StepStone Private Credit ELTIF

SCRED Europe

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Overview Strategy Performance Allocations Key terms Share classes FAQ

Overview

Legal Name:

StepStone (Luxembourg) SCA SICAV – StepStone Private Credit ELTIF

Manager:

StepStone Group

Website:

https://www.stepstonegroup.com/

Fundraising Status:

Open

Domicile:

Luxembourg

Legal Form:

Lux SICAV (S.C.A.)

Regulatory Regimes:

ELTIF, EU AIF, Lux UCI (Part II)

Term:

100 years

Base Currency:

EUR

Launch Year:

2025

Inception Date:

Jan 29, 2025

Size:

€326.6M (as of Feb 28, 2026)

No. of Investments:

204 (as of Feb 28, 2026)

Administrator:

Northern Trust Global Services SE

Investor Eligibility Segments:

Institutional, Professional / Accredited, Retail

Permitted Distribution Countries:

Austria, Belgium, Denmark, Finland, France

Strategy

SCRED Europe is a European private credit ELTIF investing mainly in privately originated and negotiated loans to EU middle‑market companies across diversified sectors, with a primary focus on first‑lien senior secured and unitranche instruments. The portfolio combines direct lending with exposures via underlying funds, co‑investments and secondary purchases, and may selectively include second‑lien, mezzanine, subordinated and structured credit, targeting current income with downside‑focused, broadly diversified credit risk.

Asset Classes:

Private Credit

Strategy:

Direct Lending (PC), Diversified (PC)

Underlying Investment Type:

Co-Investments

Geographic Focus Region:

Europe

Geographic Focus:

Europe

Sector Focus (GICS):

Diversified

Sector Focus (not standardized):

Software, Insurance, Health Care Providers & Services, Professional Services, Diversified Financial Services, IT Services, Diversified Consumer Services

Other Focus:

ESG Investment Focus

Leverage Limits Summary:

Borrowed cash up to 50% of NAV; max leverage 350% gross / 300% commitment.

Investment Limits Summary:

At least 55% in ELTIF Eligible Assets; max 20% of capital per Qualifying Portfolio Undertaking, real asset or single fund.

Performance

for I-AC (EUR) share class

Total Returns (% Net of Fees)

Net returns (since inception)	I-AC (EUR)
Total Return	5.9%
Annualized Return	9%
Best Month	(Oct 2025)2.6%
Worst Month	(Feb 2026)0.4%
Risk metrics (since inception)
Volatility	3.2%
Sharpe Ratio (4.3% risk-free)	1.47

Yearly returns (since inception)

Allocations

Geography allocation

Geography

as of Feb 28, 2026

Target

Geography

as of Feb 28, 2026

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Geography

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Underlying Investment Type allocation

Underlying Investment Type

as of Feb 28, 2026

Target

Underlying Investment Type

as of Feb 28, 2026

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Over time

Underlying Investment Type

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Sector allocation

Sector

as of Feb 28, 2026

Target

Sector

as of Feb 28, 2026

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Over time

Sector

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Seniority allocation

Seniority

as of Feb 28, 2026

Target

Seniority

as of Feb 28, 2026

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Seniority

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Key terms

for I-AC (EUR) share class

Share Class

Minimum Subsribtion:

€1M

Currency:

EUR

Inception Date:

Jan 29, 2025

Distribution Type:

Accumulating

Investor Type:

Institutional

ISIN:

LU2910551766

Liquidity

Gate:

Lower of: 5% of outstanding shares and 5% of average aggregate NAV per quarter; capped at 50% of UCITS-eligible assets plus 12‑month forecast cashflows.

Gate Level:

Fund level NAV, Fund level outstanding shares, Available liquidity

Redemption Frequency:

Quarterly

Redemption Basis:

NAV per Share as of quarter-end Redemption Date

Subscribtion Frequency:

Weekly

Subscribtion Basis:

NAV per Share as of weekly Subscription Dealing Day (weekly Valuation Date)

Fees

Management Fee:

1.00%

Weekly calculation; payable quarterly in arrear

Management Fee Basis:

NAV

Before deduction of management or performance fees.

Performance Fee:

7.50%

Income-based 7.5% over 1.25% quarterly hurdle with full catch-up; 7.5% on cumulative realised gains; quarterly/annual crystallisation; FX-neutral

Performance Fee Basis:

Net Investment Income, Realized Capital Gains

Income component on Pre-Performance Fee Net Investment Income; capital gains component on cumulative realised gains net losses/unrealised depreciation.

Hurdle rate:

5.00%

1.25% per quarter on NAV; based on Pre-Performance Fee Net Investment Income; pro-rated for partial quarters

Catch-up:

100.00%

100% catch-up above 1.25% quarterly until AIFM has 7.5% of total Pre-Performance Fee Net Investment Income; thereafter 7.5% on excess

Front load (subscription):

0.00%

Intermediaries may charge additional placement/brokerage fees on subscription amount.

Back load (redemption):

0.00%

May levy up to 2% of order value for excessive trading activity.

Servicing fee:

0.00%

Management Fee:	1.00%	Weekly calculation; payable quarterly in arrear
Management Fee Basis:	NAV	Before deduction of management or performance fees.
Performance Fee:	7.50%	Income-based 7.5% over 1.25% quarterly hurdle with full catch-up; 7.5% on cumulative realised gains; quarterly/annual crystallisation; FX-neutral
Performance Fee Basis:	Net Investment Income, Realized Capital Gains	Income component on Pre-Performance Fee Net Investment Income; capital gains component on cumulative realised gains net losses/unrealised depreciation.
Hurdle rate:	5.00%	1.25% per quarter on NAV; based on Pre-Performance Fee Net Investment Income; pro-rated for partial quarters
Catch-up:	100.00%	100% catch-up above 1.25% quarterly until AIFM has 7.5% of total Pre-Performance Fee Net Investment Income; thereafter 7.5% on excess
Front load (subscription):	0.00%	Intermediaries may charge additional placement/brokerage fees on subscription amount.
Back load (redemption):	0.00%	May levy up to 2% of order value for excessive trading activity.
Servicing fee:	0.00%

Share classes

Name	Min. Subscription	Currency	Inception	Distribution	Investor Type	ISIN	BBG Ticker
I-AC (EUR)	1,000,000 EUR	EUR	2025-01-29	Accumulating	Institutional	LU2910551766	-
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 StepStone Private Credit ELTIF?

StepStone Private Credit ELTIF is an evergreen ELTIF fund focused on Private Credit and managed by StepStone Group.

Who manages StepStone Private Credit ELTIF?

StepStone Private Credit ELTIF is managed by StepStone Group, based in New York, New York, United States.

How big is StepStone Private Credit ELTIF?

StepStone Private Credit ELTIF has a size of €326.6M.

What type of fund is StepStone Private Credit ELTIF?

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

When was StepStone Private Credit ELTIF launched?

StepStone Private Credit ELTIF was launched on Jan 29, 2025 and is structured as a Lux SICAV (S.C.A.) vehicle with a 100 years term.

Where is StepStone Private Credit ELTIF domiciled and regulated?

StepStone Private Credit ELTIF is domiciled in Luxembourg under ELTIF, EU AIF, and Lux UCI (Part II).

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Borgline's analyst team cross-checks key figures across independent documents and updates the database only when data is confirmed against the latest, most authoritative disclosures.

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