Fund database › Private Credit
SEB Asset Management / Capital FourLU2974079704Class C1
The SEB ELTIF brings the Nordic direct-lending house Capital Four into the retail framework: European mid-market loans, as an ELTIF 2.0, launched in 2025, accumulating.
Quarterly subscription and redemption; each subscription carries an eighteen-month minimum holding period and six months' notice, and the limit is doubly measured against the liquid assets and fund assets. No exit fee.
Subscription from EUR 25,000 for experienced retail investors and professional investors, recommended holding period five years; registered in nine countries, including Germany.
The Nordic answer in the credit field — with one of the longer commitment combinations among the credit ELTIFs: subscribing means deliberately choosing specialist access, rarely available outside Scandinavia, over dealing convenience.
Figures for class C1 (LU2974079704) · product data 19 Aug 2026 · sources: prospectus (as at not dated in the document, share classes with launch 2025), PRIIPs-KID — full list under 08 documents.
no month-end
2 monthly values, 1 derived from monthly returns · Source: price feed / provider document, 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: Directly originated corporate loans, predominantly senior secured first lien loans; complemented by subordinated direct loans, leveraged loans, high-yield debt instruments and broadly syndicated loans; predominantly floating rate.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
The five largest holdings account for 11.3% of the fund. 58.1% is held in the liquidity reserve — enough for 35 months of maximum redemptions.
How the reserve is invested: Arena Luxembourg Finance Sarl 4.5% 1.6% · Iliad SA 1.875% 1.5% · Grifols SA 7.125% 1.5% · 7 more 9.5%. It covers 35 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: Northern Europe / Nordics 100%
Among the ten largest: 10 loans.
Finnish borrower “Thrive,” financed through a senior secured term loan B in euros.
Nordlo is a Swedish IT services provider offering managed services, cloud solutions and workplace IT, mainly to small and medium-sized businesses and public-sector clients.
Visit Group is a Swedish software provider for the tourism, hospitality and leisure industry, supplying booking, management and distribution systems to operators and destinations.
Plastiflex (Beringen, Belgium) develops and manufactures flexible plastic hoses and hose systems, among others for household appliances such as vacuum cleaners, medical technology …
Dutch acquisition vehicle (holding company of a private equity sponsor) used to finance a company acquisition.
Azure Bidco ApS is the Danish acquisition vehicle for STOK (STOK Emballage), a distributor of protective and transport packaging based in Langeskov.
Eltera is a Norwegian provider of electrical installation, service and maintenance for non-residential buildings, organized as a group of more than 30 companies with over 1,000 employees.
Werksta is a Nordic chain for body, paint and vehicle damage repair with workshops in Sweden, Norway and Finland.
Ampelmann (Delft) designs, builds and leases motion-compensated gangway systems that enable the safe transfer of personnel and cargo from vessels to offshore platforms.
German services borrower (ALBA Services) to which Capital Four has extended a first-lien euro-denominated Term Loan B. The business model, size and owners are not disclosed in the report …
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 2.24%, class C1 is above the median of the asset class (2.05%). On top comes a performance fee of 10% above a hurdle of 4% — with a high-water mark.
For 25,000 EUR this means roughly 560 EUR per year; the cheapest class with a cost figure is C3 (EUR) (1.39%, from 30,000,000 EUR).
For 25,000 EUR, a one-off up to 500 EUR on purchase and up to 500 EUR on redemption.
Based on the PRIIPs key information document of class C1, 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 30 calendar days later.
Acceptance only after completion of the identity verification; no fixed deadline
The Board may set the Subscription Day differently and waive the lead time …
Price = NAV per share on this day.
NAV as at the last day of each calendar quarter.
pre-funding: 0 business days after dealing day
An order placed today is invested in — days (—); the money is due on —.
Shown without a date because the prospectus does not quantify: cut-off. The remaining markers are calculated from the prospectus rules.
| Frequency | quarterly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | quarter-end |
| Cut-off | 15:30 Luxembourg · (counted from month-end) |
| Price | valuation day |
| NAV publication | NAV as at the last day of each calendar quarter (Valuation Day; where this does not fall on a Business Day, the immediately preceding one). |
| Payment | pre-funding: 0 business days after dealing day |
| Minimum investment | 25000 EUR |
| Entry charge (max.) | 2% (distributor) |
| Subscription limit | The Board may limit net subscriptions by reference to the available investment supply without prior notice and reject requests in whole or in part |
| KYC / documents | Acceptance only after completion of the identity verification; no fixed deadline |
| Revocation | Retail: cancellation within 2 weeks of signature without deduction; KID 5 Jun 2026: 14 calendar days from signature of the application … |
| Business day | Business Day = a day on which the banks are open for business in Luxembourg for the full usual working day. |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 18 months. How quickly the money arrives and what happens if many want out at once is set out below.
Lock-up of 18 months per Subscription Day, extendable to max.
NAV per unit less redemption fee (up to 2%)
Quarterly redemption (31 Mar, 30 Jun, 30 Sep, 31 Dec) after an 18-month lock-up per subscription and a …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically only after more than a year — on average 835 days from decision to cash.
Rank 92 of 112 · rank 30 of 31 in Private Credit · 18 months lock-up · no fixed redemption fee
Money typically within a year — on average 288 days from decision to cash.
18 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Jul 2025 · score run 16 Oct 2026 · How 835 days become 5 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 | quarterly |
| Valuation day | quarter-end |
| Notice | 6th-last business day of the month · 15:30 Luxembourg |
| Price | quarter-end |
| Payout | 60 calendar days after redemption day |
| Gate | 5% net of NAV on the redemption day per redemption day; in addition, a maximum of 50% of the liquid assets and further liquidity of the sub-fund per redemption day |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (discretionary) |
| Lock-up | investor-level, 18 months (subscription) |
| Suspension | valuation impossible; distress/emergency; communication or transfer disruption |
| Liquidity tools | Redemption Threshold of 5% net; 50% limit on the Liquid Assets; deferral with a queue; Extraordinary Dealing Procedure; suspension |
| Switch / transfer | permitted with the prior consent of the Board, the transferee must be an Eligible Investor and must not be a Prohibited Person. |
| Compulsory redemption | Compulsory redemption in the case of Prohibited Persons; compulsory redemption at NAV on liquidation of a sub-fund or a class |
Quarterly redemption (31 Mar, 30 Jun, 30 Sep, 31 Dec) after an 18-month lock-up per subscription and a six-month notice period. Two caps: the aggregate volume per redemption day is limited to 50% of the sub-fund's liquid investments, and the sub-fund is not obliged to redeem more than 5% of the value of the units outstanding (net of subscriptions).
The 5% gate is a discretionary provision in favour of the sub-fund: "the Sub-Fund shall not be bound to redeem on any Redemption Day more than five (5%) percent of the value (as of the NAV set on the Redemption Day) of Shares in issue of the Sub-Fund (net with subscription orders)". It applies alongside the limitation to 50% of the liquid investments.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 19 Aug 2026 · Documents: 08.
19 classes. All cost and risk figures on this page refer to the basis class C1; the cheapest class with a cost figure is C3 (EUR) (1.39%, from 30,000,000 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) | 5 Jun 2026 | — |
| NAV series price feed / provider document, secondary source (data portal) | 13 Aug 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 quarterly, notice period 6th-last business day of the month, with 5% gate per redemption day. Subscribing today, it takes on average 835 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.24% p.a. according to the PRIIPs KID for class C1; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 10%.
25,000 EUR in class C1.
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 SEB ELTIF – Capital Four Private Debt. Under the prospectus a gate of 5% per redemption day 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.