Azimut ELTIF - (subfund) Venture Capital Alicrowd III

Azimut ELTIF - (subfund) Venture Capital Alicrowd III is a closed-end venture sub-fund managed by Azimut Investments S.A. and domiciled in Luxembourg, where it is set up as an FCP authorised under the UCI Part II regime and marketed as an ELTIF under the ELTIF 1.0 framework. It has been operating since 2023 and is denominated in EUR, applying a minimum ticket of 10,000 EUR that places it within reach of both professional and retail subscribers, although distribution is domestic rather than cross-border. Within the Novantigo coverage universe of 494 vehicles as of 31 Aug 2026, it is one of 163 private equity funds, one of 347 funds domiciled in Luxembourg, and one of 117 that combine both characteristics.

The mechanics follow the closed-end logic typical of ELTIF 1.0 structures: capital is committed for the life of the vehicle, with no standing redemption facility, and investors rely on realisations and distributions rather than periodic liquidity windows. Valuation is struck on a semi-annually basis, so reported performance and exposure update less frequently than in evergreen semi-liquid peers, which is consistent with a venture portfolio of early-stage holdings whose carrying values move in steps around financing and exit events. The fund is classified Article 6 under SFDR and carries a summary risk indicator of 6, reflecting the equity risk and illiquidity of the underlying assets. Its stated and the latest reported can be read against the 117 Luxembourg private equity funds in the same comparison set.

On costs, the and the all-in are benchmarked against the same 163 private equity funds, which is the relevant reference point given that fee load in venture vehicles is borne over a multi-year holding period without interim liquidity. Prospective subscribers should read the structure, the valuation cadence and the cost base together, since each is a function of the closed-end ELTIF wrapper rather than an independent variable.