Fund database › Private Credit
CarlyleLU2912502031Class A
The Carlyle ELTIF manages the European credit spectrum tactically — direct lending, opportunistic and liquid credit through to infrastructure credit, with a large-cap focus and a distribution profile, as an ELTIF 2.0, launched in 2024.
Monthly subscription, fully paid in; quarterly redemption with roughly one month's notice, doubly capped against fund assets and the regulatory liquidity limit. No lock-up, no exit fee; recommended holding period eight years.
Designed for wealthy retail investors, wealth managers and intermediaries; registered in roughly nineteen countries, including Germany.
The "tactical" is the difference: as the only credit ELTIF in the field, Carlyle may shift between private and liquid credit segments — more flexibility through the cycle, less purity than the pure direct-lending competitors.
Figures for class A (LU2912502031) · product data 25 Sep 2026 · sources: prospectus (as at Feb 2026; 5 Mar 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Mar 2025, the unit price has gained 12.6% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
17 monthly values, 1 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 Sep 2024; a reliable NAV series of the class is available from Mar 2025.
What the prospectus permits: Private Debt Diversified / tactical
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
95 holdings; the largest are Mecachrome, Project (WeAreProject), Flexera. 12.0% is held in the liquidity reserve — enough for 7 months of maximum redemptions.
Among the ten largest: 10 loans.
Mecachrome is a French manufacturer of precision parts and assemblies for aircraft engines and aerostructures as well as motorsport, headquartered in Amboise.
Italian IT services provider (brand name “WeAreProject”) offering IT infrastructure system integration and managed services to corporate clients.
US software provider of IT asset management, software license optimization and SaaS and cloud cost management (FinOps) for large enterprises.
Italian IT consulting firm specializing in enterprise data analytics, data management and business intelligence.
M Group is a UK provider of design, construction and maintenance services for critical infrastructure in water, energy, telecommunications and transportation …
German distributor and logistics provider of medical consumables focused on the homecare market, i.e., the supply of patients outside hospitals.
Vernacare is a UK manufacturer and distributor of single-use medical products and hygiene consumables for hospitals and care facilities.
EMIS develops clinical software for primary and community care in the United Kingdom, in particular electronic patient records and practice software for GPs …
According to the report, Orion is an Italian provider of environmental and facility services.
Tingstad is a Swedish specialist distributor of non-food consumables, including hygiene, cleaning and packaging products, for businesses and public institutions.
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; weights of the holdings are not reported; short descriptions by semiliquid.info from public sources; holdings as at 31 Dec 2025, reserve as at 31 Jul 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.66%, class A is well above the median of the asset class (2.05%). On top comes a performance fee of 12% above a hurdle of 4% — without a high-water mark.
For 50,000 EUR this means roughly 1,330 EUR per year.
For 50,000 EUR, no charge on purchase.
Based on the PRIIPs key information document of class A, 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 20 business days later.
AML/KYC evidence is a precondition for subscription and transfer.
The fund may accept orders after the Cut-off where settlement is at an unknown NAV.
Price = NAV per share on this day.
valuation day last business day of the month, publication targeted no later than 20 …
pre-funding: 10 calendar days before dealing 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 calendar days before dealing day · 12:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | valuation day last business day of the month, publication targeted no later than 20 business days thereafter |
| Payment | pre-funding: 10 calendar days before dealing day |
| Minimum investment | 50,000 EUR |
| Entry charge (max.) | 0% (distributor) |
| Subscription limit | Subscriptions possible throughout the term; acceptance at the discretion of the Board |
| KYC / documents | AML/KYC evidence is a precondition for subscription and transfer; no separate deadline in days |
| Revocation | not addressed; the cut-off moves to the preceding business day where it falls on a weekend or public holiday |
| Business day | banks open the whole day in Luxembourg, the State of New York, Ireland and London (p. 11); no additional places in the ETAC Supplement |
Dates calculated from the prospectus rules (bank holidays: GB, IE, LU, US); 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 12 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption right only from the end of the ramp-up period of up to 12 months after the first dealing day with …
Price = NAV per share on this day.
Quarterly redemption on the valuation days in March, June, September and December with 30 calendar days' …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 122 days from decision to cash.
Rank 20 of 112 · rank 9 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 5 Mar 2026 · score run 16 Oct 2026 · How 122 days become 43 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 | 30 calendar days before redemption day · 18:00 CET |
| Price | quarter-end |
| Payout | 45 calendar days after redemption day |
| Gate | 5% gross of NAV on the redemption day per redemption day; ELTIF RTS limit of 27.3% of the sum of UCITS-eligible assets and expected cash flows; the lower of the two caps applies |
| Scaled-back portion | scaled-back portion lapses; new request required, no priority |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 12 months (fund launch) |
| Suspension | Market closure, absence of valuation sources or breakdown in communications, transfer and repatriation restrictions |
| Liquidity tools | Swing Pricing, anti-dilution levy, Redemption Cap, temporary suspension, redemption in kind; no separate AIFMD LMT list named |
| Switch / transfer | freely transferable to acquirers meeting the eligibility criteria and AML/KYC requirements; the Board may reject non-qualifying acquirers |
| Compulsory redemption | Compulsory redemption or transfer into a suitable class in the case of Prohibited Persons and where the class requirements are no longer met |
Quarterly redemption on the valuation days in March, June, September and December with 30 calendar days' notice (cut-off 18:00 CET). The Redemption Cap is the lower of 5% of the sub-fund's net asset value and the ELTIF RTS limit applicable from time to time (currently 27.3% of the sum of UCITS-eligible assets and expected cash flow).
The legal consequence of the scale-back is decisive: where the requests exceed the Redemption Cap, they are met pro rata - and the portion not met is expressly NOT automatically carried forward to the next redemption date. The investor must submit an entirely new request for each further redemption date, again observing the 30-day notice period.
Dates calculated from the prospectus rules (bank holidays: GB, IE, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
6 classes. All cost and risk figures on this page refer to the basis class A.
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 |
|---|---|---|
| Key information document (PRIIPs KID) | 25 Aug 2025 | — |
| Factsheet / monthly report Factsheet 30 Sep 2025 | 30 Sep 2025 | — |
| NAV series secondary source (data portal) | 31 Jul 2026 | Performance (01) |
| Positions and reserve | 31 Dec 2025 | 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 30 calendar days before redemption day, with 5% gate per redemption day. Subscribing today, it takes on average 122 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.66% p.a. according to the PRIIPs KID for class A; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 12%.
From 10,000 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 Carlyle European Tactical Private Credit ELTIF. Under the prospectus a gate of 5% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.