Part II SICAVPrivate CreditLuxembourg16 share classes ↓Direct LendingUnitrancheMezzanine / Subordinated
NAV · 30 Jun 202634.74 EUR
Fund currencyEUR
Income treatmentaccumulatingclass tracked, verified
Performance since Dec 2022 p.a.+9.2%Class I-A-EUR
Ongoing costs—
Min. investmentEUR 25,000
Redemptionmonthly
Risk (SRI)—
01Performance
Unit price (NAV) in EUR · share class I-A-EUR · 41 data points
34.74 EURNAV as at 30 Jun 2026
Source: Price feed from the management companyall values documented from primary sources
YTD+2.0%
1 year+5.3%
3 years p.a.+8.6%
since Dec 2022 p.a.+9.2%
Calendar-year returns
Calendar years, calculated from the NAV series
Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.
Provider figures
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
Performance 12M
6.36%
Since launch p.a.
8.70%
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2022
Fund sizeEUR 4.60bnas at 30 Jun 2026 (investments at fair value, ecred.com)
CurrencyEUR
Income treatmentboth
SFDR—
Recommended holding—
Liquidity buffer—
Leverage limit67.00%
Risk indicatornot documentedfrom the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Sector breakdown
Actual portfolioFair market valueas at 30 Jun 2026
Software & SaaS33.3%
Insurance8.4%
B2B services8.1%
Pharma & biotechnology6.4%
Media & entertainment5.4%
Other38.4%
Show groups
Technology & software38.7%
Financial services8.4%
Business services8.1%
Healthcare & life sciences6.4%
Other38.4%
Source: Blackstone ECRED Fact Card Juni 2026, S. 2, Grafik 'Top 5 Industries (at FMV)'
Geographic breakdown
Actual portfolioFair market valueas at 30 Jun 2026
EMEA73.0%
North America21.0%
Asia-Pacific5.0%
Source: Blackstone ECRED Fact Card Juni 2026, S. 2, Grafik 'Geographic Breakdown'
Strategy
Direct LendingUnitrancheMezzanine / Subordinated
Directly originated, floating-rate first lien/senior secured and unitranche loans to the European upper mid-market; small liquid sleeve (BSL); selectively second lien, mezzanine, structured/asset-backed
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.25%
Total ongoing costs
not documented
Entry charge max.
0.00%
Redemption fee
2.00%
Performance fee
12.50%
Hurdle rate
5.00%
High-water mark
not documented
How the performance fee works
Classic two-part BDC mechanism: (i) INCOME LEG: 12.5 % of the 'Pre-Performance Participation Allocation Net Investment Income Returns' (including OID/PIK and gains from early repayments, excluding other capital gains/losses) above a HARD hurdle of 1.25 % per quarter (5.00 % p.a., pro rata for part-quarters, adjusted for subscriptions/redemptions); 100 % catch-up between 5.00 % and 5.72 % annualised until the manager receives 12.5 %, thereafter 12.5 % of the excess; payment QUARTERLY in arrears. (ii) CAPITAL GAINS LEG: 12.5 % of the CUMULATIVE realised capital gains since launch, net of realised losses AND unrealised write-downs, less allocations already made; crystallisation ANNUAL; full loss carry-forward. No classic high-water mark, but cumulative loss offsetting; hurdle only on the income component
Costs per the key information document
Not documented as exact KID figures - the ECRED KIDs (www.ecred.com/information) can only be retrieved after selecting country/investor type and come as a protected PDF (e.g. 'ECRED-SICAV-KID-IT-AA-EUR_English.pdf') whose content cannot be read out by machine. Known cost components of the A-A-EUR class: 1.25 % management fee + up to 0.85 % servicing fee + fund operating costs + the cost impact of the performance participation
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentEUR 25,000
Entry chargeup to 0.00%
Rec. holding periodnot documented
Subscription per the document
monthly
05Redemption & liquidity
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
Units can be redeemed monthly; on each date the fund redeems at most 2 % of fund assets; for the first 12 months after subscription no redemption is possible.
1 · Lock-up12 months from subscription
2 · Notice periodunknown
3 · Redemption datemonthly
4 · Gatemax. 2 % per date
5 · Payoutnot documented
The gate caps redemptions at 2 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
Redemption per the document
monthly
Gate per the document
2 % of aggregate NAV per month / 5 % per quarter
Notice period
not documented
Lock-up
Soft lock 12 months
06Share classes
16 classes known. All cost and risk figures on this page apply to LU2480032510.
ISIN
Status
Min. investment
Ongoing costs
SRI
LU2480032510
basis of this page
EUR 25,000
2.90%
3/7
LU2480032601
documented
not documented
2.90%
3/7
LU2480032783
documented
not documented
3.80%
3/7
+ 13 more share classes
ISIN
Status
Min. investment
Ongoing costs
SRI
LU2480032866
documented
not documented
3.80%
3/7
LU2625139477
documented
not documented
3.80%
3/7
LU2625139550
documented
not documented
3.80%
3/7
LU3235831701
documented
not documented
2.90%
3/7
LU3235831883
documented
not documented
2.90%
3/7
LU3171634010
documented
not documented
2.90%
3/7
LU3171634101
documented
not documented
2.90%
3/7
LU3171633806
documented
not documented
3.80%
3/7
LU3171633988
documented
not documented
3.80%
3/7
LU3244661859
documented
not documented
3.80%
3/7
LU3244662154
documented
not documented
3.80%
3/7
LU3235831537
documented
not documented
not documented
3/7
LU3235831610
documented
not documented
4.10%
3/7
Note on the classes
16 share classes are documented in the provider's PRIIPs KIDs (I and A classes, each accumulating and distributing, in EUR as well as USD- and SEK-hedged; alongside D classes for DvP settlement and Italian variants). Main class shown: I-A-EUR (LU2480032510, EUR, accumulating, WKN A3EEWY). The prospectus names further class families (I-I, L, D-L) without published ISINs. Minimum investment EUR 25,000.
07Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
Blackstone Europe Fund Management S.a r.l
Launch date
3 Oct 2022
Eligible investors
Institutional / professional / retail (depending on the country)
Distribution authorisation
44 countries (including Australia, Austria, Bahrain, Belgium, Bulgaria, Switzerland, Germany, Italy, Sweden ...)
Fee layers / double charging
Master-feeder structure: the ECRED Feeder SICAV invests in the ECRED (Master) FCP. The management fee and the performance participation are charged at one level (master level, or on a consolidated basis); at feeder level, additional administration and servicing costs arise. A duplicated management fee is not documented; the servicing fee of up to 0.85 % is a genuine additional layer for retail investors.
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
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Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can 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 the key information document before making an investment decision and seek professional advice where appropriate.