Fund database › Private Credit

CVC-CRED European Private Credit

CVC Capital Partners

Part II SICAVPrivate CreditLuxembourgSFDR Article 8both2 share classes ↓
What the fund does

The credit counterpart to CVC's PE strategy: European mid-market direct lending with conservative leverage on the target companies, as a Luxembourg SICAV, launched in 2024, with a distribution profile.

Liquidity

Monthly subscription; quarterly redemption with roughly one month's notice and a quantified quarterly gate — expressly not guaranteed; redemptions in the first year incur a fee. The recommended holding period is eight years.

Access

The main share class covered here carries a high institutional entry threshold; depending on the country, classes for professional and retail investors exist. Not registered for distribution in Germany.

Price & return
NAV30 Jun 2026117.27 EUR
Performance 12 monthsprovider figure+6.1%
Since launch p.a.provider figure+8.7%
Costs & risk
Ongoing costsmedian Private Credit 2.05%1.95%
Performance feeabove 5% hurdle, no high-water mark10%
Risk (SRI)scale 1 to 74 of 7
Access & liquidity
Minimum investment10,000,000 EUR
Liquidity scoreavg. 122 days to cash29low
Redemptiongate 5% per quarterquarterly
Recommended holding periodper key information document8 years
Compared with the asset classMedian of Private Credit funds in this database with a documented value · data run 16 Oct 2026
Ongoing costs
1.95%this fund
2.05%median
Liquidity score
29this fund
36median
Redemption
quarterlythis fund
quarterlytypical
ContextEditorial

CVC's credit offshoot completes the pattern of the large houses — PE and credit evergreens from a single source; within the credit field it positions itself through conservative credit selection, not through liquidity or access advantages.

Figures at fund level · product data 25 Sep 2026 · sources: prospectus (as at April 2026 (file 13 Apr 2026); 8 Jul 2025), PRIIPs-KID — full list under 08 documents.

01Performance

distribution policy not verified

Net asset value (NAV) in EUR
117.27 EURNAV as at 30 Jun 2026Move the pointer over the line
Performancedistribution policy not verified

1 monthly value · Source: 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.

02Strategy

What the prospectus permits: Privately negotiated, floating-rate senior secured loans to European companies: first lien, unitranche and selectively second lien/mezzanine; in addition a liquidity sleeve of broadly syndicated senior secured loans, bonds and structured credit

prospectus (as at April 2026 (file 13 Apr 2026); 8 Jul 2025)
Launch15 May 2024
Fund size1.70 bn EURas at 30 Jun 2026
Sub-strategyDirect Lending
SFDRArticle 8
Liquid assetstarget 15%actual 14% · see 03
Leverage limit200%

Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.

03Portfolio

323 holdings; the five largest account for 38.2% of the fund. 14.0% is held in the liquidity reserve — enough for 8 months of maximum redemptions.

31 Dec 2025
Where the money is% of fund assets · 31 Dec 2025
Private markets 86.0%Liquidity reserve 14.0%

How the reserve is invested: TeamSystem S.p.A. 0.5% · CPUK Finance Limited 0.4% · Althea Acquisition Bidco S.à r.l. 0.4% · 7 more 2.7%. It covers 8 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.

SectorsApproximation from fund documents, not actual values · 21 Aug 2026

Focus according to fund documents: Diversified, no sector breakdown 100%

Regions and structureApproximation from fund documents, not actual values · 31 Jan 2026

Focus according to fund documents: Europe 90%, Other / unallocated 10%

323Holdings
38.2%Top 5 of NAV
8.8%largest position

Among the ten largest: 10 loans.

The five largest positions% NAV · 31 Dec 2025 · top 10 together 60.7%
  1. 1
    Datheos Bidcoloan · Services: Business · France
    8.8%

    Datheos BidCo SAS (Paris) is the acquisition vehicle through which the Cinven VIII fund takes control of TopSky SAS, the parent company of the Artefact group.

  2. 2
    Hurricane Cleanco Limitedloan · High Tech Industries · United Kingdom
    8.2%

    UK holding and financing company within the capital structure of Paymentsense (Dojo brand) …

  3. 3
    WebPros Investments Sàrlloan · Services: Business · Switzerland
    8.1%

    WebPros provides software for web hosting automation and server management, with products such as cPanel, Plesk and WHMCS used by hosting providers, agencies and developers worldwide.

  4. 4
    Comet Bidco Limitedloan · Production / Media: Diversified & Production · United Kingdom
    7.9%

    UK acquisition company (Bidco) of a sponsor-backed media and production business (category "Media: Diversified & Production").

  5. 5
    Paisley Bidco Limited / Paisley Holdco Limitedloan · Fire: Insurance · United Kingdom
    5.2%

    Paisley Bidco is the Guernsey-registered acquisition company of PIB Group, a UK insurance broking and insurance services group with operations in the United Kingdom …

Positions 6 to 10together 22.6% · Altano Lux HoldCo SARL · Blue Bidco Limited · Companion Finance BV · Animal Wellness Investments · Babylon Finco Limited / Babylon US Bidco Inc
  1. 6
    Altano Lux HoldCo SARLloan · Healthcare & Pharmaceuticals · Germany
    5.2%

    Luxembourg holding company of the Altano group, a German network of equine clinics and veterinary practices with locations in several European countries.

  2. 7
    Blue Bidco Limitedloan · Telecommunications · United Kingdom
    4.9%

    Blue Bidco Limited is the UK acquisition company of a telecommunications business from a sponsor buyout.

  3. 8
    Companion Finance BVloan · Services: Business · Belgium
    4.6%

    Financing company (BV) of a Belgian business services provider (category "Services: Business") acquired in a sponsor-led buyout.

  4. 9
    Animal Wellness Investmentsloan · Healthcare & Pharmaceuticals · Italy
    4.0%

    Italian holding company in animal health focused on veterinary services, such as operating veterinary clinics and practices, and controlled by a financial sponsor.

  5. 10
    Babylon Finco Limited / Babylon US Bidco Incloan · Production · United Kingdom
    3.9%

    Babylon Finco Limited and Babylon US Bidco Inc. are UK and US financing and acquisition companies from the sponsor buyout of a media or content production company.

Portfolio credit metrics as at 30 Jun 2026

Floating rate93%
First lien / senior secured90%
Borrower loan-to-value38%weighted
Borrower EBITDA189 m EURaverage

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.

04Costs

With ongoing costs of 1.95%, the main class is below the median of the asset class (2.05%). On top comes a performance fee of 10% above a hurdle of 5% — without a high-water mark.

PRIIPs-KID
Ongoing costsper year, % of unit value
  • Total ongoing costs1.95%
  • of which management fee1%
  • Performance fee10%
  • Hurdle rate5%
  • High-water markno
1.95%this fund
2.05%median Private Credit

For 10,000,000 EUR this means roughly 195,000 EUR per year.

One-off costsmaximum per prospectus
  • Entry charge (for distribution)0%
  • Redemption feeup to 2%

For 10,000,000 EUR, no charge on purchase and up to 200,000 EUR on redemption.

  • Several layers of fees possible. Fund level (CVC Credit direct lending platform, predominantly direct investments). No master/feeder or target fund level disclosed; no double charging documented

Cost figures of the main class according to provider documents. Median: 32 Private Credit funds in this database, data run 16 Oct 2026.

05Subscription

Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed.

calculated on —
Next subscription cycleValuation day — · calculated on — Your step Fund-internal
  1. Documents complete
    —recommendation
  2. Order cut-off
    —
  3. Valuation day
    —T

    Price = NAV per share on this day.

  4. NAV published
    NAV as a rule as at the last business day of …
  5. Payment due
    —T−3 BD

    pre-funding: 3 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 —.

Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.

Before placing the orderwhat can delay, add cost to or scale back the subscription
  • Payment: pre-funding.
  • Clarify the share class first. depending on the share class, in EUR/USD/GBP/CHF/SGD/AUD/CAD: 25,000 (A, AF, C, F, H, H-2, I); 200,000 (G); 1,000,000 (A-1, H-1, I-1); 10,000,000 (B); 100 (D, P)
  • Number of units is fixed later — 100,000 EUR at the latest NAV (117.27 EUR, 30 Jun 2026) would equal roughly 853 units.
All prospectus details on subscription9 items · incl. procedure, KYC, business-day definition
Frequencymonthly
Procedurefully paid-in
Valuation day1st business day of the month
Cut-off3 business days before dealing day · (before the anchor date)
Pricelast calculated NAV
NAV publicationNAV as a rule as at the last business day of the calendar month; no publication deadline stipulated
Paymentpre-funding: 3 business days before dealing day
Minimum investmentdepending on the share class, in EUR/USD/GBP/CHF/SGD/AUD/CAD: 25,000 (A, AF, C, F, H, H-2, I); 200,000 (G); 1,000,000 (A-1, H-1, I-1); 10,000,000 (B); 100 (D, P)
Business daybanks open for business in Luxembourg, New York and London (p. 18)

Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.

06Redemption & liquidity

Units can be redeemed quarterly — 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.

calculated on —
Next redemption cyclePricing date — · calculated on — Your step Fund-internal
  1. Request by cut-off
    —close of business

    Redemption per the KID as at the close of business on the last business day of each calendar quarter with at …

  2. Pricing date
    —T

    NAV per unit less redemption fee (up to 2%)

  3. Gate check
    on the pricing date

    5% per calendar quarter, based either on the NAV of the sub-fund or on the total number of shares …

  4. NAV published
    NAV as a rule as at the last business day of …
  5. Payout
    —T+45 CD

    redemption day

A request made today is paid out on — — — days; from the cut-off to cash it is — days.

Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.

Liquidity scoreHow quickly can you get your money out, according to the prospectus?
29/100low

Money typically within half a year — on average 122 days from decision to cash.

Rank 54 of 112 · rank 22 of 31 in Private Credit · no lock-up · exit costs of 2.0% included

43/100medium

Money typically within half a year — on average 122 days from decision to cash.

no lock-up · no fixed redemption fee

one dot = one fund (112, view as of today) · ● Private Credit · ● other asset classesMedian of all funds: 29
And if many want out at the same time?
  • At most 5% of the average NAV of previous months per quarter can be redeemed.
  • Carried forward automatically to the next dealing day.
  • Never triggered so far — no gate, no suspension since launch in May 2024 (press and provider reports). The reserve covers 8 months of maximum redemptions (03).
  • The prospectus does not say how long a suspension may last.

Confidence medium — prospectus data incomplete · prospectus as at 13 Apr 2026 · score run 16 Oct 2026 · How 122 days become 29 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.

All prospectus details on redemption12 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencyquarterly
Valuation dayquarter-end
Notice30 calendar days before Valuation day · close of business
Pricequarter-end
Payout45 calendar days after redemption day
Gate5% of the average NAV of previous months per quarter
Scaled-back portioncarried forward automatically to the next dealing day
Redemption fee (max.)up to 2% (12 months, cliff (lapses after the period))
Lock-upnone
Switch / transferpermitted only with the prior written consent of the Board
Compulsory redemptionCompulsory redemption by the Board in the case of non-qualifying and sanctioned investors; details per the supplement

5% per calendar quarter, based either on the NAV of the sub-fund or on the total number of shares outstanding. Redemptions are provided for quarterly at the quarter-end NAV, but are expressly not guaranteed: the board of directors may accept, reject, make subject to conditions or postpone requests in whole or in part at its own discretion.

The 5% limit is expressed in two ways in the monthly report - as a proportion of NAV or of the total number of units outstanding; which reference basis applies in a given case is governed by the sub-fund supplement, which is not available. In addition, every redemption is subject to the discretion of the board of directors, which may reject or postpone requests irrespective of the gate.

Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.

07Share classes

2 classes.

1 of 2 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDMinimum investmentMgmtOngoing costs
LU3376881879I HKD (Accumulation)HKDaccumulating✓250,000 HKD—1.95%
LU2733526433I Shares, USD, DistributingUSD——25,000 USD——

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.

08Master data & documents

Who is behind the fund, where it may be distributed — and which documents were evaluated.

AIFM / ManCoCVC Europe Fund Management S.à r.l.
DepositaryThe Bank of New York Mellon SA/NV, Luxembourg Branch
Investor baseretail investors with restrictions, professional investors
Distribution authorisationLuxembourg, UK, USA, Germany, Italy and 14 further countries
DomicileLuxembourg
Legal wrapperPart II SICAV
Fund currencyEUR
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 25 Sep 2026
DocumentAs atUsed for
Presentation——
NAV series
price feed / provider document
30 Jun 2026Performance (01)
Positions and reserve31 Dec 2025Portfolio (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.

Frequently asked questions about the CVC-CRED European Private Credit

How quickly can I get out of the CVC-CRED European Private Credit?

Redemption quarterly, notice period 30 calendar days before Valuation day, with 5% gate per quarter. Subscribing today, it takes on average 122 days from decision to cash under the prospectus deadlines; a gate is not factored in.

What does the CVC-CRED European Private Credit cost per year?

Ongoing costs of 1.95% p.a. according to the PRIIPs KID; the median of the Private Credit funds in this database is 2.05%; plus a performance fee of 10%.

What is the minimum investment in the CVC-CRED European Private Credit?

10,000,000 EUR.

Can I buy the CVC-CRED European Private Credit as a retail investor in Germany?

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.

Is the CVC-CRED European Private Credit currently gated?

As at 16 Oct 2026, no redemption restriction is documented for the CVC-CRED European Private Credit. Under the prospectus a gate of 5% per quarter applies.

Similar funds

Same asset class, similar sub-strategy.

Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.

Important notes. semiliquid.info does not provide investment advice or any recommendation to buy, sell or hold fund units; no ranking, no offer, no solicitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We accept no liability for the accuracy, completeness or timeliness of the information. Semi-liquid funds invest in illiquid assets: redemptions are restricted and may 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 KID before any investment decision and seek professional advice where appropriate.