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Blackstone ECRED
Key Statistics
Fund Size
€2,500M
Target Return
6.6%
Annualized Return
8.7%
Launch Year
2022
Min. Investment
€25,000
Availability
Open for public
Structure
SICAV
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.25%
Carry
12.5% over 5% hurdle
Hurdle Rate
5%
High Water Mark
No
Catch-Up Mechanism
100% catch-up
ISIN
LU2480032601
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Monthly subscriptions and redemptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
3 out of 7
Annual Returns (KID Scenarios)
Stressed
-1.3%
Moderate
5.3%
Favorable
6.6%
Average Total Cost Level (KID)
2.9%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Historical Performance
Information about fund
Blackstone’s Private Credit Engine, European Edition
Blackstone has brought its well-oiled private credit machine to Europe with ECRED — the Blackstone European Private Credit Fund, a Luxembourg-domiciled, perpetual-life SICAV launched in October 2022. It originates floating-rate, first-lien senior secured and unitranche loans to upper-mid-market companies across Europe, alongside a smaller sleeve of syndicated senior secured loans and bonds that is kept liquid for tactical activity.
Key Figures (as of Feb 2026)
Fund Size
€2.5B
243 investments
Annualized Return
8.7%
32.7% total net of fees since Oct 2022 (A-A EUR)
Volatility
1.2%
Income-driven, low-vol profile
Minimum Investment
€25,000
A-A EUR share class, monthly entry
Liquidity
Monthly, gated
2% NAV/month · 5%/quarter caps
Strategy
Senior secured
Floating-rate first-lien and unitranche, Europe
Performance and Scale
The scale is substantial: €2.5 billion in assets across 243 investments as of February 2026, with a focus on technology, software, healthcare and business services. The A-A EUR share class has achieved a return of 32.7% net of fees — 8.7% annualized — since inception, with volatility of just 1.2%.
Fees, Liquidity and Terms
Terms at a Glance
| Structure | Luxembourg SICAV, perpetual life (evergreen), launched October 2022 |
| Management fee | 1.25% p.a. on NAV, plus a servicing fee of up to 0.85% p.a. depending on share class |
| Performance fee | 12.5% above a 5% hurdle, with full catch-up |
| Subscriptions / redemptions | Monthly, at NAV |
| Redemption gates | 2% of NAV per month, 5% per quarter |
| Early redemption | 2% back-load within the first 12 months |
| Leverage | Target 1–1.25x debt-to-equity (2x maximum) |
| Risk indicator | 3 of 7 (KID); moderate KID scenario 5.3%, favourable 6.6% per year |
Entry and exit are available on a monthly basis, but exits are gated: redemptions are capped at 2% of NAV per month and 5% per quarter, and a 2% back-load applies within the first twelve months after investment. This protects remaining investors in a market downturn, at the cost of certainty around your own exit timing in such periods.
Who It Fits
The fund is designed for investors looking for European direct-lending income in an evergreen structure, with monthly subscriptions from €25,000. Given the gates, it is best considered semi-liquid rather than truly liquid. It competes with BNP Paribas’ Diversified Private Credit ELTIF and Ares’ AESIF in the European semi-liquid credit space, as the European sibling of Blackstone’s dominant US vehicle, BCRED.
This fund profile is verified and managed by Blackstone on Fundscouter