Income treatmentdistributingclass tracked, verified
Performance since Mar 2025 p.a.+13.5%incl. distributions · Class A
Ongoing costs2.50% p.a.
Min. investment—
Redemptionquarterly
Risk (SRI)3 / 7
01Performance
Unit price (NAV) in EUR · share class A · 16 data points
9.96 EURNAV as at 30 Jun 2026
NAV per unitincl. reinvested distributions
Source: Price feed from the management companyall values documented from primary sources
Distributions per unit
12 payments recorded, in EUR
0.74 EURTotal of the last 12 months per unit · ≈ 7.4 % of the current NAV
Past distributions are no guarantee of future payments. The diamonds in the NAV chart mark the payment dates.
Total return incl. distributions — payments notionally reinvested at the NAV of the payment date (standard methodology).
YTD+4.2%
1 year+12.1%
since Mar 2025 p.a.+13.5%
Pure price return (NAV movement without reinvestment): YTD +2.4% · 1 year +5.9% · since Mar 2025 p.a. +6.7%.
Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.
Provider figures
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
Performance 12M · as at 30 Sep 2025
11.59%
Since launch p.a. · as at 30 Sep 2025
11.59%
Target return per the provider: No explicit target return. KID scenarios for class A over 8 years (after costs): stress -0.6 % p.a., unfavourable 1.1 % p.a., moderate 5.0 % p.a. (EUR 14,750), favourable 5.4 % p.a. Actual distribution yield for class I (Dist) 8.50 % annualised
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2024
Fund size—
CurrencyEUR
Income treatmentboth
SFDRArticle 8
Recommended holding8 yrs
Liquidity buffer17.00%
Leverage limit50.00%
Risk indicator3 of 7from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Top 5 portfolio investments (unnamed, as at 30 Sep 2025): (1) UK manufacturer/distributor of single-use medical products (health care equipment & services, Western Europe); (2) Iberian animal health distributor (health care, Southern Europe); (3) provider of broadly diversified software in the UK (software & services, Western Europe); (4) European ophthalmology platform (health care, Western Europe); (5) French global consultancy focused on supply chains/industrialisation (commercial & professional services, Western Europe). Percentage weightings are not disclosed
Source: Factsheet 30 Sep 2025, TOP 5 PORTFOLIO INVESTMENTS
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.20%
Total ongoing costs
2.50%
Entry charge max.
0.00%
Redemption fee
0.00%
Performance fee
12.00%
Hurdle rate
4.00%
High-water mark
not documented
In context: ongoing costs
This fund
2.50%
Median Private Credit
2.19%
Median across 23 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How the performance fee works
Provider's wording in the factsheet: '12% with a 4% hurdle'. A hurdle of 4 % is therefore documented. Neither the factsheet nor the KID says anything about catch-up, crystallisation frequency, calculation basis or high-water mark. The German-language KID contains NO reference to 'Hurdle Rate: None'.
Source: Factsheet 30 Sep 2025, KEY FUND TERMS; KID 25 Aug 2025 (no hurdle disclosed)
Costs per the key information document
KID class A (25 Aug 2025): management fees and other administration/operating costs 2.5 % p.a. (EUR 259 on EUR 10,000); transaction costs 0.1 % p.a. (EUR 7); cost impact of performance fees 1.0 % (EUR 100). Total costs EUR 365 (1 year) and EUR 4,901 (8 years). Annual cost burden (reduction in yield) 3.5 % over both periods; return 8.8 % p.a. before costs vs 5.0 % p.a. after costs over 8 years.
Source: KID 25 Aug 2025, Costs over time / Composition of costs
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
Units can be redeemed quarterly; notice must be given 30 days before the date; on each date the fund redeems at most 5 % of fund assets.
1 · Lock-upnone
2 · Notice period30 days before the date
3 · Redemption datequarterly
4 · Gatemax. 5 % per date
5 · Payout45 days after the date
The gate caps redemptions at 5 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
From the notice being received to the money reaching your account: typically around 75 to 167 days — depending on how far away the next redemption date is. If the gate bites or redemptions are suspended, it can take considerably longer.
Redemption per the document
Quarterly at the NAV per unit on the last business day of the relevant quarter
Source: KID 25 Aug 2025, How long should I hold the fund; Factsheet 30 Sep 2025
Gate per the document
Redemption requests are accepted only up to the LOWER of the following: (1) 5 % of the sub-fund's net asset value and (2) the applicable limit under the ELTIF RTS (Regulation (EU) 2015/760 as amended by 2023/606). In exceptional cases the redemption programme may be amended or suspended
Source: KID 25 Aug 2025, How long should I hold the fund
Notice period
Redemption request by 18:00 CET at least 30 calendar days before the relevant redemption date
Source: KID 25 Aug 2025, How long should I hold the fund
Lock-up
No lock-up and no exit fee at fund level; recommended holding period 8 years
Source: KID 25 Aug 2025
Liquidity score: 3.5 of 5
Redemption frequency
3 / 5 · 40 %
Gate / redemption cap
3 / 5 · 25 %
Notice period
4 / 5 · 20 %
Redemption fee
5 / 5 · 15 %
The score measures only the contractual redemption mechanics (the higher, the more flexible) — not whether the fund actually stays liquid under stress. Weightings in per cent.
06Share classes
5 classes known. All cost and risk figures on this page apply to LU2912502031.
ISIN
Status
Min. investment
Ongoing costs
SRI
LU2912502031
basis of this page
not documented
2.50%
3/7
LU2912501652
not yet collected
not documented
not documented
not documented
LU2912501736
not yet collected
not documented
not documented
not documented
LU2912501819
not yet collected
not documented
not documented
not documented
Costs, minimum investment and risk can differ markedly by class — check the key information document of the specific class before subscribing.
07Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
CIM Europe S.a r.l., 2 avenue Charles de Gaulle, L-1653 Luxembourg (part of The Carlyle Group Inc.), authorised and supervised by the CSSF; company: Carlyle Private Markets S.A. SICAV-UCI Part II, RCS B274623
Source: KID 25 Aug 2025, Product / How can I complain
Depositary
The Bank of New York Mellon SA/NV, Luxembourg branch
Source: KID 25 Aug 2025, Type
Launch date
No explicit launch date. From the performance history: first monthly returns for class I from September 2024 (ITD period = 13 months as at 30 Sep 2025); class A (Dist/Acc) first return from April 2025. The sub-fund is established for 99 years from the date of its authorisation
Source: Factsheet 30 Sep 2025, HISTORICAL NET TOTAL RETURN; KID 25 Aug 2025, Term
Eligible investors
'The product is intended for high-net-worth investors, retail wealth managers, financial intermediaries and other retail investors' who are able to assess the opportunities/risks or who have received advice; the investment must form part of a diversified investment programme
Source: KID 25 Aug 2025, Intended retail investor
Fee layers / double charging
Fund level only: according to the available information, the fund invests exclusively on a direct basis in European private debt instruments via the Carlyle Global Credit platform; a master/feeder or target-fund structure, and therefore double charging, is not documented. AIFM: CIM Europe S.à r.l.; investment manager: Carlyle Global Credit Investment Management LLC.
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
Similar funds
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.
Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.