The new investment group “Corporate Direct Lending” within the Baloise Investment Foundation for Pension Funds (“BAP CDL”) provides investors access to a diversified portfolio of European corporate loans managed by top-tier managers via a feeder fund domiciled in Luxembourg. The expected net target return is approximately SARON + 400 bps* (net in CHF). Corporate direct lending therefore offers an attractive alternative to high-yield bonds, especially for qualified investors. With more than CHF 700 million, Baloise is a substantial anchor investor and thus ensures strong alignment of interests. By adding senior secured loans indirectly via funds (up to 20 per cent), the investment group also offers quarterly liquidity.
The subscription period for BAP CDL has now begun. Closing for third parties is scheduled for the first quarter of 2026.
* The expected return shown is an estimate provided by Baloise Asset Management based on past performance of the investment and/or current market conditions and is not an exact indicator. Investors should be aware that the actual return and the actual loss depend on market developments and the duration of the investment and may therefore be lower or higher than the estimate. Future performance is subject to taxation, which depends on the personal circumstances of the individual investor and may change in the future.
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Webinar in German: view recording
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Webinar in French: view recording
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Corporate direct lending (also known as “direct lending” or “private lending”) is the largest sub-category of private credit solutions and sees direct, senior loans given to small and medium-sized enterprises, usually secured by stringent covenants that significantly reduce the default risk for lenders.
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The investment group “BAP CDL” offers access to top-tier corporate direct lending managers in Europe via a Baloise feeder fund domiciled in Luxembourg. The multi-manager approach allows the efficient creation of a broadly diversified portfolio across sectors, geographies and company sizes.
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In addition, the investment group “BAP CDL” may invest up to 20 per cent of its assets in senior secured loans indirectly via funds, which serves to manage the liquidity of the product.
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Furthermore, the investment group “BAP CDL” pursues a selection strategy at target fund level that aims to minimise sustainability risks and promote social and environmental factors in a targeted manner.
| Name | “Baloise Investment Foundation for Pension Funds – Corporate Direct Lending” investment group |
| Legal form | Investment foundation |
| ISIN / securities number | CH1486589968 / 148658996 |
| Portfolio management | Baloise Asset Management Ltd |
| Custodian bank | UBS Switzerland Ltd |
| Auditor | Ernst & Young Ltd |
| Currency | CHF-hedged |
| Allocation of income | Accumulating |
| Net target return | SARON + 400bps* |
| NAV frequency | Quarterly |
| Maturity date | Evergreen structure |
| Accounting year | 1.1.-31.12. |
| Subscription | Quarterly (T-10 cut-off) |
| Redemptions and redemption restrictions / gating |
Quarterly (T-100 notice period with matching within this period) 2.5% of the total NAV |
| Lock-up period |
Maximum 3 years after portfolio build up None in the evergreen phase |
* The expected return shown is an estimate provided by Baloise Asset Management based on past performance of the investment and/or current market conditions and is not an exact indicator. Investors should be aware that the actual return and the actual loss depend on market developments and the duration of the investment and may therefore be lower or higher than the estimate. Future performance is subject to taxation, which depends on the personal circumstances of the individual investor and may change in the future.
- Promising asset class
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Attractive current returns
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Protection against inflation through variable interest rates (floating rates)
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Structural advantages in Europe (current geopolitical situation, higher spreads in Europe, more fragmented market than in the US)
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- Alignment of interests
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Baloise as a substantial anchor investor with over CHF 700 million in underlying strategy
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Attractive fees
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Access to top-tier managers
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Professional monitoring of managers by Baloise Asset Management Ltd
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- Innovative structure
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Evergreen structure with liquidity
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Occupational Pension Supervisory Commission (OPSC) regulated and simplified subscription procedure
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Senior secured loans component for improved liquidity
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Quarterly subscription and redemption options (after the build up phase)
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