Fund database › Private Credit
Muzinich & Co.·LU2696218341·Class EUR A Accumulation
The Muzinich European Evergreen Credit Fund lends to European upper-mid-market companies — predominantly through senior secured parallel lending alongside banks, complemented by syndicated loans and direct lending. Launched in 2023 in Luxembourg as a Part II SICAV in a master-feeder structure, with both accumulating and distributing share classes.
Subscription and redemption each fall on the last business day of the month. Redemption requires just over three months' written notice — considerably more than most credit funds in the field. Two interlocking redemption limits operate at master-fund level, one monthly and one quarterly, with the lower of the two applying. Requests above the limit are scaled back pro rata and carried forward to the next dealing date, and the investor may cancel that carry-forward. Redeeming within the first year triggers an early redemption charge for the benefit of the fund. Side pockets are expressly excluded.
Subscription from EUR 25,000, with a recommended holding period of five years. The fund is not an ELTIF: its German marketing notification was filed under sections 323/329 of the KAGB and therefore addresses professional investors rather than retail investors. It is registered in thirteen countries.
One of the few Part II SICAVs in the database and thus a vehicle outside the ELTIF framework — the retail rulebook does not apply here. The parallel-lending approach alongside banks is a rarity in the field and sets the fund apart from the direct-lending majority. The long notice period is the price of it.
With ongoing costs of 2.89% p.a. (EUR A Accumulation) the fund is well above the median of the 36 Private Credit funds in this database (2.11%); redemption is monthly — more frequent than the quarterly standard of the segment; the gate of 2% is below the median (5%).
Figures for class EUR A Accumulation (LU2696218341) · data as at 9 Sep 2026 · sources: prospectus (as at 2026-01), PRIIPs-KID, Factsheet. Editorial context; comparison values from the fund data of this database, updated with every data run.
Net asset value (NAV) in EUR · Class EUR A Accumulation · 28 data points
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.
Parallel lending — co-lending alongside regulated banks, aligned with banking standards (IFRS 9) for valuation and default definition; complemented by syndicated loans (the liquid sleeve) and conventional direct lending. Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Based on the PRIIPs KID of class EUR A Accumulation; comparable across providers.
| Total ongoing costs | 2.89% |
|---|---|
| Management fee | 1.60% |
| Performance fee | 10% |
| Hurdle rate | 5% |
| High-water mark | no |
| Entry charge (max.) | up to 5% |
|---|---|
| Redemption fee (max.) | up to 2% |
A master-feeder structure, but the fees are deliberately bundled at one level: feeder investors bear neither a separate management fee nor a separate incentive fee at master level. Double charging therefore does not arise from the master-feeder structure itself.
Subscription monthly at NAV. The price is not known when the order is placed (forward pricing). Calculated from today:
Documents complete
— recommendation
AML checks before acceptance; without evidence, monies are returned within 5 business days of the subscription date
Order cut-off
— 14:00 Luxembourg
the board may set other times
Valuation day
— T
Price = NAV per share on this day.
NAV published
NAV on each valuation date; issue and …
Payment due
— T+3 GT
carried forward to the next subscription date, or returned without interest
Orders received after the cut-off count for the next dealing day: cut-off — 14:00 Luxembourg · Price — · Payment —.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
Example: 100,000 EUR at the latest NAV (119.2800 EUR as at 31 Jul 2026) would equal 838.36 units; the number of units is only fixed with the NAV on the valuation day.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 5 business days before dealing day · 14:00 Luxembourg · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV on each valuation date; issue and redemption prices are published at least monthly |
| Payment | pre-funding: 3 business days after dealing day |
| Minimum investment | EUR 25,000 (or equivalent); individual distributors, countries and share classes may require higher minimums |
| Subscription limit | the board may reject subscriptions without giving reasons and suspend the offering of a share class |
| KYC / documents | AML checks before acceptance; without evidence, monies are returned within 5 business days of the subscription date |
| Business day | Any day (except Saturday and Sunday) on which banks in Luxembourg, Milan and London are open for business, or such other or further day or days as may be … |
Source: Prospekt_Feeder-LU_LU2990343308_en_2026-01.pdf; Factsheet_LU2696218341_A-Acc-EUR_en_2026-07-31.pdf (as at 2026-01), p. 7 (Business Day), p. 10 (Redemption Date / Subscription Date), p. 11 (Valuation Date). · Data as at 9 Sep 2026. Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding.
Request by the cut-off, price as at the redemption day, payment after NAV publication. The difference to subscription is the redemption restriction.
Units can be redeemed monthly. Redemptions are limited to 2% net assets of the previous period per month; beyond that, redemptions may be scaled back or suspended.
Request by cut-off
—
No lock-up; instead an early redemption charge of 2% where shares are redeemed before the 365th day following …
Pricing date
— T
NAV per unit less redemption fee (up to 2 %)
Gate check
on the pricing date
Monthly redemption as at the last business day of the calendar month, on at least 91 days’ written notice.
NAV published
NAV on each valuation date; issue and …
Payout
— T+45 KT
redemption day
automatic carry-forward.
Shown without a date because the prospectus does not quantify: NAV publication. The remaining markers are calculated from the prospectus rules.
Monthly redemption as at the last business day of the calendar month, on at least 91 days’ written notice. At most the Permissible Redemption Amount is met: the lower of 2% of fund NAV per calendar month and 5% of fund NAV per calendar quarter.
automatic carry-forward
A two-tier gate at MASTER fund level, with the LOWER of the two applying: 2% of fund NAV per calendar month (reference: the NAV at the valuation date immediately preceding the redemption date) and 5% of fund NAV per calendar quarter (reference: the last valuation date of the preceding quarter). Requests above the limit are scaled back pro rata to the amount requested.
| Character | redemption right |
|---|---|
| Frequency | monthly |
| Valuation day | last business day of the month |
| Notice | 91 calendar days before redemption day |
| Price | valuation day |
| Payout | 45 calendar days after redemption day (latest 45 calendar days) |
| Gate | 2 % net assets of the previous period per month; in addition 5% of fund NAV per calendar quarter, measured at the last valuation date of the preceding quarter; the … |
| Scaled-back portion | automatic carry-forward |
| Redemption fee (max.) | up to 2 % (12 months, early redemption charge of 2% of the amount redeemed before the 365th day following acquisition, for the benefit of the master fund; for sub-classes D and HD an additional exit charge of 2% for the benefit of the AIFM) |
| Lock-up | none |
| Suspension | as set out in the articles; additionally where redemptions are suspended at master level; valuation may be suspended temporarily |
| Liquidity tools | gating (Permissible Redemption Amount, monthly and quarterly); suspension; redemption in kind; liquidating class. No side pockets. |
| Compulsory redemption | at any time for legal, tax or regulatory reasons, or in the interest of the fund; at feeder as well as at master level |
Source: Prospekt_Feeder-LU_LU2990343308_en_2026-01.pdf; Factsheet_LU2696218341_A-Acc-EUR_en_2026-07-31.pdf (as at 2026-01), p. 7 (Business Day), p. 10 (Redemption Date / Subscription Date), p. 11 (Valuation Date). · Data as at 9 Sep 2026. Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding.
9 classes known. All cost and risk figures on this page refer to LU2696218341.
| ISIN | Class | Currency | Income | Status | Minimum investment | Mgmt | Ongoing costs |
|---|---|---|---|---|---|---|---|
| LU2696218341 | EUR A Accumulation basis | EUR | accumulating | open | 25,000 EUR | 1.60% | 2.89% |
| LU2636728011 | EUR A Inc Initial Dis | EUR | distributing | open | 25,000 EUR | 1.60% | 2.89% |
| LU2535350081 | EUR Inc H Dis | EUR | distributing | not yet launched | 25,000 EUR | 1.20% | — |
| LU2636727807 | G Acc EUR | EUR | accumulating | open | 25,000 EUR | 1.20% | 2.30% |
| LU2636727989 | G Income EUR (Fundsquare: "G Dis EUR") | EUR | distributing | open | 25,000 EUR | 1.20% | 2.30% |
| LU2734757532 | G Income USD (Feeder) | USD hedged | distributing | — | 25,000 USD | 1.20% | 1.90% |
| LU2990343308 | NH Accumulation CHF (Feeder) | CHF hedged | accumulating | — | 25,000 CHF | 1.20% | 1.55% |
| LU2990343480 | NH Income CHF (Feeder) | CHF hedged | distributing | — | 25,000 CHF | 1.20% | 1.72% |
| LU2730706483 | Z Income USD (Feeder) | USD hedged | distributing | — | 25,000 USD | 1.60% | 2.48% |
Cost and risk figures on this page are taken from the PRIIPs KID of class EUR A Accumulation. Own cost figures are available for 8 of the 9 classes.
Who is behind the fund, where it is authorised and what the figures are based on.
Muzinich & Co. (Ireland) Limited
State Street Bank International GmbH, Luxembourg Branch
Professional investors within the meaning of the AIFMD. The factsheet and the one-pager are expressly "for professional clients and accredited/qualified …
Austria, Belgium, Switzerland, Germany, Spain, France, Italy, Luxembourg (+5)
Luxembourg; fund authorisation by the CSSF
Part II SICAV
EUR
ja
All figures are taken from provider documents (product data as at 9 Sep 2026, distribution data as at 9 Sep 2026) and have not been conclusively verified.
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