Fund database › Private Credit
Tikehau Capital / Tikehau Investment Management SASLU2953608879Class R-Dis bis EUR
Tikehau European Private Credit extends predominantly first-lien secured loans to European mid-caps — the core credit product of the Paris alternatives house, as an ELTIF 2.0, launched in 2025.
Monthly subscription; quarterly redemption with roughly one month's notice; the net gate is relieved by subscriptions, and unfilled orders are automatically resubmitted. Redemptions in the first eighteen months incur a charge.
Subscription from EUR 40,000 via intermediaries for professional and advised non-professional investors, recommended holding period eight years; registered in ten countries, including Germany.
The automatic resubmission mechanism for scaled-down orders is more investor-friendly than the widespread lapse model — a detail that makes the difference when it matters, and the exception in the field.
Figures for class R-Dis bis EUR (LU2953608879) · product data 12 Oct 2026 · sources: prospectus (as at 28 Apr 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Mar 2025, the unit price has gained 6.0% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
18 monthly values, 4 derived from monthly returns · Source: secondary source (data portal), 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 Feb 2025; a reliable NAV series of the class is available from Mar 2025.
What the prospectus permits: Primarily first lien senior secured debt; to a lesser extent second lien, unsecured, subordinated, mezzanine or holdco debt; in part equity/quasi-equity instruments to enhance returns.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
54 holdings; the five largest account for 21.8% of the fund. 33.0% is held in the liquidity reserve — enough for 20 months of maximum redemptions.
How the reserve is invested: STIF Purchase X9X9EUR02DM8 (money market funds) 16.5% · Tikehau Senior Loan III - Flagship 7.0% · Seine Holdco SAS 1.0% · 6 more 3.9%. It covers 20 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 9 loans, 1 fund interest.
Eclairion is a French operator of data centers designed for high-performance computing (HPC) and high-density AI workloads …
Travelsoft is a French provider of software for tour operators, travel agencies and tourism providers.
Dutch acquisition vehicle (bidco) of a sponsor buyout financed through term loans in a direct lending format.
Talan is a French technology and digital transformation consulting group based in Paris that supports companies with IT projects, data, cloud and artificial intelligence.
UK acquisition company (bidco) for a sponsor-led buyout.
Labomar is an Italian contract development and manufacturing organization (CDMO) for food supplements, substance-based medical devices, dietary foods and cosmetics.
In-house Luxembourg vehicle of Tikehau Capital through which the fund invests in special opportunities loans via notes denominated in GBP and USD. The underlying loans or companies are not …
Spanish acquisition vehicle (bidco) of a sponsor buyout pursuing a buy-and-build strategy using acquisition and capex lines.
UK holding company in the field of power and energy supply systems that Tikehau finances through a Facility B term loan in direct lending.
Italian platform for the disposal and treatment of hazardous industrial waste, formed in October 2025 by Xenon Private Equity (Fund VIII) through the combination of Alm.Eco, Gamma …
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 2.35%, class R-Dis bis EUR is 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 40,000 EUR this means roughly 940 EUR per year; the cheapest class with a cost figure is F-Dis EUR (1.50%, from 40,000 EUR).
For 40,000 EUR, a one-off up to 2,000 EUR on purchase and up to 800 EUR on redemption.
Based on the PRIIPs key information document of class R-Dis bis 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 28 calendar days later.
complete KYC, AML and tax documentation by the Subscription Cut-off Time
Waiver of the Subscription Cut-off Time at the discretion of the Board or of its …
Price = NAV per share on this day.
Valuation Date = last calendar day of the month.
pre-funding: 0 calendar 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 —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last calendar day of the month |
| Cut-off | 15 calendar days before dealing day · 17:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation Date = last calendar day of the month; NAV Release Date generally 28 calendar days after the Valuation Date |
| Payment | pre-funding: 0 calendar days after dealing day |
| Minimum investment | EUR 40,000 (R bis, R, R it, R2 bis, F bis, F) |
| Subscription limit | The Board or the AIFM may accept, delay or reject subscriptions at their absolute discretion, including all subscriptions in a month; closure of the sub-fund to new subscriptions possible. |
| KYC / documents | complete KYC, AML and tax documentation by the Subscription Cut-off Time |
| Revocation | Retail: cancellation within 2 weeks of signing the subscription form, repayment without deduction and without interest. |
| Business day | any day on which securities markets in each of Luxembourg and France are open (p. 54) |
Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 12 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 Date = Valuation Date of the relevant quarter-end (last business day of the quarter).
NAV per unit less redemption fee (up to 2%)
NAV at previous quarter-end (—)
NAV publication
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 110 days from decision to cash.
Rank 47 of 112 · rank 19 of 31 in Private Credit · no lock-up · exit costs of 2.0% included
Money typically within half a year — on average 110 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 28 Apr 2026 · score run 16 Oct 2026 · How 110 days become 32 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 | 30 calendar days before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 4 business days after NAV publication |
| Gate | 5% net of NAV at the previous quarter-end per quarter; Increase of or waiver of the gate only to the extent that the redemptions satisfied do not exceed 50% of the Liquid … |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (18 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | Force majeure with impossibility of disposal or valuation; failure of the price determination systems; value not determinable in a timely or accurate manner. |
| Liquidity tools | Extension of the notice period (Redemption Notice Period Extension); redemption gate of 5% of NAV per quarter. |
| Switch / transfer | possible with the prior consent of the Board or its delegate within 30 calendar days; silence is deemed a refusal. |
| Compulsory redemption | Prohibited Persons (including loss of class eligibility) with priority over other redemptions and, where applicable, with an early redemption deduction. |
max. 5% of NAV per quarter, calculated net of subscriptions; requests not met are automatically resubmitted
The 5% limit is measured against the NAV of the immediately preceding valuation day, excludes the Early Redemption Deduction and is netted against the subscriptions settling on the same date - it is therefore a net gate. The board of directors may lift the limit in whole or in part following a liquidity analysis. Requests not executed are automatically resubmitted for the next redemption date.
Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.
16 classes. All cost and risk figures on this page refer to the basis class R-Dis bis EUR; the cheapest class with a cost figure is F-Dis EUR (1.50%, from 40,000 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. 2 classes are closed to new subscriptions.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | 28 Apr 2026 | — |
| Annual / semi-annual report | 30 Sep 2024 | — |
| Factsheet / monthly report | 31 Jul 2026 | — |
| Document | 24 Jul 2025 | — |
| Key information document (PRIIPs KID) | 1 Aug 2025 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 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 30 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 110 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.35% p.a. according to the PRIIPs KID for class R-Dis bis EUR; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 10%.
40,000 EUR in class R-Dis bis 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 Tikehau European Private Credit. Under the prospectus a gate of 5% per quarter applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.