Union Real Estate Credit I S.C.A., SICAV-RAIF

Union Real Estate Credit I S.C.A., SICAV-RAIF is a closed-end vehicle managed by Union Forvaltning AS and domiciled in Luxembourg, where it is constituted as a SICAV operating under the RAIF regime and authorised as an ELTIF under ELTIF 1.0. The fund invests in real estate through a debt strategy, lending against property collateral rather than taking equity positions, and has been in operation since 2024. It is denominated in NOK and marketed on a domestic basis to professional investors only, with a minimum commitment of 10,000,000 NOK.

The closed-end structure means capital is committed for the life of the fund rather than redeemed on a dealing cycle, so investors should expect returns to arrive through loan interest and repayments over the term. Valuation is struck on a quarterly basis, which sets the reporting cadence for performance and for the drawn portfolio. The manager reports a for the strategy and a for the vehicle, with recorded as of 31 Aug 2026; because the fund has no redemption facility, that asset base reflects commitments and deployment rather than subscription flows.

The fund is classified as Article 8 under SFDR. Within the research universe of 494 vehicles, it is one of 44 in its asset class and one of 347 domiciled in Luxembourg; the narrower set of real estate funds based there numbers 31, which is the group against which its cost load, shown as , is most directly comparable.