Muzinich European Evergreen Credit Fund (MLoan)
Managed by Muzinich & Co.
On This Page
Muzinich European Evergreen Credit Fund (MLoan)
Key Statistics
Fund Size
€779.8M
Annualized Return
8.1%
Launch Year
2023
Min. Investment
€25,000
Availability
Open through selected distributors
Structure
SICAV Part II
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.6%
Carry
10% of annual pre-incentive-fee net investment income above a 5% income hurdle with full catch-up, plus 10% of cumulative realised capital gains net of realised and unrealised losses; class A management fee 1.60% plus admin fee up to 1.00%
Hurdle Rate
5%
Catch-Up Mechanism
Full catch-up (income incentive fee)
ISIN
LU2696218341
Currencies
EUR
Investor Eligibility
Professional/Institutional Investors
Liquidity Options
Monthly redemptions with 90 days' notice
Highlights
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
Class EUR A Accumulation — Performance from 2024-04-30 to 2026-08-31
NAV: 119.98
Performance Comparison
MTD
0.58%
Year to Date
4.90%
1-Year Return
7.65%
Annualized Since Inception
8.11%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.67% | 0.52% | 0.67% | 0.56% | 0.55% | 0.56% | 0.67% | 0.58% | — | — | — | — | 4.90% |
| 2025 | 0.65% | 0.41% | 0.51% | 0.64% | 0.63% | 0.74% | 0.65% | 0.54% | 0.71% | 0.67% | 0.61% | 0.61% | 7.64% |
| 2024 | — | — | — | — | 1.02% | 0.83% | 0.81% | 0.83% | 0.44% | 0.76% | 0.61% | 0.81% | 6.26% |
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 115.15 | 115.75 | 116.53 | 117.18 | 117.83 | 118.49 | 119.28 | 119.98 | — | — | — | — |
| 2025 | — | — | 107.94 | 108.63 | 109.32 | 110.13 | 110.85 | 111.45 | 112.24 | 112.99 | 113.68 | 114.38 |
Class EUR H Accumulation — Performance from 2024-02 to 2025-12-31
Performance Comparison
MTD
0.64%
Year to Date
8.03%
1-Year Return
8.03%
Annualized Since Inception
8.71%
Monthly Total Returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.68% | 0.44% | 0.54% | 0.67% | 0.66% | 0.77% | 0.68% | 0.58% | 0.74% | 0.70% | 0.64% | 0.64% | 8.03% |
| 2024 | — | — | 0.71% | 0.75% | 1.05% | 0.86% | 0.84% | 0.87% | 0.31% | 0.79% | 0.64% | 0.84% | 7.92% |
Information about fund
MLoan at a Glance
Muzinich European Evergreen Credit Fund (MLoan) is a Luxembourg Part II SICAV that lends to European mid-market companies alongside banks, taking a share of first-lien senior secured loans that the banks originate. It started in September 2023 and is open only to professional and qualified investors. It is a different product from Muzinich's European Private Credit ELTIF, which lends directly and accepts retail investors from EUR 1,000. At 31 August 2026 MLoan reported a fund NAV of EUR 779.8 million, a committed portfolio of EUR 1,807.8 million and 156 borrowers. Its main share class has returned 8.11% a year net since April 2024.
Key Figures
Fund NAV
EUR 779.8M
31 Aug 2026; committed portfolio EUR 1,807.8M
Net Return 2025
7.64%
Class EUR A Acc, net of all fees
Since Inception
8.11% p.a.
Class A Acc, 30 Apr 2024 to 31 Aug 2026, net
Management Fee
1.60%
Class A; admin fee up to 1.00%; OCF 2.15%
Minimum
EUR 25,000
Q1 2026 presentation; professional investors only
Borrowers
156
Committed, 31 Aug 2026; 100% first-lien senior secured
Terms & Liquidity
| Legal Structure | MLoan SICAV, S.A., Luxembourg Part II SICAV (open-ended AIF, not an ELTIF); inception 29 September 2023 |
| Manager | AIFM Muzinich & Co. (Ireland) Limited; portfolio manager Muzinich & Co. Limited, London; custodian State Street International GmbH |
| Eligibility | Professional clients and qualified/accredited investors only; no retail KID found |
| Strategy | Targets 80-85% parallel lending, 5-20% syndicated loans, 0-20% direct lending; floating rate; SFDR Article 8 |
| Share Classes / ISIN | EUR A Acc LU2696218341, A Inc LU2636728011; G Acc LU2636727807, G Inc LU2636727989; H Acc LU2535349158, H Inc LU2535350081 |
| Fees | Class A: 1.60% management fee, admin fee up to 1.00% (0.55% charged), OCF 2.15%; 10% income incentive fee over a 5% hurdle with full catch-up; 10% capital-gains incentive fee |
| Subscriptions | Monthly |
| Redemptions | Monthly with at least 90 days' notice; capped at 2% of NAV per month and 5% per quarter, pro rata |
| Fund Leverage | Net financial debt 54% of gross assets (119% of net subscriptions), August 2026 |
| Registered In | Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain, Switzerland, UK, Singapore, UAE, South Korea |
Portfolio Management
Gianluca Oricchio
Co-Head of Parallel Lending; Chief Data Scientist
Gianpaolo Pellegrini
Co-Head of Parallel Lending
Points to weigh. MLoan is open only to professional and qualified investors, so Dutch private investors cannot subscribe. Borrowing at fund level is substantial: net financial debt was 54% of gross assets in August 2026, which magnifies both income and losses. Redemptions need 90 days' notice and are capped at 2% of NAV a month and 5% a quarter. Returns have been smooth partly because loans are carried at amortised cost with an IFRS 9 credit-loss reserve, so the NAV does not track market prices for the loans. The Euribor or SOFR plus 6% target moves with short-term rates and is not a promise. Costs are material: a 1.60% management fee, administration fees, a 2.15% ongoing charges figure for class A and two 10% incentive fees. The offering memorandum is not public, so some terms could not be checked.
Deepdive & Related Funds
Comparable Funds
Amundi Private Markets ELTIF
Amundi Private Markets ELTIF (“Amundi Prima”) is an evergreen Luxembourg ELTIF launched in November 2024 by Europe’s largest asset manager, run by Amundi Alpha Associates. It allocates flexibly across private equity, private debt and infrastructure in Europe’s real economy (energy transition, digital, social and territorial projects). €1,000 minimum, monthly subscriptions, quarterly redemptions capped at 5% of NAV, SFDR Article 8, KID risk 5/7. Fund size and returns are not yet published.
Apollo European Private Credit ELTIF
Apollo European Private Credit ELTIF (AEPC) is an evergreen, semi-liquid ELTIF 2.0 sub-fund of the Luxembourg-domiciled Apollo Private Markets SICAV. The fund seeks current income from newly originated, primarily first-lien senior secured direct lending to large-cap and upper middle-market European companies, with monthly subscriptions and quarterly redemption windows.
Apollo Global Diversified Credit ELTIF
Apollo Global Diversified Credit ELTIF (AGDC) is an evergreen ELTIF 2.0 fund investing in a global multi-asset credit strategy of corporate direct lending, asset-backed lending and public fixed income, focused on North America and Europe. A sub-fund of the Luxembourg Apollo Private Markets SICAV authorized by the CSSF in August 2025, it offers monthly subscriptions and quarterly redemptions.
Ares European Strategic Income Fund (AESIF)
Ares European Strategic Income Fund (AESIF) is Ares’ evergreen European direct-lending vehicle: a perpetual-life Luxembourg Part II SICAV (inception January 2024) holding senior secured, floating-rate loans to Western European mid-market companies. €4.7 billion across 358 investments by January 2026, 9.5% annualized net return since inception with ~1% volatility, monthly dealing with 2%/5% gates, 1.25% management fee plus 12.5% performance fee over a 5% hurdle, from €25,000.
Blackstone ECRED
Blackstone European Private Credit Fund (ECRED) is Blackstone’s evergreen European direct-lending vehicle: a Luxembourg SICAV launched in October 2022 that originates floating-rate, first-lien senior secured and unitranche loans to upper-mid-market European companies. €2.5 billion across 243 investments as of February 2026, 8.7% annualized net return since inception (A-A EUR), monthly subscriptions and gated monthly redemptions from €25,000.
BNP Diversified Private Credit Fund
The BNP Paribas Alternative Strategies – Diversified Private Credit Fund is an evergreen private credit fund structured under the ELTIF 2.0 regulatory framework. It offers investors diversified exposure to European private debt markets, including corporate debt, infrastructure debt, and real estate debt. The fund aims to provide attractive returns with quarterly liquidity options and integrates ESG factors into its investment process. Managed by BNP Paribas Asset Management's Private Assets division, the fund leverages the firm's extensive origination network and expertise in private credit markets. The fund has a controlled leverage policy, allowing borrowing up to 50% of NAV. This leverage is intended to optimize investment efficiency rather than speculative gain. The borrowing may be secured against the fund’s assets and used for various liquidity management purposes​. Minimum ticket is 30k for retail investors, €1m for the institutional share class.
Carlyle European Tactical Private Credit (ETAC)
Carlyle European Tactical Private Credit ELTIF (ETAC) is a Luxembourg semi-liquid ELTIF that puts 70-80% of assets into senior secured European private credit from Carlyle’s $211 billion credit platform. Class I-EUR returned 9.4% net in 2025 with an 8.0% distribution yield; fees are 1.2% plus 12% over a 4% hurdle; redemptions are quarterly with a 5% gate. €50,000 minimum for retail Class A.
Explore further
More funds like this
Understand the structure
This is an unverified fund profile written by FundScouter and may contain inaccuracies.
Are you affiliated with this fund? Claim this fund to verify and manage your fund profile.