Fund database › Private Credit

Apollo European Private Credit - Sub-Fund I

Apollo Global ManagementLU2644392131Class I2 EUR Acc

Part II SICAVPrivate CreditLuxembourgSFDR Article 8accumulating6 share classes ↓
What the fund does

The sub-fund brings Apollo's European direct lending into evergreen format: senior secured loans to large and mid-sized companies, as a Luxembourg Part II SICAV with a master structure, launched in 2024, accumulating.

Liquidity

Monthly subscription; quarterly redemption with roughly one month's notice; the quarterly gate is measured across the overall structure. Notably: neither a lock-up nor a redemption charge — the exception in the Part II field.

Access

Subscription from EUR 25,000, for professional and retail investors depending on the country; not registered for distribution in Germany.

Price & return
NAV31 Jul 2026113.11 EUR
Performance 1 year31 Jul 2026+5.3%
Since start of series p.a.Aug 2024+6.2%
Costs & risk
Performance feeabove 5% hurdle, with high-water mark12.50%
Access & liquidity
Minimum investmentclass I2 EUR Acc25,000 EUR
Liquidity scoreavg. 122 days to cash43medium
Redemptiongate 5% per quarterquarterly
Compared with the asset classMedian of Private Credit funds in this database with a documented value · data run 16 Oct 2026
Liquidity score
43this fund
36median
Redemption
quarterlythis fund
quarterlytypical
ContextEditorial

The Part II variant of Apollo's European credit strategy — the same house's retail-eligible ELTIF counterpart sits separately in this database. The complete absence of holding and penalty mechanics relies on the natural liquidity of credit portfolios: interest and repayments replace the corset here.

Figures for class I2 EUR Acc (LU2644392131) · product data 12 Oct 2026 · sources: prospectus (as at 1 Jun 2026), PRIIPs-KID — full list under 08 documents.

01Performance

Since the data series began in Aug 2024, the unit price has gained 6.2% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.

Class I2 EUR Acc · Net asset value (NAV) in EUR
113.11 EURNAV as at 31 Jul 2026Move the pointer over the line
100105110Aug 2024Feb 2025Aug 2025Feb 2026Jul 2026
YTD 2026+2.8%
1 year+5.3%
Calendar year 2025+5.8%
since Aug 2024 p.a.+6.2%

24 monthly values · Source: price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Apr 2024; a reliable NAV series of the class is available from Aug 2024.

02Strategy

What the prospectus permits: First-lien senior secured direct loans to the European upper-mid-market/large-cap segment; buy-and-hold; liquid sleeve (BSL)

prospectus (as at 1 Jun 2026)
Launch1 Apr 2024
Fund size426 m EURas at 30 Jun 2026
Sub-strategyDirect Lending
SFDRArticle 8
Liquid assetstarget 15%actual 1% · see 03
Leverage limit67%

Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.

03Portfolio

The five largest holdings account for 20.6% of the fund. 1.3% is held in the liquidity reserve — enough for less than one month of maximum redemptions.

31 Dec 2025
Where the money is% of fund assets · 31 Jul 2026
Private markets 98.7%Liquidity reserve 1.3%
SectorsApproximation from fund documents, not actual values · 21 Aug 2026

Focus according to fund documents: Diversified, no sector breakdown 100%

Regions and structureApproximation from fund documents, not actual values · 21 Aug 2026

Focus according to fund documents: Europe 100%

20.6%Top 5 of NAV
5.1%largest position

Among the ten largest: 10 loans.

The five largest positions% Assets Master · 31 Dec 2025 · top 10 together 32.6%
  1. 1
    Harp Finco Limitedloan · Financial Services · Jersey
    5.1%

    Financing company ("Finco") domiciled in Jersey within the "Harp" acquisition structure through which a consortium of CVC …

  2. 2
    Bellis Acquisition Company PLCloan · Consumer Staples Distribution & Retail · United Kingdom
    4.3%

    Asda is one of the largest supermarket chains in the UK, headquartered in Leeds, operating supermarkets, convenience stores, fuel stations and online retail nationwide.

  3. 3
    Schoen Klinik SEloan · Health Care Providers & Services · Germany
    3.8%

    Family-run German hospital operator headquartered in Prien am Chiemsee, running specialist clinics for orthopedics, neurology, psychosomatic medicine and internal medicine, among others …

  4. 4
    Intralot Capital Luxembourg SAloan · Hotels, Restaurants & Leisure (Gaming) · Greece
    3.8%

    Luxembourg financing vehicle of the Athens-based Intralot group, an Athens-listed provider of lottery …

  5. 5
    Hurricane Cleanco Limitedloan · Financial Services · United Kingdom
    3.7%

    UK holding and financing company within the capital structure of Paymentsense (Dojo brand) …

Positions 6 to 10together 12.1% · SPARKLE BIDCO LIMITED · Moneta Bidco Limited · Paisley Bidco Limited · Made in Italy 2 S.P.A. · Kairos Intermediateco AB
  1. 6
    SPARKLE BIDCO LIMITEDloan · Health Care Providers & Services · United Kingdom
    3.0%

    UK acquisition vehicle (bidco) in healthcare, incorporated in 2025 and since renamed Maxilla Dental Bidco Limited.

  2. 7
    Moneta Bidco Limitedloan · Financial Services · United Kingdom
    2.9%

    UK acquisition company (bidco) through which a financial sponsor acquired a business in the financial services sector.

  3. 8
    Paisley Bidco Limitedloan · Financial Services · United Kingdom
    2.1%

    Paisley Bidco is the Guernsey-registered acquisition company of PIB Group, a UK insurance broking and insurance services group with operations in the United Kingdom …

  4. 9
    Made in Italy 2 S.P.A.loan · Textiles, Apparel & Luxury Goods · Italy
    2.1%

    Italian holding company (Made in Italy 2 S.p.A.) in the apparel and luxury goods sector, financed through private credit.

  5. 10
    Kairos Intermediateco ABloan · Pharmaceuticals · Sweden
    2.1%

    Swedish intermediate holding company through which Karo Healthcare is financed …

Portfolio credit metrics as at 31 Jul 2026

Average spread509 bpsreference rate not stated
Floating rate96%
First lien / senior secured100%
Borrower loan-to-value42%weighted
Borrower EBITDA245 m EURweighted

Provider figures for the credit portfolio, not calculated by semiliquid.info. Providers report yield, remaining life and credit ratings under differing definitions — the basis of calculation is therefore shown with every figure. A comparison across funds only holds where the basis is the same.

Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; holdings as at 31 Dec 2025, reserve as at 31 Jul 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.

04Costs

Cost figures of the main class according to provider documents. On top comes a performance fee of 12.50% above a hurdle of 5% — with a high-water mark.

PRIIPs-KID I2 EUR Acc
Ongoing costsper year, % of unit value
  • Total ongoing costsnot documented
  • of which management fee1.25%
  • Performance fee12.50%
  • Hurdle rate5%
  • High-water markyes
One-off costsmaximum per prospectus
  • Entry charge (for distribution)not documented
  • Redemption feenot documented
  • Several layers of fees possible. MASTER-FEEDER structure: Sub-Fund I feeds into an Apollo master fund; both the redemption gate and the crystallisation of the incentive fee take place at MASTER FUND level, and the incentive fee is calculated net of the master fund's operating costs. The management fee is charged only once; at feeder level, administration and distribution costs are added.

Based on the PRIIPs key information document of class I2 EUR Acc, hence comparable across providers.

05Subscription

Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed and is published only 25 business days later.

calculated on —
Next subscription cycleDealing day — · calculated on — Your step Fund-internal
  1. Documents complete
    —recommendation

    5 business days before Dealing Date, 17:00 CET

  2. Order cut-off
    —17:00 CET

    period capable of being waived at the discretion of the Board and/or the Administrator.

  3. Dealing day
    —T

    Price = NAV at the end of the previous month.

  4. NAV published
    —T+25 BD

    Valuation Day = last business day of the calendar month.

  5. Payment due
    —T−4 BD

    pre-funding: 4 business days before dealing day

An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.

Before placing the orderwhat can delay, add cost to or scale back the subscription
  • Payment: pre-funding. Subscription is not accepted and is deferred until receipt of funds; failing receipt by the next Dealing Date it is deemed revoked
  • Scaling back possible. Acceptance, rejection or deferral to a later Dealing Date at the discretion of the Board; no quantitative cap
  • Clarify the share class first. EUR/GBP/CHF 25,000; USD 28,000; ILS 100,000
  • Number of units is fixed later — 100,000 EUR at the latest NAV (113.11 EUR, 31 Jul 2026) would equal roughly 884 units.
All prospectus details on subscription11 items · incl. procedure, KYC, business-day definition
Frequencymonthly
Procedurefully paid-in
Dealing day1st business day of the month
Cut-off5 business days before dealing day · 17:00 CET · (before the anchor date)
Priceprevious month-end
NAV publicationValuation Day = last business day of the calendar month; NAV per unit available approx. 25 business days after the Valuation Day.
Paymentpre-funding: 4 business days before dealing day
Minimum investmentEUR/GBP/CHF 25,000; USD 28,000; ILS 100,000
Subscription limitAcceptance, rejection or deferral to a later Dealing Date at the discretion of the Board; no quantitative cap
KYC / documents5 business days before Dealing Date, 17:00 CET
Business daybanks open for business in Luxembourg, the United Kingdom and the United States (p. 20)

Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.

06Redemption & liquidity

Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.

calculated on —
Next redemption cyclePricing date — · calculated on — Your step Fund-internal
  1. Request by cut-off
    —17:00

    Gate basis: average of the aggregate NAV of the sub-fund, master fund and parallel vehicles as at the end of …

  2. Pricing date
    —T

    Price = NAV per share on this day.

  3. Gate check
    on the pricing date

    5% of the aggregate NAV per calendar quarter, measured without double counting across the sub-fund, the …

  4. NAV published
    —T+25 BD
  5. Payout
    —T+30 BD

    redemption day

A request made today is paid out on — — — days; from the cut-off to cash it is — days.

Liquidity scoreHow quickly can you get your money out, according to the prospectus?
43/100medium

Money typically within half a year — on average 122 days from decision to cash.

Rank 18 of 112 · rank 7 of 31 in Private Credit · no lock-up · no fixed redemption fee

one dot = one fund (112, view as of today) · ● Private Credit · ● other asset classesMedian of all funds: 29
And if many want out at the same time?
  • At most 5% of NAV (additional limit on liquid investments) per quarter can be redeemed (net, subscriptions are offset). In addition: redemption only to the extent that the feeder can redeem corresponding units in the master fund.
  • Scaled-back portion lapses; new request required, no priority.
  • Never triggered so far — no gate, no suspension since launch in Apr 2024 (press and provider reports). The reserve covers less than one month of maximum redemptions (03).
  • The prospectus does not say how long a suspension may last.

Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Jun 2026 · score run 16 Oct 2026 · How 122 days become 43 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.

All prospectus details on redemption13 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencyquarterly
Valuation dayquarter-end
Notice30 calendar days before redemption day · 17:00 CET
Pricequarter-end
Payout30 business days after redemption day
Gate5% net of NAV (additional limit on liquid investments) per quarter; redemption only to the extent that the feeder can redeem corresponding units in the master fund
Scaled-back portionscaled-back portion lapses; new request required, no priority
Lock-upnone
Suspensionmaterial detriment to the fund/investors; NAV suspension; protection of remaining investors
Liquidity toolsSuspension of NAV and redemption, quarterly gate of 5% net, pro-rata scale-back, lock-up of the IL classes, liquidity reserve and credit line.
Switch / transferpermitted with the consent of the Board; silence within 30 business days is deemed a refusal
Compulsory redemptionProhibited Person; falling below the minimum holding or the eligibility criteria; early compulsory repurchase once all investments have been sold

5% of the aggregate NAV per calendar quarter, measured without double counting across the sub-fund, the Master Fund and any Parallel Entities on the basis of the average NAV at the end of the immediately preceding quarter; exceptions in exceptional circumstances.

The 5% gate is measured not at the level of the sub-fund alone but on an aggregated basis across the sub-fund, the master fund and any parallel entities - the basis is the average NAV at the end of the preceding quarter.

Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.

07Share classes

6 classes. All cost and risk figures on this page refer to the basis class I2 EUR Acc.

0 of 6 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDMinimum investmentMgmtOngoing costs
LU2644392131I2 EUR AccbasisEURaccumulating—25,000 EUR1.25%—
LU2873570100I CHF AccCHFaccumulating————
LU2873570795I CHF DisCHFdistributing————
+ show 3 further classesshow fewer
LU2873570522I GBP AccGBPaccumulating————
LU2873570449I ILS AccILSaccumulating————
LU2644389343I1 EUR DisEURdistributing—25,000 EUR1.25%—

PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.

08Master data & documents

Who is behind the fund, where it may be distributed — and which documents were evaluated.

AIFM / ManCoCarne Global Fund Managers (Luxembourg) S.A.
DepositaryBNP Paribas, Luxembourg Branch
Investor baseretail investors with restrictions, professional investors
Distribution authorisation32 countries (EEA-wide)
DomicileLuxembourg
Legal wrapperPart II SICAV
Fund currencyEUR
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 12 Oct 2026
DocumentAs atUsed for
Prospectus1 Jun 2026—
Annual / semi-annual report31 Dec 2025—
Annual / semi-annual report30 Jun 2025—
NAV series
price feed / provider document
31 Jul 2026Performance (01)
Positions and reserve31 Dec 2025Portfolio (03)

All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.

Frequently asked questions about the Apollo European Private Credit - Sub-Fund I

How quickly can I get out of the Apollo European Private Credit - Sub-Fund I?

Redemption quarterly, notice period 30 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 122 days from decision to cash under the prospectus deadlines; a gate is not factored in.

What is the minimum investment in the Apollo European Private Credit - Sub-Fund I?

25,000 EUR in class I2 EUR Acc.

Can I buy the Apollo European Private Credit - Sub-Fund I as a retail investor in Germany?

Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.

Is the Apollo European Private Credit - Sub-Fund I currently gated?

As at 16 Oct 2026, no redemption restriction is documented for the Apollo European Private Credit - Sub-Fund I. Under the prospectus a gate of 5% per quarter applies.

Similar funds

Same asset class, similar sub-strategy.

Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.

Important notes. semiliquid.info does not provide investment advice or any recommendation to buy, sell or hold fund units; no ranking, no offer, no solicitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We accept no liability for the accuracy, completeness or timeliness of the information. Semi-liquid funds invest in illiquid assets: redemptions are restricted and may be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and KID before any investment decision and seek professional advice where appropriate.