October SME IV

October SME IV is a closed-end ELTIF managed by October Factory and domiciled in France, where it is constituted as an FCP operating under the FPS regime. The vehicle launched in 2019 and was authorised under ELTIF 1.0, the pre-revision framework, which in practice means a fixed-term structure without a standing redemption facility: capital is committed at closing, deployed over the investment period, and returned through repayments and amortisation of the underlying loan book rather than through investor-level liquidity. It is denominated in EUR and reserved for professional investors, with distribution limited to its home market.

The strategy is direct lending within private debt, so returns are driven by contractual interest and fee income from directly originated loans to small and mid-sized borrowers, with the manager controlling origination, underwriting and workout rather than relying on syndicated supply. Exposure is concentrated by geography in line with , which, combined with the domestic distribution scope, makes the fund a single-jurisdiction credit allocation rather than a diversified pan-European mandate. Fund size stands at against an original , and the direction of travel is shown by , which for a closed-end credit vehicle of this vintage reflects amortisation of the portfolio as much as any change in commitments.

For context, the fund sits among 148 private debt vehicles and 80 France-domiciled vehicles in a universe of 494 funds, and is one of 19 that combine both characteristics, a group within which ELTIF-authorised structures predate the current regime. Subscription, redemption and NAV publication terms are not disclosed in the dataset, consistent with the closed-end format. Figures are as of 31 Aug 2026.