Part II SICAVPrivate CreditLuxembourgArticle 9Mezzanine / Subordinated
NAV · 31 Jul 202617,430.52 USD
Fund currencyUSD
Income treatmentaccumulatingclass tracked, verified
Performance since Aug 2021 p.a.+5.3%Class I USD
Ongoing costs1.40% p.a.
Min. investmentCHF 5mClass I USD
Redemptionmonthly
Risk (SRI)—
01Performance
Unit price (NAV) in USD · share class I USD · 60 data points
17,430.52 USDNAV as at 31 Jul 2026
Source: Provider documents and the fund company's monthly returns59 of 60 values derived (back-calculated from monthly returns)
YTD+3.1%
1 year+5.6%
3 years p.a.+6.3%
since Aug 2021 p.a.+5.3%
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 · as at 30 Jun 2026
5.70%
Since launch p.a. · as at 30 Jun 2026
4.45%
Target return per the provider: Not documented - qualitatively: 'a stable return over the medium to long term'; no benchmark set (6M USD LIBOR/SOFR for illustration only)
Source: Factsheet 30 Jun 2026
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year1998
Fund sizeUSD 3.30bnas at 30 Jun 2026
CurrencyUSD
Income treatmentboth
SFDRArticle 9
Recommended holding—
Liquidity buffer3.00%
Leverage limit25.00%
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 portfolio% of fund assetsas at 31 Jul 2026
Consumer & retail36.9%
Agriculture & forestry14.2%
Industrials & manufacturing12.6%
Business services10.5%
Real estate7.5%
Transport & logistics2.9%
Other15.4%
Show individual values
Wholesale & distribution18.6%
Consumer staples17.6%
Agribusiness value chain14.2%
B2B services10.5%
Industrials & manufacturing7.7%
Residential7.5%
Construction & building materials4.9%
Transport & logistics2.9%
Leisure, hospitality & travel0.7%
Other15.4%
Source: BlueOrchard Finance — 'BlueOrchard Microfinance Fund Class I Shares — Investor Update as of 31 July 2026', S. 3 · Document
Geographic breakdown
Actual portfolio% of fund assetsas at 31 Jul 2026
Asia-Pacific58.8%
Latin America21.4%
Europe10.5%
Middle East & Africa5.4%
Global, not broken down3.8%
Show individual values
Caucasus17.9%
Central Asia15.2%
South Asia12.9%
East Asia & Pacific12.8%
Central America & Caribbean12.5%
Central & Eastern Europe9.3%
South America8.9%
Sub-Saharan Africa4.6%
Global, not broken down3.8%
Europe, other1.2%
Middle East & North Africa0.8%
Source: BlueOrchard Finance — 'BlueOrchard Microfinance Fund Class I Shares — Investor Update as of 31 July 2026', S. 3 · Document
Strategy
Mezzanine / Subordinated
Senior and subordinated, privately originated loans, notes and similar instruments; lending also via SPVs; smaller liquidity sleeve of T-bills, government bonds and money market instruments
Portfolio composition
Weighted average maturity 2.17 years; weighted average interest-rate duration 0.33 years; cash 3 %; the remainder is the microfinance loan portfolio (charts on region/sector/maturity in the PDF cannot be extracted as text)
Source: Factsheet 30 Jun 2026, FUND FACTS
Top holdings
Top 5 (in % of total assets): KMF BANK (Kazakhstan) 3.07 %; PROCREDIT HOLDING (global) 2.92 %; KHAN BANK (Mongolia) 2.76 %; JSC CREDO BANK (Georgia) 2.67 %; HAMKORBANK (Uzbekistan) 2.47 %
Source: Factsheet 30 Jun 2026, TOP 5 HOLDINGS
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.20%
Total ongoing costs
1.40%
Entry charge max.
0.00%
Redemption fee
0.00%
Performance fee
0.00%
Hurdle rate
not documented
High-water mark
not documented
In context: ongoing costs
This fund
1.40%
Median Private Credit
2.19%
Median across 23 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How the performance fee works
Not applicable - no performance fee disclosed in the factsheet
Source: Factsheet 30 Jun 2026, FEES AND COSTS
Costs per the key information document
Ongoing costs of up to 1.40 % (this refers to the Class I USD share class); TER 1.34 % (as at 30 Jun 2025)
Source: Factsheet 30 Jun 2026, sections FEES AND COSTS and FUND FACTS
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentCHF 5m
Entry chargeup to 0.00%
Rec. holding periodnot documented
Subscription per the document
Subscriptions monthly, 1 day's notice
Source: Factsheet 30 Jun 2026, FUND FACTS
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; notice must be given 90 days before the date.
1 · Lock-upnone
2 · Notice period90 days before the date
3 · Redemption datemonthly
4 · Gatenot published
5 · Payoutnot documented
Redemption per the document
Redemptions monthly, 90 days' notice
Source: Factsheet 30 Jun 2026, FUND FACTS
Gate per the document
No redemption threshold disclosed in the factsheet.
Depositary & transfer agent: Banque de Luxembourg & UI efa S.A., Luxembourg
Source: Factsheet 30 Jun 2026, FUND FACTS
Launch date
Fund launched 18 September 1998; launch date of class I (USD/EUR/CHF) Oct 2013, JPY class Oct 2023
Source: Factsheet 30 Jun 2026, section FUND FACTS
Eligible investors
Class I institutional; the document is 'marketing material for professional clients and qualified investors only'
Source: Factsheet 30 Jun 2026, header/footer
Distribution authorisation
UK, Spain, Switzerland, EEA
Fee layers / double charging
Fund level only (direct loans to microfinance and financial institutions in emerging markets); no master/feeder or target-fund level, no double charging. External AIFM: BlueOrchard Asset Management (Luxembourg) S.A.; investment manager: BlueOrchard Finance Ltd - the AIFM fee is included in the ongoing costs
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.
Similar funds
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.
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.