Fund database › Private Credit
BNP Paribas Asset ManagementLU2840134923Class I-Vintage-H2 20
The BNP Paribas ELTIF diversifies beyond European direct lending into infrastructure and real-estate credit — a multi-private-credit portfolio with an income focus, as an ELTIF 2.0, launched in 2024.
Monthly subscription; quarterly redemption with roughly one quarter's notice; the limit is measured primarily against the liquid assets. A two-year soft lock makes early exits considerably more expensive.
The main share class covered here carries an institutional entry threshold; retail classes exist within the bank's distribution network. Registered in roughly nineteen countries, including Germany.
The diversification approach among the credit ELTIFs: where Apollo, Ares and Carlyle focus, BNP Paribas blends credit types — the breadth is paid for with one of the stricter soft locks in the credit field.
Figures for class I-Vintage-H2 20 (LU2840134923) · product data 25 Sep 2026 · sources: prospectus (as at December 2025), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Aug 2024, 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.
27 monthly values, 21 derived from monthly returns · Source: price feed / provider document, 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.
What the prospectus permits: Three complementary building blocks (provider target allocation, June 2024): Corporate Debt 60%, Real Assets Debt 25% (infrastructure and real estate loans), liquid investments 15%.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
31 holdings; the five largest account for 45.1% of the fund. 24.9% is held in the liquidity reserve — enough for 15 months of maximum redemptions.
How the reserve is invested: BNP Paribas Flexi I Structured Credit Europe IG - X Cap 10.9% · BNP Paribas Funds Euro High Yield Bond - X Cap 6.3% · BNP Paribas InstiCash EUR 3M - X Cap 2.6% · 1 more 2.3%. It covers 15 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 10 loans; 1 name not disclosed.
Specialty Ingredients Distribution Group (SIDG) distributes specialty ingredients and raw materials to manufacturers in the food, cosmetics and pharmaceutical sectors.
Axitea is an Italian provider of integrated security solutions headquartered in Milan.
French borrower “RGS Safety”; according to the commercial register, RGS is the holding company of Groupe RG (RG Safety) in Saint-Priest near Lyon, which the report itself does not describe.
Italian pharmacy chain based in Milan that acquires independent pharmacies and combines them into a centrally managed network.
Climater Bidco II is the acquisition vehicle of the French Climater group, a provider of air conditioning, refrigeration and ventilation services that installs and maintains such systems.
Cordstrap is a Dutch manufacturer of cargo securing systems such as straps, lashing equipment and dunnage airbags for container, road and rail transport, with a global presence.
Undisclosed French borrower that BNP Paribas finances through a term loan tranche (Term Loan A) and an acquisition facility maturing in 2029.
Financing of the combination of Novetude, a French private provider of education and training for healthcare and social care professions, with Metrodora …
Floating-rate note maturing in 2039 from the Spanish securitization transaction PYMAG 12 in the asset-backed finance segment.
Piovan (Santa Maria di Sala, Veneto) manufactures automation, conveying, drying and dosing systems for plastics and food processing and has production and service sites internationally.
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; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 1.45%, class I-Vintage-H2 20 is well below the median of the asset class (2.05%). There is no performance fee.
For 1,000,000 EUR this means roughly 14,500 EUR per year.
For 1,000,000 EUR, a one-off up to 50,000 EUR on purchase and up to 50,000 EUR on redemption.
Based on the PRIIPs key information document of class I-Vintage-H2 20, 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 and is published only 6 business days later.
order in due form at the centralisation time
The board of directors may decide otherwise; orders received after expiry of the period …
Price = NAV per share on this day.
Valuation day = last business day of the month, NAV calculation and publication 6 …
after NAV publication: 8 business days after Valuation 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 —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 10 business days before Valuation day · 12:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation day = last business day of the month, NAV calculation and publication 6 business days thereafter |
| Payment | after NAV publication: 8 business days after Valuation day |
| Minimum investment | EUR 30,000 |
| Entry charge (max.) | 0% (distributor) |
| Subscription limit | The board of directors may reject or defer subscriptions in whole or in part without giving reasons |
| KYC / documents | order in due form at the centralisation time |
| Revocation | Order received after the centralisation deadline is deferred to the next valuation day |
| Business day | a day on which banks are open for business for the whole day in Luxembourg and France (p. 8) |
Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 3 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption request by 12:00 CET three months before the last business day of the quarter.
NAV per unit less redemption fee (up to 5%)
NAV at previous quarter-end (—)
at the latest 60 business days after NAV publication (—)
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within a year — on average 316 days from decision to cash.
Rank 60 of 112 · rank 23 of 31 in Private Credit · 3 months lock-up · no fixed redemption fee
Money typically within a year — on average 225 days from decision to cash.
3 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Dec 2025 · score run 16 Oct 2026 · How 316 days become 25 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 | quarterly |
| Valuation day | quarter-end |
| Notice | 3 months before redemption day · 12:00 CET |
| Price | quarter-end |
| Payout | 60 business days after redemption day (latest 60 business days) |
| Gate | 5% net of NAV at the previous quarter-end per quarter; in addition, a maximum of 33.3% of the liquid assets at each quarter-end under the ELTIF Delegated Regulation |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% |
| Lock-up | investor-level, 3 months (subscription) |
| Suspension | market closure, force majeure, communication failure, foreign exchange restriction, liquidation resolution |
| Liquidity tools | Suspension, redemption gate, anti-dilution levy, Early Redemption Deduction |
| Compulsory redemption | in the case of a Prohibited Person, loss of eligibility or failure to maintain the minimum investment |
Redemptions are possible quarterly on the last business day of the quarter, for the first time as at the quarter end in which the three-month minimum holding period following the subscription valuation day expires.
Two-tier gate: first, redemptions at a quarter end are limited to 33.3% of the liquid assets held by the sub-fund; irrespective of this, an absolute ceiling of 5% of the sub-fund NAV per calendar quarter applies, measured against the NAV of the last day of the previous quarter. The database records the second, restrictive tier.
Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
31 classes. All cost and risk figures on this page refer to the basis class I-Vintage-H2 20.
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 |
|---|---|---|
| Prospectus | — | — |
| NAV series price feed / provider document, secondary source (data portal) | 30 Jun 2026 | Performance (01) |
| Positions and reserve | 30 Jun 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 quarterly, notice period 3 months before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 316 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 1.45% p.a. according to the PRIIPs KID for class I-Vintage-H2 20; the median of the Private Credit funds in this database is 2.05%; no performance fee.
From 30,000 EUR in the smallest class in EUR.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the BNP Paribas Alternative Strategies - Diversified Private Credit. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
Apollo Global Management · Part II SICAV · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.