Blackstone European Private Credit Fund

ECRED

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Overview Strategy Performance Allocations Key terms Share classes FAQ

Overview

Legal Name:

Blackstone European Private Credit Fund SICAV

Manager:

Blackstone

Website:

https://www.blackstone.com/

Fundraising Status:

Open

Domicile:

Luxembourg

Legal Form:

Lux SICAV (S.A.)

Regulatory Regimes:

Lux UCI (Part II), EU AIF

Term:

Perpetual-Life

Base Currency:

EUR

Launch Year:

2022

Inception Date:

Oct 3, 2022

Size:

€2.5B (as of Feb 28, 2026)

No. of Investments:

243 (as of Feb 28, 2026)

Administrator:

CACEIS Bank, Luxembourg branch

Investor Eligibility Segments:

Institutional, Professional / Accredited, Retail

Permitted Distribution Countries:

Australia, Austria, Bahrain, Belgium, Bulgaria

Strategy

ECRED invests in European private credit, primarily privately originated, floating-rate first-lien/senior secured and unitranche loans and bonds to upper-mid-market European companies. A smaller sleeve targets broadly syndicated or publicly traded senior secured loans/bonds for liquidity and tactical deployment. The mandate allows selective second-lien, unsecured/subordinated/mezzanine, structured credit and asset-backed financings, diversified across sponsors and geographies with sector emphasis on technology, software, healthcare, life sciences, business and professional services.

Asset Classes:

Private Credit

Strategy:

Direct Lending (PC)

Underlying Investment Type:

Direct investments

Geographic Focus Region:

Europe

Geographic Focus:

Europe, U.S., North America, Asia, Australia

Sector Focus (GICS):

Information Technology, Health Care, Financials, Industrials, Real Estate, Energy

Sector Focus (not standardized):

Technology and software, healthcare, life sciences, energy transition, professional and business services, infrastructure and building, software, insurance, commercial services & supplies, real estate management & development

Other Focus:

ESG Investment Focus

Leverage Limits Summary:

Target 1–1.25x debt-to-equity (up to 2x); leverage ratio capped at 67% of NAV+debt.

Investment Limits Summary:

No more than 20% of NAV in any single investment/issuer at acquisition.

Performance

for A-A (EUR) share class

Total Returns (% Net of Fees)

Net returns (since inception)	A-A (EUR)
Total Return	32.7%
Annualized Return	8.7%
Best Month	(Dec 2023)1.7%
Worst Month	(Feb 2026)0%
Risk metrics (since inception)
Volatility	1.2%
Sharpe Ratio (4.3% risk-free)	3.6

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Key terms

for A-A (EUR) share class

Share Class

Minimum Subsribtion:

€25,000

Currency:

EUR

Inception Date:

Oct 3, 2022

Distribution Type:

Accumulating

Investor Type:

Professional / Accredited

Liquidity

Gate:

2% of aggregate NAV across parallel entities per month and 5% per calendar quarter.

Gate Level:

Aggregate NAV

Redemption Frequency:

Monthly

Redemption Basis:

NAV per Share as of the last calendar day of the month

Subscribtion Frequency:

Monthly

Subscribtion Basis:

NAV per Share as of the last calendar day of the immediately preceding month

Fees

Management Fee:

1.25%

Up to stated level; payable monthly.

Management Fee Basis:

NAV

Per annum of NAV before Servicing Fee, redemptions, distributions and FX/hedging impacts.

Performance Fee:

12.50%

Income leg: 12.5% over 5% annualised hurdle with full catch-up; paid quarterly in arrears. Capital gains leg: 12.5% of cumulative realised gains net of realised losses and unrealised depreciation; crystallises annually with prior allocations offset.

Performance Fee Basis:

Net Investment Income, Realized Capital Gains

Income leg based on Pre-Performance Participation Allocation Net Investment Income Returns (incl. OID/PIK and early repayment gains; excl. other capital gains/losses). Capital gains leg cumulative from inception, net of realised losses and unrealised depreciation, with prior allocations offset and loss carryforward.

Hurdle rate:

5.00%

Income leg only; hard hurdle; 1.25% per quarter; pro-rated for partial quarters; adjusted for subscriptions/redemptions

Catch-up:

100.00%

100% catch-up on income between 5.0% and 5.72% annualized until manager receives 12.5% share; 12.5% thereafter

Front load (subscription):

0.00%

Intermediary upfront commissions/placement fees may apply outside the fund.

Back load (redemption):

2.00%

If redeemed within 12 months.

Servicing fee:

0.85%

Up to 0.85% p.a. on NAV; paid to distributors/financial intermediaries.

Management Fee:	1.25%	Up to stated level; payable monthly.
Management Fee Basis:	NAV	Per annum of NAV before Servicing Fee, redemptions, distributions and FX/hedging impacts.
Performance Fee:	12.50%	Income leg: 12.5% over 5% annualised hurdle with full catch-up; paid quarterly in arrears. Capital gains leg: 12.5% of cumulative realised gains net of realised losses and unrealised depreciation; crystallises annually with prior allocations offset.
Performance Fee Basis:	Net Investment Income, Realized Capital Gains	Income leg based on Pre-Performance Participation Allocation Net Investment Income Returns (incl. OID/PIK and early repayment gains; excl. other capital gains/losses). Capital gains leg cumulative from inception, net of realised losses and unrealised depreciation, with prior allocations offset and loss carryforward.
Hurdle rate:	5.00%	Income leg only; hard hurdle; 1.25% per quarter; pro-rated for partial quarters; adjusted for subscriptions/redemptions
Catch-up:	100.00%	100% catch-up on income between 5.0% and 5.72% annualized until manager receives 12.5% share; 12.5% thereafter
Front load (subscription):	0.00%	Intermediary upfront commissions/placement fees may apply outside the fund.
Back load (redemption):	2.00%	If redeemed within 12 months.
Servicing fee:	0.85%	Up to 0.85% p.a. on NAV; paid to distributors/financial intermediaries.

Share classes

Name	Min. Subscription	Currency	Inception	Distribution	Investor Type	ISIN	BBG Ticker
A-A (EUR)	25,000 EUR	EUR	2022-10-03	Accumulating	Professional / Accredited	-	-
Class B eg	250,000 EUR	EUR	15 Mar 2018	Accumulating	Institutional	LU1987654321	FUND B LX
Class C Example	500,000 USD	USD	01 Jun 2019	Distributing	Professional	IE0123456789	FUND C ID
Class D eg.	100,000 GBP	GBP	22 Sep 2020	Accumulating	Institutional	GB00ABCDEF12	FUND D LN
Class E Example	25,000 EUR	EUR	03 Jan 2021	Distributing	Retail	LU9988776655	FUND E LX
Class F Example	1,000,000 USD	USD	10 Nov 2017	Accumulating	Institutional	US1234567890	FUND F US

FAQ

What is Blackstone European Private Credit Fund?

Blackstone European Private Credit Fund is an evergreen Lux UCI fund focused on Private Credit and managed by Blackstone.

Who manages Blackstone European Private Credit Fund?

Blackstone European Private Credit Fund is managed by Blackstone, based in New York, New York, United States.

How big is Blackstone European Private Credit Fund?

Blackstone European Private Credit Fund has a size of €2.5B.

What type of fund is Blackstone European Private Credit Fund?

Blackstone European Private Credit Fund is an open-ended / evergreen Lux UCI fund investing in private credit and domiciled in Luxembourg.

When was Blackstone European Private Credit Fund launched?

Blackstone European Private Credit Fund was launched on Oct 3, 2022 and is structured as a Lux SICAV (S.A.) vehicle with a perpetual-life term.

Where is Blackstone European Private Credit Fund domiciled and regulated?

Blackstone European Private Credit Fund is domiciled in Luxembourg under Lux UCI (Part II) and EU AIF.

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