Fund database › Private Credit
Kartesia ManagementLU3223166664Class CA26 - Capitalisation
The Kartesia Credit ELTIF finances the European lower mid market — a segment the large platforms mostly skip — as an ELTIF, launched in 2025, accumulating.
Quarterly subscription and redemption; the order cut-off falls a full quarter before the dealing date, and the limit is measured against the liquid assets. In the first two calendar years redemption incurs a fee (soft lock).
For advised retail investors and professional investors; registered for distribution in seven countries, including Germany.
The specialist for the field's smallest credit segment — where return potential and illiquidity are both higher; the long notice period is the honest admission that lower-mid-market loans do not yield quick liquidity.
Figures for class CA26 - Capitalisation (LU3223166664) · product data 9 Oct 2026 · sources: prospectus (as at 9 Jul 2026; 15 Jan 2026; 12 May 2026), PRIIPs-KID — full list under 08 documents.
single value only
1 monthly value, 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.
What the prospectus permits: Two-part portfolio: a “Private Credit Bucket” with corporate loans – typically senior ranking loans, alongside second-lien/mezzanine/subordinated instruments, shareholder loans and (convertible) bonds.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
11 holdings; the five largest account for 46.3% of the fund. 28.8% is held in the liquidity reserve.
How the reserve is invested: Candriam Bonds Credit Alpha Z EUR C 7.8% · Candriam Sustainable Bond Euro Short Term Z EUR C 4.5% · Candriam Bonds Euro Diversified Z EUR C 4.2% · 4 more 12.3%.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: Europe 100%
Among the ten largest: 9 loans, 1 primary fund.
Note-based exposure to the Kartesia Credit sub-fund of a Luxembourg Candriam platform, which holds a diversified portfolio of senior loans originated by the manager Kartesia.
MBL is a Danish contract development and manufacturing organization (CDMO) for mobility aids such as wheelchairs and rollators, with production in Europe (mainly Poland) and Asia.
Danish borrower (short name ELCG), financed through senior loan tranches in DKK and GBP maturing in 2031 and an acquisition facility for add-ons (buy-and-build) …
Polish provider of testing, inspection and laboratory analysis services headquartered in Gdynia, covering food, commodities, agricultural products and environmental samples, among others.
Matignon Group is a Swiss chain of aesthetic medicine clinics with around 25 locations.
Medperion (listed in the report as “Medperlon”) is a German service provider for pharmaceutical and healthcare companies in the DACH region, offering field sales, marketing …
UK provider of administration and platform services for self-directed pensions, particularly self-invested personal pensions (SIPPs) and small self-administered schemes (SSASs).
MolenQ Industrial Services (Voorschoten, Netherlands) provides testing, inspection, certification and maintenance for lifting …
Ortessa is a Dutch borrower whose business activities are not described in the report.
Evestia Clinical is a contract research organization (CRO) that plans, conducts and monitors clinical trials for pharmaceutical and biotech companies …
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 3.98%, class CA26 - Capitalisation is well above the median of the asset class (2.05%). On top comes a performance fee of 20% above a hurdle of 3.50% — with a high-water mark.
Based on the PRIIPs key information document of class CA26 - Capitalisation, hence comparable across providers. Median: 32 Private Credit funds in this database, data run 16 Oct 2026.
Units can be subscribed quarterly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 75 calendar days later.
The General Partner may waive the cut-off (p. 62)
Price = NAV per share on this day.
Valuation day last bank business day of the quarter, NAV available 75 calendar days …
pre-funding: 3 business 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 | quarterly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | quarter-end |
| Cut-off | 15 business days before dealing day · 12:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation day last bank business day of the quarter, NAV available 75 calendar days thereafter (calculation date) |
| Payment | pre-funding: 3 business days before dealing day |
| Minimum investment | no minimum investment (class CA) |
| Entry charge (max.) | 4% (distributor) |
| Subscription limit | The General Partner may close sub-funds, classes or series to subscriptions at any time; subscription only in the series activated in the calendar year |
| Revocation | not addressed; late requests are automatically deferred to the next dealing day |
| Business day | Bank business day: a day on which the banks in Luxembourg are open for a full normal working day (p. 5) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption request irrevocable; notice period 3 months before the redemption day, 12:00 Luxembourg …
NAV per unit less redemption fee (up to 10%)
Two-tier redemption restriction: (1) the aggregate amount of redemptions per redemption day is limited to …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
No liquidity score — the prospectus figures are not sufficient for a calculation.
The score needs a quantified redemption frequency, notice period and payout rule; as soon as the prospectus provides them, it is calculated.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 3 months before redemption day · 12:00 Luxembourg |
| Price | quarter-end |
| Payout | 90 calendar days after redemption day |
| Gate | 33.3% gross of available liquidity per redemption day; additional discretionary gate from 5% of net assets per redemption day, pro-rata deferral by the General Partner or … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 10% |
| Lock-up | none |
| Suspension | Valuation or market disruption, transfer of funds impossible, dissolution or absence of a depositary bank |
| Liquidity tools | Gating with pro-rata scale-back, deferral, temporary suspension, early redemption charge, anti-dilution protection (swing pricing or bid/ask) |
| Switch / transfer | not addressed; conversion into other classes, series or sub-funds is excluded |
| Compulsory redemption | Compulsory redemption in the case of US persons, FATCA non-compliant institutions and holders whose holding is unlawful or detrimental to the SICAV |
Two-tier redemption restriction: (1) the aggregate amount of redemptions per redemption day is limited to 33.3% of the assets of the sub-fund's “Liquid Assets Bucket” and/or additional liquid assets; requests in excess are met pro rata, the remainder is deferred to the next redemption day, valued there at the net asset value per unit then applicable and processed in priority to later-received requests in the order …
The gate is two-tier and only partly expressed as a NAV ratio: the hard limit relates to 33.3% of the Liquid Assets Bucket (plus other liquid assets), not to the fund NAV; captured here is therefore the second, NAV-based tier, under which requests exceeding 5% of net assets may be deferred pro rata at the discretion of the General Partner or of the AIFM.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
16 classes. All cost and risk figures on this page refer to the basis class CA26 - Capitalisation; the cheapest class with a cost figure is I25 - Capitalisation (2.20%, from 1,000,000 EUR).
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) | 15 Jan 2026 | — |
| NAV series secondary source (data portal) | 13 Aug 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 3 months before redemption day, with 5% gate per redemption day.
Ongoing costs of 3.98% p.a. according to the PRIIPs KID for class CA26 - Capitalisation; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 20%.
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 Kartesia Credit ELTIF. Under the prospectus a gate of 5% per redemption day applies.
Same asset class, similar sub-strategy.
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Apollo Global Management · Part II SICAV · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.