We do not yet have a NAV series for this fund. Semi-liquid funds often publish their unit prices only monthly or quarterly — and not always publicly.
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2024
Fund sizeEUR 448m
CurrencyEUR
Income treatmentboth
SFDR—
Recommended holding—
Liquidity buffer—
Leverage limit200.00%
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
Approximation (qualitative)% of NAVas at 21 Aug 2026
Diversified, no sector breakdownThe provider reports the portfolio as a single position — no finer breakdown is published.
Target rangeGross asset value (GAV)as at 31 Jan 2026
Europe90.0%
Other / unallocated10.0%
Source: Longreach Alternatives für CVC — 'Product Disclosure Statement — CVC-CRED', S. 18, Disclosure Principle 4 (beschreibt ausdrücklich den Underlying Fund CVC-CRED European Private Credit) · Document
Strategy
Direct LendingUnitrancheMezzanine / Subordinated
Privately negotiated, floating-rate senior secured loans to European companies: first lien, unitranche and, selectively, second lien/mezzanine; plus a liquidity sleeve of broadly syndicated senior secured loans, bonds and structured credit
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.00%
Total ongoing costs
not documented
Entry charge max.
0.00%
Redemption fee
not documented
Performance fee
10.00%
Hurdle rate
5.00%
High-water mark
not documented
How the performance fee works
Two-part, modelled on the BDC template: income incentive allocation of 10 % of net investment income above an annualised hurdle of 5.00 % (1.25 % per quarter) with quarterly crystallisation; the hurdle applies only to the income component. Alongside this, 10 % of realised gains with annual crystallisation, loss carry-forward and no clawback. Catch-up and high-water mark are not documented.
Costs per the key information document
Not documented – no publicly available PRIIPs KID exists; CVC does not publish a total expense ratio. Known components: 1.00 % management fee (waived for the first 12 months) plus fund operating costs, transaction costs and the cost impact of the income/gains participation.
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentEUR 10m
Entry chargeup to 0.00%
Rec. holding periodnot documented
Subscription per the document
Monthly (NAV of the last business day of the preceding month)
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 quarterly; on each date the fund redeems at most 5 % 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 datequarterly
4 · Gatemax. 5 % per date
5 · Payoutnot documented
The gate caps redemptions at 5 % 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
Quarterly (NAV of the last business day of the calendar quarter)
Gate per the document
5 % of the compartment NAV per calendar quarter (based on the average NAV of the preceding months, or on units outstanding)
Notice period
not documented
Lock-up
2.00 % redemption fee on redemption within 12 months (soft lock)
06Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
Launch date
15 May 2024 (inception); launch year 2024
Eligible investors
Institutional, professional/accredited and retail investors
Distribution authorisation
Luxembourg, UK, USA, Germany, Italy and 14 further countries
Fee layers / double charging
Fund level (CVC Credit direct lending platform, predominantly direct investments). No master/feeder or target-fund level disclosed; no double charging documented
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.