Fund database › Private Credit
InvescoLU3048820008Class A Accumulation EUR
The Invesco ELTIF extends loans to large European mid-caps — the upper mid market as a deliberate positioning between large-cap competition and granularity, as an ELTIF 2.0, launched at the end of 2025.
Monthly subscription; quarterly redemption with roughly one quarter's notice; the limit is measured net — subscriptions at the same dealing date are offset. The initial lock is symbolically short at two months, with no redemption fee.
Subscription from EUR 10,000 for retail and professional investors, recommended holding period five years; registered in roughly twenty-two countries, including Germany.
A late market entry with deliberately investor-friendly terms — a short lock, netting, no exit costs: Invesco positions itself through conditions where the earlier entrants score through track record. The mechanics' trial by fire naturally still lies ahead.
Figures for class A Accumulation EUR (LU3048820008) · product data 24 Sep 2026 · sources: prospectus (as at May 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Dec 2025, the unit price has gained 1.0% (cumulative, 0.6 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
11 monthly values, 3 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.
What the prospectus permits: Senior Secured Direct Lending; predominantly first-lien and unitranche loans, variable rate (floating rate), performing loans; direct investments
Invesco European Upper Mid-Market S.à r.l., SICAV RAIF Participation 88.13% · as at 30 Jun 2026
This fund invests only part of its assets through Invesco European Upper Mid-Market S.à r.l., SICAV RAIF and holds the rest itself. The figures below describe that vehicle — not the fund’s own portfolio. They are set apart here so they cannot be mistaken for the fund’s figures. Not reported by the provider but calculated from the schedule of investments in the annual or semi-annual report.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
The five largest holdings account for 16.4% of the fund. 15.4% is held in the liquidity reserve — enough for 9 months of maximum redemptions.
How the reserve is invested: Sherwood Financing Plc 7.901% FRN 2.2% · Duomo Bidco SpA 5.454% FRN 1.5% · Business Integration Partners S.p.A. 6.45% FRN 1.2% · 7 more 5.9%. It covers 9 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: Europe 100%
Among the ten largest: 10 loans.
Acquisition vehicle (bidco) for the takeover of an unnamed company, which according to the report has a UK connection.
Altice France is the parent company of SFR, one of France’s major telecommunications operators for mobile, fixed-line, fiber and business services.
UK LBO acquisition structure (Gular Topco, Midco and Bidco Limited), incorporated in November 2025 and registered in Lichfield (Staffordshire).
UK acquisition company (bidco) for a leveraged buyout, financed through euro and sterling term loans and a delayed-draw facility maturing in 2031.
Europe's largest distributor of industrial maintenance, repair and operations (MRO) products such as bearings, power transmission components, tools and safety equipment …
EG Group operates an international network of fuel stations with convenience stores and foodservice outlets, including as a franchisee of brands such as Starbucks, KFC and Subway …
French holding company (Saint-Cloud) of the Ethypharm group, a specialty pharmaceutical company focused on central nervous system medicines (pain, addiction) and hospital injectables.
French network of medical testing laboratories (clinical biology) providing routine and specialty diagnostics for patients, physicians and hospitals.
Platform Bidco is the financing vehicle of Valeo Foods Group (Dublin), a European manufacturer of branded foods, snacks and confectionery with production in several European countries.
Sigma Holdco is the Dutch holding company of Flora Food Group (formerly Upfield), a producer of plant-based spreads, margarines and cheese alternatives with brands such as Flora, Rama …
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 2.48%, class A Accumulation EUR is well above the median of the asset class (2.05%). There is no performance fee.
For 10,000 EUR this means roughly 248 EUR per year; the cheapest class with a cost figure is F Accumulation EUR (0.73%, from 25,000,000 EUR).
For 10,000 EUR, no charge on purchase.
Based on the PRIIPs key information document of class A Accumulation 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 on the valuation day — it is not known when the order is placed.
AML/KYC documents before settlement; missing documents result in rejection or delay
in the event of technical disruptions the Directors may accept later subscription …
Price = NAV per share on this day.
An order placed today is invested in — days (—).
Shown without a date because the prospectus does not quantify: cut-off, NAV publication, payment. The remaining markers are calculated from the prospectus rules.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 4 · 17:00 CET · (counted from month-end) |
| Price | valuation day |
| NAV publication | NAV as at the last business day of the month, no publication deadline in the prospectus. |
| Payment | pre-funding: 0 business days after cut-off |
| Minimum investment | EUR 10,000 |
| Subscription limit | The SICAV may reject subscriptions; the fund or share class may be closed to further inflows; rejection in cases of Market Timing |
| KYC / documents | AML/KYC documents before settlement; missing documents result in rejection or delay |
| Revocation | Retail: withdrawal within the Cooling-Off period; otherwise not specified |
| Business day | bank business day in Luxembourg; in addition Good Friday, 24.12. and UK substitute holidays following 25./26.12. and 1.1. are excluded (p. 8) |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 24 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 2 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption quarterly as at the last business day of March/June/September/December, notification 3 months …
Price = NAV per share on this day.
Redemptions are accepted up to 5% of the fund's most recently available NAV per Dealing Day …
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.
Money typically within half a year — on average 171 days from decision to cash.
Rank 37 of 112 · rank 14 of 31 in Private Credit · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 15 May 2026 · score run 16 Oct 2026 · How 171 days become 37 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 | quarterly |
| Valuation day | quarter-end |
| Notice | 3 months before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 23 business days after redemption day |
| Gate | 5% net of NAV (additional limit on liquid investments) per redemption day; Cap under Art. 5(6) ELTIF Delegated Regulation; the threshold under. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 2 months (fund launch) |
| Suspension | exchange/market closure, valuation sources unavailable, transfer restrictions/force majeure |
| Liquidity tools | Gate with pro-rata scale-back and carry-forward, suspension of NAV and dealing, swing pricing, anti-dilution levy, redemption in kind with investor … |
| Switch / transfer | permitted with the consent of the SICAV; the minimum subscription/minimum holding must be maintained; custody via Clearstream possible |
| Compulsory redemption | in the case of a Prohibited Person or U.S. Person after a 30-day period, and on breach of class restrictions. |
Redemptions are accepted up to 5% of the fund's most recently available NAV per Dealing Day (the board of directors may set a higher rate). The relevant measure is the net figure: where the redemption requests less the subscriptions exceed 5% of the latest NAV, the board of directors may scale back the requests pro rata such that net redemptions amount to 5%.
The 5% gate is a net gate: it applies where the redemption requests less the subscriptions of the same Dealing Day exceed 5% of the most recently available NAV; the board of directors may set a higher rate and then scales back pro rata. In addition, the cap under Art. 5(6) of the ELTIF Delegated Regulation applies in any event, calibrated at 33.3% of the assets under.
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 24 Sep 2026 · Documents: 08.
17 classes. All cost and risk figures on this page refer to the basis class A Accumulation EUR; the cheapest class with a cost figure is F Accumulation EUR (0.73%, from 25,000,000 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 |
|---|---|---|
| Presentation | 14 Jan 2026 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Jul 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | 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 quarterly, notice period 3 months before redemption day, with 5% gate per redemption day. Subscribing today, it takes on average 171 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.48% p.a. according to the PRIIPs KID for class A Accumulation EUR; the median of the Private Credit funds in this database is 2.05%; no performance fee.
10,000 EUR in class A Accumulation EUR.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Invesco European Upper Middle Market Income Fund. Under the prospectus a gate of 5% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.