Fund database › Private Credit
BlueOrchard Finance LtdLU0973079543Class I USD
The BlueOrchard Microfinance Fund has financed microfinance and other financial institutions in emerging and frontier markets since 1998 — the oldest fund in the entire database and a pioneer of financial-inclusion investing, as a Luxembourg Part II SICAV.
Monthly subscription with minimal notice; monthly redemption with roughly one quarter's notice. In the event of excessive redemption volumes, execution per dealing date can be limited: orders are then filled pro rata and the remainder is carried forward, ranking equally with new orders; an anti-dilution levy in favour of the fund is also possible. No minimum holding period, no redemption fee.
The main share class targets institutional investors with a very high entry threshold; not registered for retail distribution in Germany.
More than a quarter-century of live history through every crisis since the Asian crisis — the longest in the entire field. The microfinance mandate remains unique in the semi-liquid field.
Figures for class I USD (LU0973079543) · product data 25 Sep 2026 · sources: prospectus (as at 22 May 2026), PRIIPs-KID, Factsheet, monthly report — full list under 08 documents.
Since the data series began in Aug 2021, the unit price has gained 5.3% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
61 monthly values, 59 derived from monthly returns · 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 Sep 1998; a reliable NAV series of the class is available from Aug 2021.
What the prospectus permits: Senior and subordinated privately originated loans, notes and similar instruments; lending also through SPVs; smaller liquidity sleeve of T-bills, government bonds and money market instruments
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
163 holdings; the five largest account for 13.5% of the fund. 12.2% is held in the liquidity reserve — enough for 2 months of maximum redemptions.
How the reserve is invested: Amundi Money Market Fund Short Term (USD) XV Cap 2.2% · Schroders BlueOrchard Emerging Markets Impact Bond I Cap 1.9% · BNP Paribas InstiCash USD 1D LVNAV I Cap 1.1% · 7 more 2.8%. It covers 2 months of the maximum net redemption (at most 60% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 10 loans.
KMF is the largest microfinance institution in Kazakhstan, headquartered in Almaty, lending to micro and small entrepreneurs, particularly in rural areas.
ProCredit Holding AG (Frankfurt am Main, listed) is the holding company of a group of development-oriented commercial banks serving small and medium-sized enterprises in Southeastern and …
Georgian commercial bank headquartered in Tbilisi that evolved from a microfinance organization.
Mongolia's largest commercial bank, headquartered in Ulaanbaatar, with the densest branch network in rural areas.
Produbanco (Banco de la Producción) is one of the largest private banks in Ecuador, headquartered in Quito, and part of the Grupo Promerica financial group.
Private Uzbek commercial bank headquartered in Andijan that focuses on loans to small and medium-sized enterprises as well as microloans and operates a nationwide branch network.
Agricover Credit IFN is a Romanian non-bank lender (IFN) that provides farms with loans for inputs, machinery and seasonal financing.
Private Joint-Stock Davr Bank is a private commercial bank based in Tashkent (Uzbekistan) focusing on lending to small and medium-sized enterprises and on retail banking.
Private Uzbek commercial bank headquartered in Tashkent and organized as a joint-stock company.
Georgia's largest bank, headquartered in Tbilisi and a subsidiary of London-listed TBC Bank Group plc.
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; 0.5% is not allocated to any block in the source; holdings as at 31 Aug 2026, reserve as at 31 Dec 2025; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 1.65%, class I USD is well below the median of the asset class (2.05%). There is no performance fee.
For 5,000,000 USD this means roughly 82,500 USD per year.
For 5,000,000 USD, a one-off up to 200,000 USD on purchase.
Based on the PRIIPs key information document of class I USD, hence comparable across providers. Median: 32 Private Credit funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed.
Price = NAV per share on this day.
An order placed today is invested in — days (—). Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
Shown without a date because the prospectus does not quantify: NAV publication, payment. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 1 business day before Valuation day · 17:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | no publication deadline in the prospectus; NAV per Valuation Day, notification to investors at least annually |
| Payment | after NAV publication: 7 business days after Valuation day |
| Minimum investment | USD 10,000 |
| Entry charge (max.) | 4% (distributor) |
| Revocation | irrevocable; revocation only in the event of a suspension of the NAV calculation |
| Business day | a day on which banks are generally open for business in Luxembourg during the whole day, excluding Sat/Sun and public holidays (p. 13) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed monthly — 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.
Gate: in the event of excessive redemption volume, the AIFM may, in consultation with the board of …
Price = NAV per share on this day.
No quantified gate mechanism at fund level: in the event of an exceptionally high redemption volume, the …
valuation day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
Money typically within half a year — on average 116 days from decision to cash.
Rank 13 of 112 · rank 4 of 31 in Private Credit · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 22 May 2026 · score run 16 Oct 2026 · How 116 days become 44 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | monthly |
| Valuation day | last business day of the month |
| Notice | 90 calendar days before redemption day · 17:00 Luxembourg |
| Price | valuation day |
| Payout | 7 business days after valuation day |
| Gate | 5% of NAV on the redemption day per redemption day |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | none |
| Suspension | exchange closed; valuation/communication disrupted; liquidation or merger |
| Liquidity tools | Gate with pro-rata execution (expected minimum execution of 5% of the sub-fund NAV per valuation day, remainder carried forward pari passu). |
| Switch / transfer | freely transferable except to US persons; the Board may request information on the acquirer |
| Compulsory redemption | Compulsory redemption in the case of a detrimental or unlawful holding or of US persons; full redemption where the minimum holding is not maintained |
No quantified gate mechanism at fund level: in the event of an exceptionally high redemption volume, the board of directors may delay the execution of the redemptions until the corresponding assets have been sold without undue delay; in addition, the NAV calculation and hence redemption may be suspended.
The prospectus does not quantify any redemption limit as a NAV ratio. It provides only that the board of directors may, where redemption volumes are exceptionally high, delay execution of the orders until the corresponding assets have been sold without undue delay.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
1 class. All cost and risk figures on this page refer to the basis class I USD.
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.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Factsheet / monthly report | 30 Jun 2026 | — |
| NAV series price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Aug 2026 | Portfolio (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.
Redemption monthly, notice period 90 calendar days before redemption day, with 5% gate per redemption day. Subscribing today, it takes on average 116 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 1.65% p.a. according to the PRIIPs KID for class I USD; the median of the Private Credit funds in this database is 2.05%; no performance fee.
5,000,000 USD in class I USD.
Not as a retail investor. According to our evidence, in Germany it is open only to professional and institutional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the BlueOrchard Microfinance Fund. Under the prospectus a gate of 5% per redemption day applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.