Fund database › Private Credit

AXA Financement Entreprises

AXA IM AltsFR001400RYD7Class A Capitalisation

FPS ELTIF 2 (fonds professionnel spécialisé with ELTIF 2 authorisation)Private CreditFranceSFDR Article 8accumulating5 share classes ↓
What the fund does

AXA Financement Entreprises finances European companies across the full credit spectrum from senior to mezzanine — as a French special fund with ELTIF 2 authorisation, launched in 2024, with a permanently high liquidity reserve.

Liquidity

Semi-monthly subscription and redemption with short notice — one of the densest dealing rhythms in the field; a rolling limit based on the liquid assets and a discretionary gate contain large outflows. No minimum holding period.

Access

Subscription from EUR 75,000 — in practice almost exclusively through French unit-linked insurance products; not registered for distribution in Germany.

Price & return
NAV31 Jul 2026110.92 EUR
Performance 1 year31 Jul 2026+5.3%
Since start of series p.a.Nov 2024+5.7%
Costs & risk
Ongoing costsmedian Private Credit 2.05%1.45%
Performance feenone
Risk (SRI)scale 1 to 73 of 7
Access & liquidity
Minimum investmentclass A Capitalisation75,000 EUR
Liquidity scoreavg. 22 days to cash77very high
Redemptiongate 20% per monthsemi-monthly
Recommended holding periodper key information document7 years
Compared with the asset classMedian of Private Credit funds in this database with a documented value · data run 16 Oct 2026
Ongoing costs
1.45%this fund
2.05%median
Liquidity score
77this fund
36median
Redemption
semi-monthlythis fund
quarterlytypical
ContextEditorial

France's answer to the Luxembourg credit evergreens: more dealing dates and more built-in liquidity than the ELTIF standard, but firmly embedded in the assurance-vie world — currently with no access route for German portfolios.

Figures for class A Capitalisation (FR001400RYD7) · product data 19 Aug 2026 · sources: prospectus (as at 16 Apr 2026), PRIIPs-KID — full list under 08 documents.

01Performance

Since the data series began in Nov 2024, the unit price has gained 5.7% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.

Class A Capitalisation · Net asset value (NAV) in EUR
110.92 EURNAV as at 31 Jul 2026Move the pointer over the line
103105108110Nov 2024May 2025Sep 2025Mar 2026Jul 2026
YTD 2026+3.1%
1 year+5.3%
Calendar year 2025+6.3%
since Nov 2024 p.a.+5.7%

21 monthly values, 20 derived from monthly returns · Source: secondary source (data portal) · 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 Oct 2024; a reliable NAV series of the class is available from Nov 2024.

02Strategy

What the prospectus permits: Direct and indirect investments in non-bank loans to private companies; immediate exposure to an existing diversified loan pool

prospectus (as at 16 Apr 2026)
Launch7 Oct 2024
Fund size230 m EURas at 31 Dec 2024
Sub-strategySenior Debt · Junior Debt · Unitranche · Mezzanine
SFDRArticle 8
Liquid assetstarget 25%
Leverage limit50%

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

03Portfolio

What is actually held: breakdown by sector and region according to the provider.

21 Aug 2026
SectorsApproximation from fund documents, not actual values · 21 Aug 2026

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

RegionsApproximation from fund documents, not actual values · 21 Aug 2026

Focus according to fund documents: Europe 100%

Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.

04Costs

With ongoing costs of 1.45%, class A Capitalisation is well below the median of the asset class (2.05%). There is no performance fee.

PRIIPs-KID A Capitalisation
Ongoing costsper year, % of unit value
  • Total ongoing costs1.45%
  • of which management fee2%
  • Performance fee0%
  • Hurdle ratenot documented
  • High-water markno
1.45%this fund
2.05%median Private Credit
1.25%cheapest class

For 75,000 EUR this means roughly 1,088 EUR per year; the cheapest class with a cost figure is B Capitalisation (1.25%, from 75,000 EUR).

One-off costsmaximum per prospectus
  • Entry charge (for distribution)up to 1%
  • Redemption fee0%

For 75,000 EUR, a one-off up to 750 EUR on purchase.

  • Several layers of fees possible. At fund level the following are incurred: management fee of a maximum of 2% p.a. net of net assets, distribution and advertising costs of up to 0.02% net (0.024% gross), other external costs (depositary, auditor, fund accounting, middle office, administration) together up to 0.1% net (0.12% gross) as well as one-off launch costs of up to 0.1% net of a subscription volume of EUR 200m.

Based on the PRIIPs key information document of class A Capitalisation, hence comparable across providers. Median: 32 Private Credit funds in this database, data run 16 Oct 2026.

05Subscription

Units can be subscribed fortnightly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 7 business days later.

calculated on —
Next subscription cycleValuation day — · calculated on — Your step Fund-internal
  1. Documents complete
    —recommendation
  2. Order cut-off
    —11:00 Paris
  3. Valuation day
    —T

    Price = NAV per share on this day.

  4. NAV published
    —T+7 BD

    NAV as at the 15th and the last calendar day; publication by the 7th business day …

  5. Payment due
    —NAV+9 BD

    after NAV publication: 9 business days after cut-off

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: after NAV publication.
  • Clarify the share class first. 75,000 EUR · Entry charge (max.): 1%
  • Number of units is fixed later — 100,000 EUR at the latest NAV (110.92 EUR, 31 Jul 2026) would equal roughly 902 units.
All prospectus details on subscription11 items · incl. procedure, KYC, business-day definition
Frequencyfortnightly
Procedurefully paid-in
Valuation day15th and month-end
Cut-off1 business day before NAV day · 11:00 Paris · (before the anchor date)
Pricenext NAV after centralisation
NAV publicationNAV as at the 15th and the last calendar day; publication by the 7th business day thereafter at the latest
Paymentafter NAV publication: 9 business days after cut-off
Minimum investment75,000 EUR
Entry charge (max.)1% (Fund)
Revocationirrevocable from subscription
Business dayJour Ouvre = working day other than Saturday, Sunday and statutory/non-working public holidays in France (p. 20)

Dates calculated from the prospectus rules (bank holidays: FR); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.

06Redemption & liquidity

Units can be redeemed fortnightly — 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
    —11:00

    redemptions at the unknown next NAV; payment normally 9 business days, maximum 6 calendar months.

  2. Pricing date
    —T

    Price = NAV per share on this day.

  3. Gate check
    on the pricing date

    Two-tier: (1) permanent ELTIF redemption limit of 20% of the amount of the liquid assets per rolling month …

  4. NAV published
    —T+7 BD
  5. Payout
    —T+9 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?
77/100very high

Money typically within a month — on average 22 days from decision to cash.

Rank 3 of 112 · rank 2 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 20% of available liquidity per month can be redeemed. In addition: additional gates: 6% of net assets per rolling 3 months, 10% per rolling year; minimum ratio 25% liquid assets.
  • Scaled-back portion lapses; new request required, no priority.
  • No history yet — fund since Oct 2024; no redemption period under pressure documented.
  • 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 16 Apr 2026 · score run 16 Oct 2026 · How 22 days become 77 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 redemption14 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencyfortnightly
Valuation day15th and month-end
Notice1 business day before NAV day · 11:00 Paris
Pricenext NAV after centralisation
Payout9 business days after redemption day
Gate20% of available liquidity per month; additional gates: 6% of net assets per rolling 3 months, 10% per rolling year; minimum ratio 25% liquid assets
Scaled-back portionscaled-back portion lapses; new request required, no priority
Redemption fee (max.)0%
Lock-upnone
Suspensionexceptional circumstances, investor/public interest, legal/tax disadvantages
Liquidity toolsPourcentage Maximal de Rachats (20% liquid assets), gates, suspension, swing pricing, redemption fee, preavis notice period
Switch / transferpossible with the consent of the SdG (30 business days notice period, affiliates exempt); no organised market
Compulsory redemptionin the case of US investors and legal/regulatory/tax problem situations; payment as soon as liquidity is available

Two-tier: (1) permanent ELTIF redemption limit of 20% of the amount of the liquid assets per rolling month with pro-rata allocation; requests not satisfied lapse. (2) Discretionary plafonnement (Gate) where redemption requests amount to at least 6% of net assets over three rolling months or 10% over a rolling year.

The redemption limit under the management regulations is defined not as a NAV ratio but as 20% of the liquid assets per rolling month; in addition, the management company may activate a discretionary plafonnement (gate), whose trigger thresholds are set at 6% of net assets over three rolling months and 10% over a rolling year.

Dates calculated from the prospectus rules (bank holidays: FR); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.

07Share classes

5 classes. All cost and risk figures on this page refer to the basis class A Capitalisation; the cheapest class with a cost figure is B Capitalisation (1.25%, from 75,000 EUR).

5 of 5 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDStatusMinimum investmentMgmtOngoing costs
FR001400RYD7A CapitalisationbasisEURaccumulating✓launched75,000 EUR2%1.45%
FR001400RYE5AX CapitalisationEURaccumulating✓launched1,000,000 EUR2%1.25%
FR001400RYF2B Capitalisationcheapest classEURaccumulating✓launched75,000 EUR2%1.25%
+ show 2 further classesshow fewer
FR001400RYB1C CapitalisationEURaccumulating✓launched75,000 EUR2%1.45%
FR001400RYC9T CapitalisationEURaccumulating✓launched75,000 EUR2%1.45%

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 / ManCoBNP Paribas Asset Management Europe
DepositaryBNP Paribas S.A.
Investor baseprofessional investors only
Distribution authorisationFranceno distribution in Germany
DomicileFrance
Legal wrapperFPS ELTIF 2 (fonds professionnel spécialisé with ELTIF 2 authorisation)
Fund currencyEUR
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 19 Aug 2026
DocumentAs atUsed for
Key information document (PRIIPs KID)16 Apr 2026—
NAV series
secondary source (data portal)
31 Jul 2026Performance (01)

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 AXA Financement Entreprises

How quickly can I get out of the AXA Financement Entreprises?

Redemption semi-monthly, notice period 1 business day before NAV day, with 20% gate per month. Subscribing today, it takes on average 22 days from decision to cash under the prospectus deadlines; a gate is not factored in.

What does the AXA Financement Entreprises cost per year?

Ongoing costs of 1.45% p.a. according to the PRIIPs KID for class A Capitalisation; the median of the Private Credit funds in this database is 2.05%; no performance fee.

What is the minimum investment in the AXA Financement Entreprises?

75,000 EUR in class A Capitalisation.

Can I buy the AXA Financement Entreprises as a retail investor in Germany?

No. According to our evidence, the fund cannot currently be subscribed in Germany (as at 5 Oct 2026). The Access check shows the details.

Is the AXA Financement Entreprises currently gated?

As at 16 Oct 2026, no redemption restriction is documented for the AXA Financement Entreprises. Under the prospectus a gate of 20% per month 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.