Fund database › Private Credit
Muzinich & Co. · LU2963056267
ELTIF 2.0 Private Credit Luxembourg; fund authorised by the CSSF Article 8 20 share classes ↓ Direct Lending Unitranche
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.
| Performance 12M · as at 31 Jan 2026 | 8.80% |
| Since launch p.a. · as at 31 Jan 2026 | 8.80% |
Target return per the provider: Net target return 8-10 % (net of all fees and costs). In addition: 'The Fund targets a net annual distribution of 5%, along with capital appreciation.' Assumptions: 85 % senior secured private debt @ 10.0 %, 15 % liquid IG/HY @ 4.0 %, leverage up to 50 % of NAV, base rate 2.0 %, total costs 2.5 % p.a
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 3 of 7 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
Use of proceeds of the private investments
Currency of the private investments
Rating of the liquid portion
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 1.90% |
| Total ongoing costs | 2.50% |
| Entry charge max. | 3.00% |
| Redemption fee | 0.00% |
| Performance fee | 10.00% |
| Hurdle rate | 5.00% |
| High-water mark | yes |
Median across 23 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How you get into the fund, and on what terms.
Monthly - subscription as at the last business day of each calendar month (subscription date) or on further days determined by the board which coincide with a valuation date. Cooling-off: retail investors may withdraw their subscription in writing within two weeks of joining
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 monthly; notice must be given 30 days before the date; on each date the fund redeems at most 2 % of fund assets.
The gate caps redemptions at 2 % 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.
From the notice being received to the money reaching your account: typically around 90 to 121 days — depending on how far away the next redemption date is. If the gate bites or redemptions are suspended, it can take considerably longer.
Monthly as at the last business day of each calendar month (redemption date), with 30 days' notice; no obligation to redeem before the first redemption date after the units have been acquired
Up to 2 % of NAV per month, 5 % per quarter and 20 % p.a. ('Permissible Redemption Amount' under the monthly, bi-monthly and quarterly redemption caps of the prospectus)
'no less than 30 days' prior written notice' before the relevant redemption date
No lock-up - 'no lock-in periods'; no redemption fee shown in the documents. Restriction: redemption only from the first redemption date after the units have been acquired
The score measures only the contractual redemption mechanics (the higher, the more flexible) — not whether the fund actually stays liquid under stress. Weightings in per cent.
20 classes known. All cost and risk figures on this page apply to LU2963056267. Minimum investment by class EUR 1,000 – EUR 100m.
| ISIN | Status | Min. investment | Ongoing costs | SRI |
|---|---|---|---|---|
| LU2963056267 | basis of this page | EUR 1,000 | 2.50% | 3/7 |
| LU2928527899 | not yet collected | not documented | not documented | not documented |
| LU2963055616 | not yet collected | not documented | not documented | not documented |
| ISIN | Status | Min. investment | Ongoing costs | SRI |
|---|---|---|---|---|
| LU2963055707 | not yet collected | not documented | not documented | not documented |
| LU2963055889 | not yet collected | not documented | not documented | not documented |
| LU2963055962 | not yet collected | not documented | not documented | not documented |
| LU2963056002 | not yet collected | not documented | not documented | not documented |
| LU2963056184 | not yet collected | not documented | not documented | not documented |
| LU2963056341 | not yet collected | not documented | not documented | not documented |
| LU2963056424 | not yet collected | not documented | not documented | not documented |
| LU2963056697 | not yet collected | not documented | not documented | not documented |
| LU2963056770 | not yet collected | not documented | not documented | not documented |
| LU2963056853 | not yet collected | not documented | not documented | not documented |
| LU3018866833 | not yet collected | not documented | not documented | not documented |
| LU3018866916 | not yet collected | not documented | not documented | not documented |
| LU3051947359 | not yet collected | not documented | not documented | not documented |
| LU3051947433 | not yet collected | not documented | not documented | not documented |
| LU3051947516 | not yet collected | not documented | not documented | not documented |
| LU3051947607 | not yet collected | not documented | not documented | not documented |
| LU3195976462 | not yet collected | not documented | not documented | not documented |
Costs, minimum investment and risk can differ markedly by class — check the key information document of the specific class before subscribing.
Who stands behind the fund, who it is authorised for — and what the figures rest on.
Muzinich & Co. (Ireland) Limited (32 Molesworth Street, Dublin 2; Central Bank of Ireland no. C30119). Portfolio manager (delegated): Muzinich & Co. Limited, London (FCA). Administrator/auditor: Brown Brothers Harriman (Luxembourg) S.C.A. / Deloitte Audit S.a r.l
Brown Brothers Harriman (Luxembourg) S.C.A
Fund inception date January 2025 (first subscription date expected around 31 Jan 2025; company incorporated 20 Dec 2024, articles of association published 3 Feb 2025). Share class R Accumulation EUR (LU2963056267) launched on 31 Jul 2025 (not 31 Jan 2025).
Listed as “Muzinich European Private Credit ELTIF SICAV, S.A.“ · fund type: EU/foreign ELTIF, closed-ended, all investors · ID 70172384
Retail investors AND professional investors who are 'Eligible Investors': EEA investors who are professional investors or retail investors with a MiFID II suitability assessment (Art. 25(2)/(6)); US persons only as accredited investor AND qualified purchaser; investors from other jurisdictions where permitted. The factsheet/presentation are 'FOR PROFESSIONAL CLIENTS ONLY'
Registered, depending on the share class, in Luxembourg, France, Belgium, Germany, Austria, Italy, Spain and the Netherlands; according to the provider additionally Switzerland and the United Kingdom.
Several layers possible: the fund invests not only directly but also via primary and secondary fund investments; at the level of the target funds their fees and carry are incurred in addition (double charging), and no crediting rule is documented. AIFM: Muzinich & Co. (Ireland) Limited (supervisory authority: Central Bank of Ireland); investment manager: Muzinich & Co. Limited.
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.
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Apollo Global Management
Part II SICAV quarterly