Fund database › Private Credit
BlackstoneLU2480032510Class I-A-EUR
ECRED extends Blackstone's credit platform into Europe: direct lending to upper-mid-market companies, as a Luxembourg Part II SICAV in an aggregator structure, launched in 2022, with a distribution focus.
Monthly subscription and redemption, doubly capped per month and per quarter — measured against the aggregate assets of all parallel vehicles, not the sub-fund. A one-year soft lock makes early exits more expensive. The recommended holding period is eight years.
Subscription from EUR 25,000, for professional and retail investors depending on the country; currently not registered for distribution in Germany.
One of Europe's first and largest credit evergreens — with a multi-year distribution history, but the same structural trait as its PE sister BXPE: the liquidity limit is shared with all parallel vehicles on the platform.
Figures for class I-A-EUR (LU2480032510) · product data 9 Oct 2026 · sources: prospectus (as at September 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Dec 2022, the unit price has gained 9.1% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
44 monthly values, 1 derived from monthly returns · Source: secondary source (data portal), price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Oct 2022; a reliable NAV series of the class is available from Dec 2022.
What the prospectus permits: Directly originated, floating-rate first-lien/senior secured and unitranche loans to the European upper-mid-market; small liquid sleeve (BSL); selectively second lien, mezzanine, structured/asset-backed
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
146 holdings; the five largest account for 13.4% of the fund. 10.0% is held in the liquidity reserve — enough for 5 months of maximum redemptions.
Among the ten largest: 10 loans.
Adevinta (Oslo) operates online classifieds marketplaces in Europe, including leboncoin, mobile.de, Kleinanzeigen and Marktplaats.
Once For All (United Kingdom) provides software and services for supplier pre-qualification and supply chain compliance, including through the Constructionline platform …
UK provider of ERP and industry-specific software for wholesalers and specialist distributors, for example in building materials, electrical, plumbing and automotive parts.
M Group is a UK provider of design, construction and maintenance services for critical infrastructure in water, energy, telecommunications and transportation …
French provider of industry-specific software for legal professionals such as lawyers and notaries, for property managers and for businesses, headquartered in Montpellier.
Israeli provider of core system software for life, property and casualty insurers and reinsurers, covering policy administration, claims processing and distribution, among other areas …
Provider of software for regulatory, supervisory and tax reporting for banks, insurers and supervisory authorities, headquartered in Frankfurt am Main.
Mitratech is a US provider of software for legal departments, governance, risk and compliance, and HR processes, headquartered in Austin (Texas) …
Namirial (Senigallia, Italy) provides digital trust services, including qualified electronic signatures, digital identity, e-invoicing, certified email and digital archiving …
Davies Group is a UK provider of services to insurers and corporates focused on claims handling and claims outsourcing, complemented by consulting and technology solutions …
Provider figures for the credit portfolio, not calculated by semiliquid.info. Providers report yield, remaining life and credit ratings under differing definitions — the basis of calculation is therefore shown with every figure. A comparison across funds only holds where the basis is the same.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 1.80%, class I-A-EUR is below the median of the asset class (2.05%). On top comes a performance fee of 12.50% above a hurdle of 5%.
For 25,000 EUR this means roughly 450 EUR per year.
For 25,000 EUR, no charge on purchase and up to 500 EUR on redemption.
Based on the PRIIPs key information document of class I-A-EUR, hence comparable across providers. Median: 32 Private Credit funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed.
KYC/AML check a condition of acceptance, i.e. 4 business days before the Subscription Date
The period may be waived by the SICAV (unless waived).
Price = NAV at the end of the previous month.
NAV as at the last calendar day of the month, available by the 20th business day of the …
pre-funding: 4 business days before dealing day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st calendar day of the month |
| Cut-off | 4 business days before dealing day · 17:00 CET · (before the anchor date) |
| Price | previous month-end |
| NAV publication | NAV as at the last calendar day of the month, available by the 20th business day of the following month |
| Payment | pre-funding: 4 business days before dealing day |
| Minimum investment | 25000 EUR |
| KYC / documents | KYC/AML check a condition of acceptance, i.e. 4 business days before the Subscription Date |
| Revocation | Revocation/withdrawal of the order until 17:00 CET on the last business day before the Subscription Date |
| Business day | Business Day = any day on which the securities markets in France, Luxembourg, the UK and the US are open (p. 11) |
Dates calculated from the prospectus rules (bank holidays: FR, GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
Units can be redeemed monthly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption request by 17:00 CET on the 1st business day of the month in which the redemption day falls.
NAV per unit less redemption fee (up to 2%)
max. 2% of the aggregate NAV per calendar month and, in addition, max.
redemption day
A request made today is paid out on — — — days.
Shown without a date because the prospectus does not quantify: cut-off. The remaining markers are calculated from the prospectus rules.
Money typically within half a year — on average 103 days from decision to cash.
Rank 43 of 112 · rank 18 of 31 in Private Credit · no lock-up · exit costs of 2.0% included
Money typically within half a year — on average 103 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 Sep 2026 · score run 16 Oct 2026 · How 103 days become 33 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | monthly |
| Valuation day | last calendar day of the month |
| Notice | 17:00 CET · (counted from month-start) |
| Price | valuation day |
| Payout | 60 calendar days after redemption day |
| Gate | 2% gross of net assets of the previous period per month; 5% per calendar quarter based on the average NAV of the three preceding months |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (12 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | Force Majeure; valuation impossible; price sources failed; liquidity strain |
| Liquidity tools | suspension, redemption limit/Gate, Early Redemption Deduction, Redemption Fee, redemption in kind; further Annex V LMTs possible |
| Switch / transfer | Transfer permitted, no market for the units; individual classes may be listed on the Luxembourg Stock Exchange |
| Compulsory redemption | Compulsory redemption on termination of a sub-fund/class and where eligibility is not met, at the NAV of the valuation day |
max. 2% of the aggregate NAV per calendar month and, in addition, max. 5% per calendar quarter - in each case by reference to the aggregate NAV of all parallel vehicles and of the ECRED Aggregator (excluding the 'Selected Parallel Entities'), not to the sub-fund NAV
The 2% monthly limit is measured against the aggregate NAV of all parallel vehicles and of the ECRED Aggregator (measured as at the end of the preceding month), not against the NAV of this sub-fund. In addition, a quarterly limit of 5% of the same aggregate NAV applies (measured as the average of the three preceding month-end values). The 'Selected Parallel Entities' are left out of account in each case.
Dates calculated from the prospectus rules (bank holidays: FR, GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
16 classes. All cost and risk figures on this page refer to the basis class I-A-EUR.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | Jul 2026 | — |
| Key information document (PRIIPs KID) | 2 Jan 2026 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Document | 30 Jun 2026 | — |
| Annual / semi-annual report | Jun 2026 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Dec 2025 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption monthly, with 2% gate per month. Subscribing today, it takes on average 103 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 1.80% p.a. according to the PRIIPs KID for class I-A-EUR; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 12.50%.
25,000 EUR in class I-A-EUR.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Blackstone European Private Credit Fund. Under the prospectus a gate of 2% per month applies.
Same asset class, similar sub-strategy.
Apollo Global Management · Part II SICAV · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · ELTIF 2.0 · quarterly
Apollo Global Management · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.