Private credit funds: direct lending, BDCs and credit ELTIFs compared
Private credit funds lend directly to companies instead of buying bonds on an exchange. For individual investors the entry points are US non-traded BDCs such as Blackstone’s BCRED and Apollo Debt Solutions, exchange-listed BDCs, European ELTIFs and Luxembourg semi-liquid vehicles. The pitch is the same everywhere — senior secured, floating-rate loans paying a high monthly or quarterly distribution — but the terms differ sharply.
The figures to compare are on this page: the distribution yield and whether net investment income actually covers it, the management and incentive fees (typically 1.25% plus 12.5% over a hurdle), the share of first-lien loans, and the repurchase terms. 2026 has been a stress test: several of the largest funds prorated redemption requests at their 5% quarterly caps. Those episodes are recorded factually on each fund’s page.
Minimum
€1,000
Management fee
2.73%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
N/A
Liquidity
Semi-liquid
Domicile
France
Minimum
$2,500
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€25,000
Management fee
2.45%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.95%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
1.5%
Liquidity
High (<1 year)
Domicile
United States
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
N/A
Liquidity
Medium (1-5 years)
Domicile
Netherlands
Minimum
€100,000
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Netherlands
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
$2,500
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
N/A
Management fee
1%
Liquidity
High (<1 year)
Domicile
United States
Minimum
N/A
Management fee
0.75%
Liquidity
Semi-liquid
Domicile
United States
Minimum
$25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€30,000
Management fee
1.15%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€50,000
Management fee
1.2%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€50,000
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.88%
Liquidity
Semi-liquid
Domicile
France
Minimum
€10,000
Management fee
2.1%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.47%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€1,000
Management fee
1.4%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.2%
Liquidity
Low (5+ years)
Domicile
Netherlands
Minimum
€200
Management fee
N/A
Liquidity
Semi-liquid
Domicile
Netherlands
Minimum
€100,000
Management fee
0.65%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
0.65%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€5,000,000
Management fee
0.5%
Liquidity
High (<1 year)
Domicile
Luxembourg
Minimum
N/A
Management fee
0.85%
Liquidity
High (<1 year)
Domicile
Netherlands
Minimum
€250,000
Management fee
1.75%
Liquidity
High (<1 year)
Domicile
Luxembourg