Fund database › Private Credit
Muzinich & Co.LU2963056267Class R Accumulation EUR
The Muzinich ELTIF extends loans to European mid-caps and manages liquidity through an allocation to liquid bonds and syndicated loans — from a credit specialist with decades of corporate-credit history, as an ELTIF 2.0, launched in 2025.
Monthly subscription and redemption with roughly one month's notice — with no lock-in and no redemption fee; the limit per dealing date is measured in several stages against assets and the liquid holdings.
Subscription from EUR 1,000 — the lowest threshold among the credit ELTIFs — for eligible retail investors after a MiFID assessment and professional investors; registered in twelve countries, including Germany.
Accessibility as a programme: a minimal entry hurdle, monthly liquidity, no penalty mechanics — the most consistent retail design among the credit ELTIFs; the portfolio's multi-year ramp-up phase should be kept in mind alongside it.
Figures for class R Accumulation EUR (LU2963056267) · product data 25 Sep 2026 · sources: prospectus (as at Apr 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
single value only
1 monthly value · 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.
What the prospectus permits: Senior Secured Direct Lending – predominantly floating-rate unitranche, club and syndicated loans with 1-2 financial covenants; target leverage < 4x on average; maturities 4-7 years
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
19 holdings; the five largest account for 21.5% of the fund. 43.0% is held in the liquidity reserve — enough for 22 months of maximum redemptions.
How the reserve is invested: Muzinich European Loans Fund 19.4% · Muzinich Europeyield Fund 9.9% · Muzinich Global Short Duration Investment Grade Fund 9.9%. It covers 22 months of the maximum net redemption (at most 24% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 9 loans, 1 primary fund; 9 names not disclosed.
In-house semi-liquid evergreen fund of Muzinich & Co. (MLoan SICAV, S.A., Luxembourg) for European private debt and direct lending loans, predominantly senior secured.
Undisclosed Spanish automotive supplier (category "Auto Parts & Equipment").
Undisclosed Italian food manufacturer, mainly packaged foods and meat products.
Undisclosed Swiss IT consulting and IT services company.
Undisclosed Italian industrial and manufacturing company (category "Manufacturing").
Undisclosed Italian food manufacturer (category "Packaged Foods & Meats").
Undisclosed French advertising and marketing services company.
Undisclosed Italian machinery manufacturer (category "Industrial Machinery").
Undisclosed German company providing tools and services to the life sciences industry (category "Life Science Tools & Services").
Undisclosed UK IT consulting and IT services company.
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; 4 of 5 names not disclosed; 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 2.50%, class R Accumulation EUR is well above the median of the asset class (2.05%). On top comes a performance fee of 10% above a hurdle of 5% — with a high-water mark.
For 1,000 EUR this means roughly 25 EUR per year; the cheapest class with a cost figure is H Accumulation EUR (1.50%, from 5,000,000 EUR).
For 1,000 EUR, a one-off up to 30 EUR on purchase.
Based on the PRIIPs key information document of class R Accumulation EUR, 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 12 business days later.
AML check before acceptance, otherwise postponement to the next Subscription Date
Price = NAV per share on this day.
NAV as at the last business day of the month, generally made available within 12 business …
An order placed today is invested in — days (—).
Shown without a date because the prospectus does not quantify: cut-off, payment. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Price | last calculated NAV |
| NAV publication | NAV as at the last business day of the month, generally made available within 12 business days after the Valuation Date |
| Minimum investment | 1,000 EUR (M/P/R/T); 500,000 EUR (I), 1,000,000 EUR (A), 5,000,000 EUR (H), 100,000,000 EUR (F/G/X) |
| Entry charge (max.) | 3% (distributor) |
| Subscription limit | The Board may reject subscriptions without giving reasons and suspend the offering of a sub-class |
| KYC / documents | AML check before acceptance, otherwise postponement to the next Subscription Date |
| Revocation | not specified, except for cooling-off |
| Business day | any day (except Sat/Sun) on which banks in Luxembourg are open for business (p. 8) |
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), lock-up 1 month. How quickly the money arrives and what happens if many want out at once is set out below.
Minimum holding period 30 calendar days from acquisition.
Price = NAV per share on this day.
Redemptions are possible monthly as at the relevant Redemption Date subject to at least 30 days' prior …
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 136 days from decision to cash.
Rank 24 of 112 · rank 12 of 31 in Private Credit · 1 month lock-up · no fixed redemption fee
Money typically within half a year — on average 106 days from decision to cash.
1 month lock-up — expired for existing holdings · no fixed redemption fee
Confidence medium — prospectus data incomplete · prospectus as at 15 Apr 2026 · score run 16 Oct 2026 · How 136 days become 41 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 | monthly |
| Valuation day | last business day of the month |
| Notice | 30 calendar days before redemption day |
| Price | valuation day |
| Payout | 60 calendar days after redemption day |
| Gate | 2% of net assets of the previous period per month; in addition 5% of NAV per calendar quarter (basis previous quarter-end) and per two-month period ELTIF Redemption Limit … |
| Scaled-back portion | depends on share class |
| Redemption fee (max.) | 0% |
| Lock-up | investor-level, 1 month (subscription) |
| Suspension | Suspension under the articles of incorporation; not specified further in the prospectus |
| Liquidity tools | Gating (Permissible Redemption Amount), suspension of redemptions, redemption in kind, conversion into a liquidating sub-class; no Side Pockets |
| Switch / transfer | permitted with the consent of the Board, request at least 90 days in advance by 17:00 Luxembourg time; no stock exchange listing |
| Compulsory redemption | at any time for legal, tax or regulatory reasons or in the interest of the company; processed in the same way as a voluntary redemption |
Redemptions are possible monthly as at the relevant Redemption Date subject to at least 30 days' prior notice, at the earliest after a minimum holding period of 30 days. The permissible redemption volume (Permissible Redemption Amount) is the LOWEST of three figures: 2% of the fund NAV per calendar month (measured as at the last valuation day of the preceding month), 5% of the fund NAV per calendar quarter …
The gate is tiered three ways and applies in each case at the LOWEST value: 2% of the fund NAV per calendar month, 5% per calendar quarter and – on a two-month basis – the ELTIF Redemption Limit of 18.2% of the UCITS-eligible assets plus the prudentially forecast twelve-month cash flow. The board of directors may permit higher percentages.
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.
20 classes. All cost and risk figures on this page refer to the basis class R Accumulation EUR; the cheapest class with a cost figure is H Accumulation EUR (1.50%, from 5,000,000 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. The risk indicator differs by class (2 to 3); the key figures show the value of the basis class.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Factsheet / monthly report | 31 Jan 2026 | — |
| Presentation | 31 Mar 2026 | — |
| Prospectus | Apr 2025 | — |
| NAV series price feed / provider document | 30 Jun 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | 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 30 calendar days before redemption day, with 2% gate per month. Subscribing today, it takes on average 136 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.50% p.a. according to the PRIIPs KID for class R Accumulation EUR; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 10%.
1,000 EUR in class R Accumulation 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 Muzinich European Private Credit ELTIF SICAV, S.A.. Under the prospectus a gate of 2% per month 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.