Carlyle European Tactical Private Credit ELTIF

ETAC

Overview Strategy Performance Allocations Key terms Share classes FAQ

Overview

Legal Name:

Carlyle European Tactical Private Credit ELTIF, a Sub-Fund of Carlyle Private Markets S.A. SICAV–UCI Part II

Manager:

The Carlyle Group

Website:

https://www.carlyle.com/

Fundraising Status:

Open

Domicile:

Luxembourg

Legal Form:

Lux SICAV (S.A.)

Regulatory Regimes:

ELTIF, Lux UCI (Part II)

Term:

99 years

Base Currency:

EUR

Launch Year:

2024

Inception Date:

Sep 1, 2024

No. of Investments:

103 (as of Nov 30, 2025)

Investor Eligibility Segments:

Institutional, Professional / Accredited, Retail

Permitted Distribution Countries:

Switzerland, Germany, Italy, United Kingdom, United Arab Emirates

Strategy

ETAC seeks to provide European private credit exposure through a diversified portfolio of primarily directly originated, senior secured first‑lien loans to mid‑market companies across Western and Southern Europe, with sector concentrations in healthcare, software and business services. The strategy tactically allocates alongside Carlyle’s credit platform to direct lending, opportunistic and infrastructure credit, complemented by a liquid credit sleeve to enhance flexibility, income and portfolio liquidity.

Asset Classes:

Private Credit

Strategy:

Direct Lending (PC)

Underlying Investment Type:

Direct investments

Geographic Focus Region:

Europe

Geographic Focus:

United Kingdom, France, Germany, Spain, Italy, Portugal, Denmark, Sweden, Norway, Finland

Sector Focus (GICS):

Diversified

Sector Focus (not standardized):

Health Care Equipment & Services, Software & Services, Financial Services, Commercial & Professional Services, Consumer Services, Utilities, Media & Entertainment, Pharmaceuticals, Biotechnology & Life Sciences, Consumer Durables & Apparel

Leverage Limits Summary:

Up to 50% of the Fund’s NAV. Target ~30% of NAV.

Performance

for I EUR (Acc) share class

Total Returns (% Net of Fees)

Net returns (since inception)	I EUR (Acc)
Total Return	12.8%
Annualized Return	10.1%
Best Month	(Sep 2024)1.3%
Worst Month	(Apr 2025)0.5%
Risk metrics (since inception)
Volatility	0.8%
Sharpe Ratio (4.3% risk-free)	7.05

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Key terms

for I EUR (Acc) share class

Share Class

Currency:

EUR

Distribution Type:

Accumulating

Liquidity

Gate:

Lower of: 5% of outstanding Shares per quarter and any ELTIF regulatory limit.

Gate Level:

Fund level outstanding shares, Available liquidity

Redemption Frequency:

Quarterly

Redemption Basis:

NAV

Subscribtion Frequency:

Monthly

Subscribtion Basis:

NAV

Fees

Management Fee:

1.20%

Management Fee Basis:

NAV

Performance Fee:

12.00%

Subject to 4% annualised hurdle; based on pre-performance fee net investment income; calculated and payable quarterly

Performance Fee Basis:

Net Investment Income

Fund-level pre-performance fee net investment income; subject to 4% annualised hurdle; calculated and payable quarterly

Hurdle rate:

4.00%

Front load (subscription):

0.00%

Back load (redemption):

0.00%

Servicing fee:

0.00%

Management Fee:	1.20%
Management Fee Basis:	NAV
Performance Fee:	12.00%	Subject to 4% annualised hurdle; based on pre-performance fee net investment income; calculated and payable quarterly
Performance Fee Basis:	Net Investment Income	Fund-level pre-performance fee net investment income; subject to 4% annualised hurdle; calculated and payable quarterly
Hurdle rate:	4.00%
Front load (subscription):	0.00%
Back load (redemption):	0.00%
Servicing fee:	0.00%

Share classes

Name	Min. Subscription	Currency	Inception	Distribution	Investor Type	ISIN	BBG Ticker
I EUR (Acc)	-	EUR	-	Accumulating	-	-	-
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 Carlyle European Tactical Private Credit ELTIF?

Carlyle European Tactical Private Credit ELTIF is an evergreen ELTIF fund focused on Private Credit and managed by The Carlyle Group.

Who manages Carlyle European Tactical Private Credit ELTIF?

Carlyle European Tactical Private Credit ELTIF is managed by The Carlyle Group, based in Washington, D.C., United States.

How big is Carlyle European Tactical Private Credit ELTIF?

Carlyle European Tactical Private Credit ELTIF has a size of not disclosed.

What type of fund is Carlyle European Tactical Private Credit ELTIF?

Carlyle European Tactical Private Credit ELTIF is an open-ended / evergreen ELTIF fund investing in private credit and domiciled in Luxembourg.

When was Carlyle European Tactical Private Credit ELTIF launched?

Carlyle European Tactical Private Credit ELTIF was launched on Sep 1, 2024 and is structured as a Lux SICAV (S.A.) vehicle with a 99 years term.

Where is Carlyle European Tactical Private Credit ELTIF domiciled and regulated?

Carlyle European Tactical Private Credit ELTIF is domiciled in Luxembourg under ELTIF and Lux UCI (Part II).

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