Trea Direct Lending ELTIF S.C.A., SICAV-RAIF - (subfund) TDL III ELTIF Compartment

Trea Direct Lending ELTIF S.C.A., SICAV-RAIF - (subfund) TDL III ELTIF Compartment is a direct lending vehicle managed by TREA Asset Management and domiciled in Luxembourg, launched in 2022 and denominated in EUR. It is structured as a compartment of an umbrella SICAV operating under the RAIF regime and authorised as an ELTIF under the ELTIF 1.0 framework, which governs its eligible-asset rules, leverage limits and the conditions under which it can be marketed across the European Union. The compartment sits within the private debt segment, lending directly to borrowers rather than acquiring loans through syndicated or traded channels.

The vehicle is closed-end, so capital is committed for the life of the compartment and the ELTIF 1.0 ruleset does not oblige the manager to offer redemptions before the stated end of term; investors seeking interim liquidity would depend on secondary transfers rather than a dealing calendar. Subscription and redemption mechanics, notice requirements and valuation frequency are not disclosed in the data set as of 30 Sep 2025. Because the underlying loans are privately originated and held to maturity in the ordinary course, the return profile is driven by contractual interest and repayment schedules rather than by mark-to-market movement in public credit.

Against the universe Novantigo tracks, the compartment is one of 148 private debt funds and one of 347 vehicles domiciled in Luxembourg, narrowing to 108 that combine both, out of 494 funds in total. Reported assets stand at , with a recent trajectory of , which can be read against those peer counts to place the compartment within the Luxembourg private debt cohort as of 30 Sep 2025.