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BNP Diversified Private Credit Fund
Key Statistics
Fund Size
€100M
Target Return
11.9%
Annualized Return
N/A
Launch Year
2024
Min. Investment
€30,000
Availability
Open through selected distributors
Structure
SICAV-RAIF (ELTIF 2.0)
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
1.15%
Carry
None%
High Water Mark
No
ISIN
LU2840134923
Currencies
EUR, USD
Investor Eligibility
Retail
Liquidity Options
Monthly subscriptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
3 out of 7
Annual Returns (KID Scenarios)
Stressed
-13.1%
Moderate
10.6%
Favorable
11.9%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Information about fund
Private Credit From a Banking Giant, Opened Up
Historically, private credit has been a pension fund asset class, but BNP Paribas Asset Management created this fund as its first evergreen private credit vehicle under the ELTIF 2.0 framework, enabling private investors to invest from €30,000 in European private debt — corporate lending, infrastructure debt and commercial real estate debt — all sourced through the bank’s own origination network.
Behind the structure is BNP Paribas AM’s Private Assets division, which manages c. €40 billion in assets under management and advisory. Scale is key in direct lending — it brings access to a volume of quality deals that smaller managers simply don’t see.
Key Figures
12-Month Performance
3.62%
Class LU2840135904, per ELTIF market data
Minimum Investment
€30,000
Individuals and entities
Management Fee
1.15%
No performance fee
Liquidity
Monthly in / quarterly out
3 months’ notice on redemptions
SFDR
Article 8
ESG factors in credit selection
Distribution
19 countries
Incl. the Netherlands · 32 share classes
Investment Strategy
The portfolio consists of three private debt asset classes, all focused on the Eurozone, with returns generated from contractual interest payments rather than the capital appreciation typical of equity-type investments.
- Corporate debt — loans to European mid-sized and larger companies
- Infrastructure debt — financing for energy, transport and digital assets
- Commercial real estate debt — senior lending against income-producing property
Structure, Liquidity and Terms
Terms at a Glance
| Structure | Luxembourg SICAV-RAIF under ELTIF 2.0, evergreen (no end date) |
| Subscriptions | Monthly |
| Redemptions | Quarterly, with 3 months’ notice |
| Early exit | 5% redemption fee within the first 2 years; free afterwards |
| Risk indicator | 3 of 7 (KID) — calm end of the private markets spectrum |
| KID scenarios | Moderate 10.6% / favourable 11.9% per year — scenario maths, not promises |
Who It Fits
It is suitable for investors who want interest-driven returns from a private debt strategy, who prefer more flexibility than the usual ten-year closed-end structure, and who can deal with quarterly liquidity as opposed to daily. It sits alongside strategies such as Ares’ AESIF and Blackstone’s ECRED — the key difference being that BNP Paribas leans on a banking origination network rather than a pure asset-management model.
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 BNP Paribas 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.
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."
CVC-CRED European Private Credit
CVC-CRED is CVC’s evergreen European private credit fund: an open-ended Luxembourg Part II SICAV (inception May 2024) making senior secured floating-rate loans to mid-sized companies in Northern and Western Europe. It reached €3.5 billion of aggregate value by June 2026 with around 9% annualised performance. 1.00% management fee plus 10% over a 5% hurdle, monthly subscriptions, quarterly redemptions gated at 5% of NAV, €25,000 minimum.
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