Fund database › Private Credit
Part II SICAV Private Credit Luxembourg Direct Lending Core / Core+
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.
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.
Target return per the provider: No net target return published. Weighted average portfolio yield at fair value 8.9 % (gross); weighted average spread 541 basis points (as at 30 Jun 2026).
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
What the fund does and how the portfolio is put together.
Risk indicator not documented from 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.
Strategy
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 1.25% |
| Total ongoing costs | not documented |
| Entry charge max. | not documented |
| Redemption fee | 5.00% |
| Performance fee | 12.50% |
| Hurdle rate | 5.00% |
| High-water mark | not documented |
How you get into the fund, and on what terms.
Monthly at NAV (fully paid in)
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 18 months after subscription no redemption is possible.
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.
Quarterly
Quarterly redemption up to 5 % of NAV per quarter. Redemption within 18 months of subscription: discount of 5 % of NAV (soft lock-up of 18 months). Subscription monthly at NAV (fully paid in).
not documented
Soft lock: redemption charge of 5 % of NAV on redemption within 18 months of the subscription date (applies to all classes except the founder classes; 30 months for founder units)
Who stands behind the fund, who it is authorised for — and what the figures rest on.
HPS Investment Partners Lux S.a r.l. (external AIFM); delegation of portfolio management to HPS Investment Partners, LLC; HPS Advisors, LLC as investment adviser for distribution decisions. Supervisory authority: CSSF
Early 2026 - first published NAV values as at February 2026 (EUR 25.40); first distribution for March 2026. Registration of the evergreen vehicle in Luxembourg was already reported in August 2025
Website access expressly distinguishes between 'Professional Investor' and 'Non-Professional Investor'; country-specific eligibility criteria ('local eligibility criteria') apply in addition
Country selection on the fund website: Belgium, Bulgaria, Denmark, Germany, Estonia, Finland, France, Greece, Ireland, Italy, Croatia, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Austria, Poland, Portugal, Romania, Sweden, Slovakia, Slovenia, Spain, Czech Republic, Hungary, Cyprus, as well as Hong Kong, Jersey, Switzerland, Singapore and the United Kingdom
Master-feeder: Luxembourg Part II UCI SICAV investing into a Luxembourg Part II UCI SICAV-SCSp as master. Management fee up to 1.25 % p.a. on NAV, payable monthly. Incentive fee up to 12.5 % of income (5 % hurdle with catch-up) plus up to 12.5 % of realised capital gains.
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.
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.
Apollo Global Management
Part II SICAV quarterly
Apollo Global Management
ELTIF 2.0 quarterly
Apollo Global Management
ELTIF 2.0 quarterly
Ares Management
ELTIF 2.0 monthly