partner’s consent. Liquidity is therefore possible but never guaranteed.
Terms and What Is Not Disclosed
The minimum investment is €25,000, and Moonfare has described the fund’s pricing as roughly a 1% management fee with 10% carried interest, though exact terms are shown only to eligible investors on the platform. Fund size and performance are not published. It sits alongside the closed-end Co-Investment Fund II and Core III as one of three Moonfare-managed vehicles on Fundscouter.
Deepdive & Related Funds
Other Moonfare Funds
Moonfare Co-Investment Fund II
Moonfare Co-Investment Fund II (MCF II) is a closed-end Luxembourg SCSp that invests directly in 12–15 buyout deals alongside sponsors such as Hg, Vista and EQT, mainly in North America and Europe. It closed above target at $83 million on 18 February 2026 — 43% larger than Fund I — with 30% already deployed, backed by individuals, family offices and small institutions from 20+ countries. €50,000 minimum; capital is locked for the life of the fund and fees are disclosed only to eligible investors.
Moonfare Core III
Moonfare Core III is the 2024 vintage of Moonfare’s closed-end fund-of-funds programme (now marketed as “Buyout Portfolio”): a Luxembourg SCSp committing to 8–12 institutional buyout funds and 100+ underlying companies in North America and Europe. $50,000 minimum, ~1% fee plus 10% carry per Moonfare, 12-year term with two 2-year extensions, capital calls, no secondary market. Size, underlying funds and returns are disclosed only on the Moonfare platform.
Comparable Funds
Amundi Private Markets ELTIF
Amundi Private Markets ELTIF (“Amundi Prima”) is an evergreen Luxembourg ELTIF launched in November 2024 by Europe’s largest asset manager, run by Amundi Alpha Associates. It allocates flexibly across private equity, private debt and infrastructure in Europe’s real economy (energy transition, digital, social and territorial projects). €1,000 minimum, monthly subscriptions, quarterly redemptions capped at 5% of NAV, SFDR Article 8, KID risk 5/7. Fund size and returns are not yet published.
Apollo Global Private Markets ELTIF
Apollo Global Private Markets ELTIF (AGPM) is a perpetual, semi-liquid ELTIF 2.0 sub-fund of the Luxembourg-domiciled Apollo Private Markets SICAV. AGPM focuses on long-term capital growth by investing in the equity of established private companies globally, via secondaries and co-investments sourced across the Apollo platform, with quarterly redemption windows for investors.
BlackRock Private Equity Fund (BPE)
The BlackRock Private Equity Fund (BPE) is an evergreen ELTIF managed by BlackRock Private Equity Partners, giving European wealth investors a global private equity portfolio of direct co-investments alongside third-party sponsors plus secondaries, focused on buyout and growth deals. The fund offers monthly subscriptions from EUR 10,000, and quarterly redemptions are limited to 5% of NAV.
Bridgepoint Generations
Bridgepoint Generations is Bridgepoint’s first private-wealth product: a Luxembourg open-ended evergreen fund launched in 2025 with platform S64, giving direct exposure to middle-market private equity alongside Bridgepoint’s funds and to infrastructure alongside ECP, plus co-investments and secondaries. Fully funded at launch and expected to hold 80–100 companies when fully invested; size, fees and redemption terms are not published.
Brookfield Private Equity Fund (BPE SICAV)
Brookfield Private Equity Fund (BPE SICAV) is a Luxembourg Part II sub-fund that allows non-US investors to invest in the evergreen private equity strategy of Brookfield, i.e. control and structured investments in industrial and business services companies. BPE SICAV has 14 holdings with a NAV of US$854m (end July 2026). Monthly subscriptions and quarterly redemptions up to 5% of NAV are possible. The minimum subscription amount is EUR 25,000.
Carlyle Private Equity Partners Fund EU (CPEP EU)
Carlyle Private Equity Partners Fund EU (CPEP EU) is an evergreen Luxembourg Part II SICAV sub-fund. The fund invests in private equity, alongside Carlyle’s global private equity funds, mainly undertaking corporate buyouts in US, European and Asian markets. As at 31 July 2026 the fund had a Net Asset Value of USD 381.7m investing in 31 portfolio companies. The fund offers monthly subscriptions with quarterly redemptions up to 3% of the fund’s NAV and has a minimum investment of USD 25,000 (or EUR 100,000 in the Netherlands).
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