Kedros ELTIF SCA SICAV-RAIF - (subfund) Incus Capital European Credit Fund V

Kedros ELTIF SCA SICAV-RAIF - (subfund) Incus Capital European Credit Fund V is a closed-ended subfund managed by Incus Capital, launched in 2025 and domiciled in Luxembourg. It is structured as a SICAV under the RAIF regime and authorised as an ELTIF under the ELTIF 2.0 framework, which allows it to be marketed on a pan-European basis; distribution here is directed at professional investors. The vehicle is denominated in EUR and sits within the private debt segment, pursuing an abf approach in which exposure is built through asset-backed lending positions rather than broadly syndicated credit.

Because the subfund is closed-ended, capital is committed for the life of the vehicle and there is no standing redemption mechanism; liquidity for investors depends on repayment and realisation of the underlying loan book rather than on periodic dealing. The ELTIF 2.0 regime sets the eligibility, diversification and disclosure parameters the portfolio operates within, while the RAIF structure places supervision at the level of the authorised manager rather than the fund itself. Fund economics are set out separately, with charged on an ongoing basis alongside , and the fundraise is sized against .

For context, the vehicle is one of 148 private debt funds and one of 347 funds domiciled in Luxembourg covered on this page, narrowing to 108 that combine both characteristics within a universe of 494. Portfolio exposure across European markets is reported as , which can be read against the same peer sets. Figures shown are as of 31 Aug 2026.