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Tikehau European Private Credit

Tikehau Capital / Tikehau Investment Management SASLU2953608879Class R-Dis bis EUR

ELTIF 2.0Private CreditLuxembourgSFDR Article 8distributing16 share classes ↓
What the fund does

Tikehau European Private Credit extends predominantly first-lien secured loans to European mid-caps — the core credit product of the Paris alternatives house, as an ELTIF 2.0, launched in 2025.

Liquidity

Monthly subscription; quarterly redemption with roughly one month's notice; the net gate is relieved by subscriptions, and unfilled orders are automatically resubmitted. Redemptions in the first eighteen months incur a charge.

Access

Subscription from EUR 40,000 via intermediaries for professional and advised non-professional investors, recommended holding period eight years; registered in ten countries, including Germany.

Price & return
NAV31 Aug 2026103.08 EUR
Performance 1 year31 Aug 2026+5.1%
Since start of series p.a.Mar 2025+6.0%
Costs & risk
Ongoing costsmedian Private Credit 2.05%2.35%
Performance feeabove 5% hurdle, no high-water mark10%
Risk (SRI)scale 1 to 73 of 7
Access & liquidity
Minimum investmentclass R-Dis bis EUR40,000 EUR
Liquidity scoreavg. 110 days to cash32low
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
2.35%this fund
2.05%median
Liquidity score
32this fund
36median
Redemption
quarterlythis fund
quarterlytypical
ContextEditorial

The automatic resubmission mechanism for scaled-down orders is more investor-friendly than the widespread lapse model — a detail that makes the difference when it matters, and the exception in the field.

Figures for class R-Dis bis EUR (LU2953608879) · product data 12 Oct 2026 · sources: prospectus (as at 28 Apr 2026), PRIIPs-KID, Factsheet — full list under 08 documents.

01Performance

Since the data series began in Mar 2025, the unit price has gained 6.0% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.

Class R-Dis bis EUR · Net asset value (NAV) in EUR
103.08 EURNAV as at 31 Aug 2026Move the pointer over the line
100101102103Mar 2025Aug 2025Dec 2025Apr 2026Aug 2026
YTD 2026+3.3%
1 year+5.1%
since Mar 2025 p.a.+6.0%

18 monthly values, 4 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 Feb 2025; a reliable NAV series of the class is available from Mar 2025.

02Strategy

What the prospectus permits: Primarily first lien senior secured debt; to a lesser extent second lien, unsecured, subordinated, mezzanine or holdco debt; in part equity/quasi-equity instruments to enhance returns.

prospectus (as at 28 Apr 2026)
Launch21 Feb 2025
Fund size209 m EURas at 31 Aug 2026
Sub-strategyDirect Lending · First Lien Senior Secured
SFDRArticle 8
Liquid assetstarget 20%actual 33% · see 03
Leverage limitnot documented

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

03Portfolio

54 holdings; the five largest account for 21.8% of the fund. 33.0% is held in the liquidity reserve — enough for 20 months of maximum redemptions.

30 Jun 2026
Where the money is% of fund assets · 30 Jun 2026
Private markets 67.0%Liquidity reserve 33.0%

How the reserve is invested: STIF Purchase X9X9EUR02DM8 (money market funds) 16.5% · Tikehau Senior Loan III - Flagship 7.0% · Seine Holdco SAS 1.0% · 6 more 3.9%. It covers 20 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.

Sectorsactual portfolio · 28 Feb 2026
B2B services24.0%Technology & software17.0%Financial services11.0%Industrial goods & components9.0%Healthcare & life sciences8.0%Environmental services6.0%Construction & building materials4.0%Chemicals & materials4.0%Leisure, hospitality & tourism1.0%Food & beverages1.0%Conventional power generation1.0%Aerospace1.0%Wholesale1.0%Cash & cash equivalents12.0%
Regions and structureactual portfolio · 28 Feb 2026
France 34.0%Italy 16.0%Netherlands 14.0%United Kingdom 12.0%unallocated 24.0%
54Holdings
21.8%Top 5 of NAV
5.0%largest position

Among the ten largest: 9 loans, 1 fund interest.

The five largest positions% NAV · 30 Jun 2026 · top 10 together 37.9%
  1. 1
    Eclairionloan · Data centres/Digital infrastructure · France
    5.0%

    Eclairion is a French operator of data centers designed for high-performance computing (HPC) and high-density AI workloads …

  2. 2
    Travelsoft Grouploan · Software (Travel) · France
    4.7%

    Travelsoft is a French provider of software for tour operators, travel agencies and tourism providers.

  3. 3
    Gutenburg Dutch BidCo B.V.loan · Netherlands
    4.4%

    Dutch acquisition vehicle (bidco) of a sponsor buyout financed through term loans in a direct lending format.

  4. 4
    Talan Holdingloan · IT consulting · France
    4.1%

    Talan is a French technology and digital transformation consulting group based in Paris that supports companies with IT projects, data, cloud and artificial intelligence.

  5. 5
    Jaguar Bidco Limitedloan · United Kingdom
    3.6%

    UK acquisition company (bidco) for a sponsor-led buyout.

Positions 6 to 10together 16.1% · Labomar · Tikehau LV Tactical Strategies S.à r.l. - Compartment 2 (GBP and USD notes) · Global Nangata SLU · Power Systems Holding · Rinovha
  1. 6
    Labomarloan · Healthcare/Nutritional supplements · Italy
    3.3%

    Labomar is an Italian contract development and manufacturing organization (CDMO) for food supplements, substance-based medical devices, dietary foods and cosmetics.

  2. 7
    Tikehau LV Tactical Strategies S.à r.l. - Compartment 2 (GBP and USD notes)fund interest · Special Opportunities · Luxembourg
    3.3%

    In-house Luxembourg vehicle of Tikehau Capital through which the fund invests in special opportunities loans via notes denominated in GBP and USD. The underlying loans or companies are not …

  3. 8
    Global Nangata SLUloan · Spain
    3.2%

    Spanish acquisition vehicle (bidco) of a sponsor buyout pursuing a buy-and-build strategy using acquisition and capex lines.

  4. 9
    Power Systems Holdingloan · Industrials/Energy technology · United Kingdom
    3.2%

    UK holding company in the field of power and energy supply systems that Tikehau finances through a Facility B term loan in direct lending.

  5. 10
    Rinovhaloan · Italy
    3.1%

    Italian platform for the disposal and treatment of hazardous industrial waste, formed in October 2025 by Xenon Private Equity (Fund VIII) through the combination of Alm.Eco, Gamma …

Portfolio credit metrics as at 31 Jul 2026

Average spread623 bpsover Euribor 3M · as at 30 Jun 2025
First lien / senior secured77%

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 2.35%, class R-Dis bis EUR is above 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 R-Dis bis EUR
Ongoing costsper year, % of unit value
  • Total ongoing costs2.35%
  • of which management fee0.75%
  • Performance fee10%
  • Hurdle rate5%
  • High-water markno
2.35%this fund
2.05%median Private Credit
1.50%cheapest class

For 40,000 EUR this means roughly 940 EUR per year; the cheapest class with a cost figure is F-Dis EUR (1.50%, from 40,000 EUR).

One-off costsmaximum per prospectus
  • Entry charge (for distribution)up to 5%
  • Redemption feeup to 2%

For 40,000 EUR, a one-off up to 2,000 EUR on purchase and up to 800 EUR on redemption.

  • Several layers of fees possible. Fund level only - direct investments in European senior secured private debt instruments (LBO, acquisition and corporate financings) via Tikehau's proprietary origination platform. No master/feeder or target fund structure, no double charging. AIFM: Tikehau Investment Management SAS (TIM), Paris

Based on the PRIIPs key information document of class R-Dis bis EUR, hence comparable across providers. 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 and is published only 28 calendar days later.

calculated on —
Next subscription cycleValuation day — · calculated on — Your step Fund-internal
  1. Documents complete
    —recommendation

    complete KYC, AML and tax documentation by the Subscription Cut-off Time

  2. Order cut-off
    —17:00 CET

    Waiver of the Subscription Cut-off Time at the discretion of the Board or of its …

  3. Valuation day
    —T

    Price = NAV per share on this day.

  4. NAV published
    —T+28 CD

    Valuation Date = last calendar day of the month.

  5. Payment due
    —T+0 CD

    pre-funding: 0 calendar days after 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 —.

Before placing the orderwhat can delay, add cost to or scale back the subscription
  • Payment: pre-funding.
  • Scaling back possible. The Board or the AIFM may accept, delay or reject subscriptions at their absolute discretion, including all subscriptions in a month; closure of the sub-fund to new subscriptions possible.
  • Clarify the share class first. EUR 40,000 (R bis, R, R it, R2 bis, F bis, F)
  • Number of units is fixed later — 100,000 EUR at the latest NAV (103.08 EUR, 31 Aug 2026) would equal roughly 970 units.
All prospectus details on subscription12 items · incl. procedure, KYC, business-day definition
Frequencymonthly
Procedurefully paid-in
Valuation daylast calendar day of the month
Cut-off15 calendar days before dealing day · 17:00 CET · (before the anchor date)
Pricevaluation day
NAV publicationValuation Date = last calendar day of the month; NAV Release Date generally 28 calendar days after the Valuation Date
Paymentpre-funding: 0 calendar days after dealing day
Minimum investmentEUR 40,000 (R bis, R, R it, R2 bis, F bis, F)
Subscription limitThe Board or the AIFM may accept, delay or reject subscriptions at their absolute discretion, including all subscriptions in a month; closure of the sub-fund to new subscriptions possible.
KYC / documentscomplete KYC, AML and tax documentation by the Subscription Cut-off Time
RevocationRetail: cancellation within 2 weeks of signing the subscription form, repayment without deduction and without interest.
Business dayany day on which securities markets in each of Luxembourg and France are open (p. 54)

Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 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
    —17:00

    Redemption Date = Valuation Date of the relevant quarter-end (last business day of the quarter).

  2. Pricing date
    —T

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

  3. Gate check
    on the pricing date

    NAV at previous quarter-end (—)

  4. NAV published
    —T+28 CD
  5. Payout
    —NAV+4 BD

    NAV publication

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

Liquidity scoreHow quickly can you get your money out, according to the prospectus?
32/100low

Money typically within half a year — on average 110 days from decision to cash.

Rank 47 of 112 · rank 19 of 31 in Private Credit · no lock-up · exit costs of 2.0% included

46/100medium

Money typically within half a year — on average 110 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 NAV at the previous quarter-end per quarter can be redeemed (net, subscriptions are offset). In addition: Increase of or waiver of the gate only to the extent that the redemptions satisfied do not exceed 50% of the Liquid …
  • Carried forward automatically to the next dealing day.
  • No history yet — fund since Feb 2025; no redemption period under pressure documented. The reserve covers 20 months of maximum redemptions (03).
  • The prospectus does not say how long a suspension may last.

Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 28 Apr 2026 · score run 16 Oct 2026 · How 110 days become 32 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 redemption14 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencyquarterly
Valuation dayquarter-end
Notice30 calendar days before redemption day · 17:00 CET
Pricequarter-end
Payout4 business days after NAV publication
Gate5% net of NAV at the previous quarter-end per quarter; Increase of or waiver of the gate only to the extent that the redemptions satisfied do not exceed 50% of the Liquid …
Scaled-back portioncarried forward automatically to the next dealing day
Redemption fee (max.)up to 2% (18 months, cliff (lapses after the period))
Lock-upnone
SuspensionForce majeure with impossibility of disposal or valuation; failure of the price determination systems; value not determinable in a timely or accurate manner.
Liquidity toolsExtension of the notice period (Redemption Notice Period Extension); redemption gate of 5% of NAV per quarter.
Switch / transferpossible with the prior consent of the Board or its delegate within 30 calendar days; silence is deemed a refusal.
Compulsory redemptionProhibited Persons (including loss of class eligibility) with priority over other redemptions and, where applicable, with an early redemption deduction.

max. 5% of NAV per quarter, calculated net of subscriptions; requests not met are automatically resubmitted

The 5% limit is measured against the NAV of the immediately preceding valuation day, excludes the Early Redemption Deduction and is netted against the subscriptions settling on the same date - it is therefore a net gate. The board of directors may lift the limit in whole or in part following a liquidity analysis. Requests not executed are automatically resubmitted for the next redemption date.

Dates calculated from the prospectus rules (bank holidays: FR, LU); only the transfer agent’s confirmation is binding. Data as at 12 Oct 2026 · Documents: 08.

07Share classes

16 classes. All cost and risk figures on this page refer to the basis class R-Dis bis EUR; the cheapest class with a cost figure is F-Dis EUR (1.50%, from 40,000 EUR).

2 of 16 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDStatusMinimum investmentMgmtOngoing costs
LU2953608879R-Dis bis EURbasisEURdistributing✓—40,000 EUR0.75%2.35%
LU2968736087F-Acc (perpetual)EUR———40,000 EUR——
LU2953608952F-Acc bis (early bird)EUR———40,000 EUR——
LU2968736160F-Dis EURcheapest classEURdistributing✓launched40,000 EUR1.15%1.50%
+ show 12 further classesshow fewer
LU2953609091F-Dis bis EUREURdistributing——40,000 EUR0.75%—
LU2968736244I AccEURaccumulating—open5,000,000 EUR——
LU2968736327I DisEURdistributing—open5,000,000 EUR——
LU2968736590IR AccEURaccumulating—open5,000,000 EUR——
LU2968736673IR DisEURdistributing—open5,000,000 EUR——
LU2968735865R AccEURaccumulating—open40,000 EUR——
LU2968735949R DisEURdistributing—open40,000 EUR——
LU2953608796R-Acc bis EUREURaccumulating——40,000 EUR0.75%—
LU3109828817R2-Acc bisEUR———40,000 EUR——
LU2953609505S-DisEUR———1,000,000 EUR——
LU2953609174IR Acc BisEURaccumulating—closed5,000,000 EUR——
LU2953609257IR Dis BisEURdistributing—closed5,000,000 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. 2 classes are closed to new subscriptions.

08Master data & documents

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

AIFM / ManCoTikehau Investment Management SAS
DepositaryThe Bank of New York Mellon SA/NV, Luxembourg Branch
Investor baseretail and professional investors
Distribution authorisationBelgium, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg (+2)
DomicileLuxembourg
Legal wrapperELTIF 2.0
Fund currencyEUR
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 12 Oct 2026
DocumentAs atUsed for
Prospectus28 Apr 2026—
Annual / semi-annual report30 Sep 2024—
Factsheet / monthly report31 Jul 2026—
Document24 Jul 2025—
Key information document (PRIIPs KID)1 Aug 2025—
NAV series
secondary source (data portal), price feed / provider document
31 Aug 2026Performance (01)
Positions and reserve30 Jun 2026Portfolio (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 Tikehau European Private Credit

How quickly can I get out of the Tikehau European Private Credit?

Redemption quarterly, notice period 30 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 110 days from decision to cash under the prospectus deadlines; a gate is not factored in.

What does the Tikehau European Private Credit cost per year?

Ongoing costs of 2.35% p.a. according to the PRIIPs KID for class R-Dis bis EUR; 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 Tikehau European Private Credit?

40,000 EUR in class R-Dis bis EUR.

Can I buy the Tikehau European Private Credit as a retail investor in Germany?

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.

Is the Tikehau European Private Credit currently gated?

As at 16 Oct 2026, no redemption restriction is documented for the Tikehau 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.