SemiLiquids Evergreen Private Equity Index

The SemiLiquids PE universe is the catalogue-wide index of all published semi-liquid private equity funds, fund-weighted, completed months only. It is shown for context; it is not investable and is not the index. Hypothetical, back-tested performance. Past performance is not a reliable indicator of future results.

Coverage

Constituents

32

Strategy families

32

Manager groups

29

AUM covered

$159.8bn

Current composition. AUM covered is the sum of the constituents’ AUM used for weighting, in US dollars; AUM dates vary by fund, and some are older. Performance data as of 30 Jun 2026.

Constituents

• AUM: the AUM used for weighting, in USD at fixed reference rates, with its date. AUM dates vary by fund, and some are older.
• Seasoning: not yet counted. The fund is completing its 12-month seasoning period or waiting for the next quarterly review; once it qualifies at a review, it counts from the following month.

Constituents are listed for transparency; per-fund returns are not published. Inclusion follows published rules and is not a recommendation. SemiLiquids has no affiliation with, and is not endorsed by, these managers.

Universe: every eligible fund, not a pick

Every fund in the SemiLiquids catalogue of semi-liquid funds with private equity as its main asset class, open to private-wealth investors and reporting monthly. Funds managed or sponsored by SemiLiquids or its affiliates, including OverCap, are excluded.

Entry: size, seasoning and fresh data

A strategy family enters with AUM of at least USD 250m once its fund has 12 clean monthly returns, its latest return is at most 3 months old, and at least 11 of the 12 months ending with that return are clean. Months before entry never count.

Incumbents are sticky

A constituent keeps its place and share class through reporting delays. It leaves only after 3 final months without a return, if its family AUM falls below USD 125m or is unknown, if it leaves the catalogue’s private equity scope, if its share class is no longer eligible, or if SemiLiquids excludes it for data-quality or classification reasons. Gated funds stay in: leaving them out would flatter the index.

One vehicle per strategy family

US, Luxembourg, ELTIF and LTAF wrappers of the same portfolio count once, through the largest eligible vehicle (or, if another is within 25% of its size, the one with the longer history) and one share class: US dollar first, then institutional, then the longest history. Mirror classes are never counted twice.

Weighting

Headline: weighted by family AUM, with no manager group above 10% (the excess is redistributed pro rata). With 10 or fewer manager groups the cap becomes equal weight per group, so the headline equals the equal-weighted series while each group has one family; in the current back-test that applies before 2023. The equal-weighted companion uses the same constituents and is always published alongside.

Reconstitution and no back-fill

Constituents are reviewed at each calendar quarter-end and changes apply from the following month, never retroactively. A fund counts only from its entry month; its earlier returns are never added, and a removed fund keeps its history.

Returns

Monthly NAV-based total returns, net of fund-level fees. US dollar classes are preferred; where a fund has none, its class’s return is used in its own currency, without conversion. Each month, weights are renormalised over the funds that reported.

Provisional and final months

A month is published once it has ended and enough constituents have reported. It is provisional (marked “p”) while not every active constituent has reported, for up to the latest 3 completed months; the missing funds’ weight is redistributed across those that reported. Key figures use final months only. From launch, a final month that later moves by more than 5 basis points is restated and logged.

Back-test

Launch date 12 October 2026; October 2026 is the first live month and every earlier month is back-tested: the rules applied after the fact to historical data. There is no history of fund AUM, so the back-test uses current AUM for its weights. AUM dates also vary by fund, and some are older.

Governance and permitted use

Additions and removals at each review are published on this page; restatements above 5 basis points and other changes are recorded in SemiLiquids’ internal governance log. SemiLiquids is establishing an index methodology committee, to include an independent member. The index is for information and performance comparison only: no fund or product of SemiLiquids or of OverCap, which operates SemiLiquids, uses it or may use it for performance fees, hurdles or asset allocation.

• Read the full index methodology (Rulebook 2.0)
• How the underlying dataset is built (data methodology)