Muzinich European Private Credit ELTIF
Managed by Muzinich & Co.
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Muzinich European Private Credit ELTIF
Key Statistics
Fund Size
€200M
Target Return
8.0%
Annualized Return
8.8%
Launch Year
2025
Min. Investment
€1,000
Availability
Open through selected distributors
Structure
SICAV Part II (ELTIF 2.0)
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.4%
Carry
10% of net appreciation above a 5% annualised hurdle (4% if 3-month Euribor negative), high-water mark, full catch-up; management fee range 0.80%-2.25% by class plus 0.05% AIFM fee
Hurdle Rate
5%
High Water Mark
Yes
Catch-Up Mechanism
Full catch-up
ISIN
LU3051947516
Currencies
EUR, USD, GBP, CHF, JPY, SGD, AUD
Investor Eligibility
Retail
Liquidity Options
Monthly subscriptions and redemptions
Highlights
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Historical Performance
Performance Summary
EUR Accumulation - net (factsheet row 'A Accumulation (EUR) Net'; NAV series matches H Accumulation EUR)(LU2963055889) — Performance from 2025-01-31 to 2026-01-31
NAV: 108.8
Performance Comparison
MTD
0.53%
Year to Date
0.53%
1-Year Return
8.80%
Annualized Since Inception
8.80%
Historical NAV Per Share
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | — | — | — | — | — | — | — | — | — | — |
| 2025 | — | — | — | — | — | — | — | — | — | — | — | — |
EUR Accumulation - gross (factsheet row 'A accumulation (EUR) Gross') — Performance from 2025-01-31 to 2026-01-31
Performance Comparison
MTD
0.65%
Year to Date
0.65%
1-Year Return
9.58%
Annualized Since Inception
9.58%
Information about fund
Muzinich European Private Credit ELTIF at a Glance
Muzinich European Private Credit ELTIF SICAV, S.A. is an open-ended, 99-year ELTIF 2.0 authorised by the CSSF, incorporated in December 2024 and open since 31 January 2025. It lends senior secured, predominantly floating-rate capital to established, conservatively financed European middle-market companies with EUR 5-50m of EBITDA, run by Carlo Bosco and Rafael Torres of a private debt platform active in European direct lending since 2014, alongside a liquid credit sleeve.
Key Figures (31 January 2026)
Gross Assets
€200M
14 private debt positions + liquid sleeve
2025 Return
8.22%
Net, EUR Acc; 8.80% net since inception
Target
8–10%
Net p.a.; 5% semi-annual distribution
Management Fee
1.40%
T1 class (0.80–2.25% by class) + 0.05% AIFM
Incentive Fee
10%
Over 5% hurdle, HWM, full catch-up
Minimum
€1,000
R/T/T1/M/P classes; ISIN LU3051947516
Terms & Liquidity
| Dealing | Monthly at NAV; 30 days’ notice; 30-day minimum holding; 2-week retail cooling-off |
| Gates | Lesser of 2% NAV/month, 5%/quarter and the ELTIF liquid-asset limit (~20%/year); pro rata above the cap, carried forward |
| Settlement | Within 60 calendar days; in-kind possible under the ELTIF Regulation |
| Leverage | Up to 50% of NAV; 7% at December 2025 |
| Allocation | 55% private / 45% liquid (Jan 2026); private sleeve Italy 39%, France 29%, Germany 8% |
| Distribution | Retail + professional; registered in LU, FR, BE, DE, AT, IT, ES and the Netherlands; SFDR Article 8 |
Muzinich’s first ELTIF, the 2019 Firstlight Middle Market ELTIF (EUR 450m including leverage), was converted on 1 December 2025 into an Italian feeder of this fund. No public KID was located, so the summary risk indicator and KID scenarios are not shown; retail investors receive the ELTIF suitability assessment and the KID from the distributor before subscribing. The fund suits investors who can accept illiquidity, deferred or scaled-back redemptions, credit and leverage risk, and the loss of the entire amount invested.
Deepdive & Related 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.
Other Muzinich & Co. Funds
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.
CollerCredit
CollerCredit is a private credit secondaries fund designed to provide investors with diversified exposure to senior direct lending opportunities. The fund invests across vintages, managers, and industrial sectors, with a primary focus on senior secured loans while maintaining flexibility for other credit strategies. CollerCredit aims to generate stable, risk-adjusted returns through a disciplined investment process. Investors can subscribe on a monthly basis, with quarterly redemption options capped at 5% NAV per quarter."
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