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Morgan Stanley European Private Income Fund
Key Statistics
Target Return
5.0%
Annualized Return
6.0%
Launch Year
2025
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
12.50%
High Water Mark
No
ISIN
LU2860459366
Currencies
EUR
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
-5.02%
Moderate
4.27%
Favorable
4.97%
Average Total Cost Level (KID)
4.19%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Information about fund
Morgan Stanley’s European Direct Lending, Evergreen
Morgan Stanley European Private Income Fund (EPIF) is an open-ended fund launched on 28 February 2025 as a sub-fund of Morgan Stanley Cabot SA SICAV, a Luxembourg Part II vehicle. Morgan Stanley Investment Management set it up to make privately negotiated senior secured term loans to European middle-market companies with strong market positions, holding about 10% of the portfolio in broadly syndicated loans and bonds to maintain liquidity. The European private credit team was built from 2022 under Mark Jochims, formerly of Arcmont, within a Morgan Stanley private credit platform with more than $25 billion of committed capital.
Key Figures
1-Year Return
6.0%
AA acc class, to July 2026
Launched
Feb 2025
Lux Part II SICAV
Management Fee
1.25%
+12.5% performance fee
Minimum
€25,000
Via distributors
Liquidity
Quarterly
5% gate after 1-year lock-up
KID
Risk 3/7
Moderate 4.3%; total cost 4.2%
Early Performance
The fund is relatively new and its size is not yet published, but the AA accumulating class returned 6.0% over the twelve months to July 2026 — roughly what a senior-secured European loan book should earn after fees. The KID ranks the fund at risk class 3 of 7, with a moderate scenario of 4.3% a year and total costs of 4.2% a year. The management fee is 1.25% and the performance fee 12.5%.
Liquidity and Terms
Terms at a Glance
| Strategy | ~90% privately negotiated senior secured loans to European mid-market companies; ~10% broadly syndicated loans and bonds |
| Subscriptions | Monthly |
| Distributions | Monthly (distributing classes) |
| Redemptions | Quarterly after a 1-year lock-up; 5% fund-level gate; 60 days’ notice; 2% deduction within first year |
| Fees | 1.25% management; 12.5% performance fee |
| SFDR | Article 8 |
Liquidity follows the standard evergreen credit template: monthly subscriptions and monthly income distributions on the distributing classes, quarterly redemptions after a one-year lock-up with a 5% fund-level gate and 60 days’ notice, and a 2% deduction on shares tendered within the first year. The minimum subscription is €25,000 and the fund is SFDR Article 8. It competes with Ares AESIF, Blackstone ECRED and CVC-CRED, all covered on Fundscouter, and is the youngest and smallest of the four.
Deepdive & Related Funds
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CollerCredit
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