Lock-up and notice period

Lock-ups and notice periods are the main reasons a fund holding is less liquid than its dealing frequency suggests. A fund with monthly dealing, a 90-day notice period and a one-year lock-up cannot meet a cash need next week. Redemption gates, which cap how much can leave on one dealing date, add a further limit.

For policy purposes, these terms decide which liquidity bucket a fund falls into. A policy requiring 25% of assets within 30 days must count each fund at its real redemption path. The terms usually come from the offering documents and any side letter.

Acclimetry’s illiquid assets limit can test remaining lock-up, notice period or redemption gate, each read from an approved field. Absence of a recorded lock-up is not evidence that there is none, so the holding is a data gap. See liquidity bases.