Fund database › Private Credit
Muzinich & Co.LU2696218341Class EUR A Accumulation
The Muzinich European Evergreen Credit Fund lends to European upper-mid-market companies — predominantly through senior secured parallel lending alongside banks, complemented by syndicated loans and direct lending. Launched in 2023 in Luxembourg as a Part II SICAV in a master-feeder structure, with both accumulating and distributing share classes.
Subscription and redemption each fall on the last business day of the month. Redemption requires just over three months' written notice — considerably more than most credit funds in the field. Two interlocking redemption limits operate at master-fund level, one monthly and one quarterly, with the lower of the two applying. Requests above the limit are scaled back pro rata and carried forward to the next dealing date, and the investor may cancel that carry-forward. Redeeming within the first year triggers an early redemption charge for the benefit of the fund. Side pockets are expressly excluded.
Subscription from EUR 25,000, with a recommended holding period of five years. The fund is not an ELTIF: its German marketing notification was filed under sections 323/329 of the KAGB and therefore addresses professional investors rather than retail investors. It is registered in thirteen countries.
One of the few Part II SICAVs in the database and thus a vehicle outside the ELTIF framework — the retail rulebook does not apply here. The parallel-lending approach alongside banks is a rarity in the field and sets the fund apart from the direct-lending majority. The long notice period is the price of it.
Figures for class EUR A Accumulation (LU2696218341) · product data 25 Sep 2026 · sources: prospectus (as at Jan 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Apr 2024, the unit price has gained 8.1% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
29 monthly values, 9 derived from monthly returns · Source: price feed / provider document · 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 2023; a reliable NAV series of the class is available from Apr 2024.
What the prospectus permits: Parallel lending — co-lending alongside regulated banks, aligned with banking standards (IFRS 9) for valuation and default definition; complemented by syndicated loans (the liquid sleeve) and conventional direct lending.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
156 holdings; the five largest account for 24.3% of the fund.
How the reserve is invested: Goldstory SASU 4.00% 2.9% · Kapla Holdings SAS 3.50% 2.9% · United Group BV 4.25% 2.9% · 2 more 3.1%.
Among the ten largest: 10 loans.
emagine is a Danish provider of IT and business consulting and of placement of freelance IT specialists, with a presence in Northern Europe.
Wing Midco is an Italian acquisition vehicle of an undisclosed supplier to the aerospace and defense industry.
French holding company (Paris) that owns the Serma group via Financière Faraday; Serma provides testing, analysis …
French borrower in healthcare and pharmaceuticals, financed through the Luxembourg-French acquisition structure Scientian LUX 2 / Scientian France.
Efor is a French consulting and engineering group serving life sciences, healthcare and industrial companies with services in regulatory affairs, engineering …
Italian acquisition vehicle (“Traiano”) in the technology sector whose acquisition financing was provided in parallel with Italian banks.
Holding company of the French Cogep group, which provides accounting (expertise comptable), audit, tax and legal services to small and medium-sized businesses.
Educa Edtech is a Spanish online education group offering online master’s degrees as well as higher education and continuing education programs for working professionals in Spanish-speaking …
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.
Bluesun Holdco SL is a Spanish holding company of a German consumer goods business in non-durable goods.
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 2.89%, class EUR A Accumulation is well above the median of the asset class (2.05%). On top comes a performance fee of 10% above a hurdle of 5% — without a high-water mark.
For 25,000 EUR this means roughly 723 EUR per year; the cheapest class with a cost figure is NH Accumulation CHF (Feeder) (1.55%, from 25,000 CHF).
For 25,000 EUR, a one-off up to 1,250 EUR on purchase and up to 500 EUR on redemption.
Based on the PRIIPs key information document of class EUR A Accumulation, 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.
AML checks before acceptance; without evidence, monies are returned within 5 business …
the board may set other times
Price = NAV per share on this day.
NAV on each valuation date; issue and redemption prices are published at least monthly
pre-funding: 3 business days after 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 —.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 5 business days before dealing day · 14:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV on each valuation date; issue and redemption prices are published at least monthly |
| Payment | pre-funding: 3 business days after dealing day |
| Minimum investment | EUR 25,000 (or equivalent); individual distributors, countries and share classes may require higher minimums |
| Subscription limit | the board may reject subscriptions without giving reasons and suspend the offering of a share class |
| KYC / documents | AML checks before acceptance; without evidence, monies are returned within 5 business days of the subscription date |
| Business day | Any day (except Saturday and Sunday) on which banks in Luxembourg, Milan and London are open for business, or such other or further day or days as may be … |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed monthly — 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.
No lock-up; instead an early redemption charge of 2% where shares are redeemed before the 365th day following …
NAV per unit less redemption fee (up to 2%)
Monthly redemption as at the last business day of the calendar month, on at least 91 days’ written notice.
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
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 | monthly |
| Valuation day | last business day of the month |
| Notice | 91 calendar days before redemption day |
| Price | valuation day |
| Payout | 45 calendar days after redemption day (latest 45 calendar days) |
| Gate | 2% of net assets of the previous period per month; in addition 5% of fund NAV per calendar quarter, measured at the last valuation date of the preceding quarter. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (12 months, early redemption charge of 2% of the amount redeemed before the 365th day following acquisition, for the benefit of the master fund; for sub-classes D and HD an additional exit charge of 2% for the benefit of the AIFM) |
| Lock-up | none |
| Suspension | as set out in the articles; additionally where redemptions are suspended at master level; valuation may be suspended temporarily |
| Liquidity tools | gating (Permissible Redemption Amount, monthly and quarterly); suspension; redemption in kind; liquidating class. No side pockets. |
| Compulsory redemption | at any time for legal, tax or regulatory reasons, or in the interest of the fund; at feeder as well as at master level |
Monthly redemption as at the last business day of the calendar month, on at least 91 days’ written notice. At most the Permissible Redemption Amount is met: the lower of 2% of fund NAV per calendar month and 5% of fund NAV per calendar quarter.
A two-tier gate at MASTER fund level, with the LOWER of the two applying: 2% of fund NAV per calendar month (reference: the NAV at the valuation date immediately preceding the redemption date) and 5% of fund NAV per calendar quarter (reference: the last valuation date of the preceding quarter). Requests above the limit are scaled back pro rata to the amount requested.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
9 classes. All cost and risk figures on this page refer to the basis class EUR A Accumulation; the cheapest class with a cost figure is NH Accumulation CHF (Feeder) (1.55%, from 25,000 CHF).
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 |
|---|---|---|
| Factsheet / monthly report | 31 Jul 2026 | — |
| Annual / semi-annual report | 30 Jun 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Annual / semi-annual report | 31 Dec 2024 | — |
| Prospectus | Jan 2026 | — |
| Prospectus | Dec 2025 | — |
| Prospectus | 3 Jul 2026 | — |
| Presentation | — | — |
| Document | 31 Mar 2026 | — |
| Document | — | — |
| NAV series price feed / provider document | 31 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 monthly, notice period 91 calendar days before redemption day, with 2% gate per month.
Ongoing costs of 2.89% p.a. according to the PRIIPs KID for class EUR A Accumulation; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 10%.
25,000 EUR in class EUR A Accumulation.
Not as a retail investor. According to our evidence, in Germany it is open only to professional and institutional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Muzinich European Evergreen Credit Fund (MLoan SICAV, S.A.). Under the prospectus a gate of 2% per month applies.
Same asset class, similar sub-strategy.
AXA IM Alts · FPS ELTIF 2 (fonds professionnel spécialisé with ELTIF 2 authorisation) · semi-monthly
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.