Rivage Infrastructure Credit ELTIF - RICE

The fund finances long-term infrastructure projects and companies that are essential to the development and resilience of the real economy. It offers investors access to an asset class that has historically been reserved for institutional investors, providing an additional building block for portfolio diversification.

An accessibility-friendly investment solution

-> French evergreen fund1 open to subscriptions from €10,000, ELTIF-approved2
-> Twice-monthly subscription and redemption frequency (subject to redemption limits)
-> Eligible for French and Luxembourg life insurance policies, capitalisation contracts, Retirement Savings Plans (PER), Equity Savings Plans (PEA and PEA-PME) and securities accounts

A wealth-oriented investment strategy

-> Target annualised net return of 7%4
-> Moderate risk profile (SRI5 of 3 out of 7)
-> Assets generating regular income
-> Risk of capital loss

Exposure to strategic real assets

-> Investments in loans and bonds financing essential infrastructure assets
-> Supporting European economic sovereignty
-> A resilient asset class3, with historically low volatility and limited correlation with traditional financial markets

A diversification building block within a portfolio allocation

-> A diversified portfolio primarily exposed to the European mid-market6, a source of opportunities and value creation
-> Generation of recurring and contractual cash flows

1 – An open-ended fund that allows investors to subscribe and, where applicable, redeem their investment throughout the life of the fund, subject to the terms, conditions and limitations set out in the regulatory documentation.
2 – ELTIF (European Long-Term Investment Fund): a European investment fund structure designed to channel savings into long-term projects, such as infrastructure assets and private companies, within a regulated framework aimed at protecting investors
3 – Assessment based on the management company’s analysis and historical data and does not constitute a guarantee of future market conditions
4 – Target average annual net return for Class A, net of fees and before investor-specific taxation, over the recommended holding period of seven years. This is an estimate of future performance based on current market conditions and is not an exact indicator. Actual performance will depend on market developments.
5 – SRI: Summary Risk Indicator as defined by Commission Delegated Regulation (EU) 2017/653
6 – Mid-market: refers to medium-sized companies

Non-exhaustive list of shares
Last NAV (06/30/2026)
100.83 €
Initial nominal value (04/30/2026)
100.00 €
ISIN code
FR0014014AW9
Share class
Accumulation
Eligibility
life insurance and PER
Sales brochure
KID

Performance scenarios

This table shows the amounts you could receive after one (1) year and four (4) years (DPR), based on various scenarios, assuming you invest EUR 10,000 (the minimum subscription amount permitted for the relevant Unit). The various scenarios illustrate how your investment might perform. You can compare them with the scenarios for other products. The scenarios presented are an estimate of future performance based on historical data relating to changes in the value of this investment. They do not constitute an exact indicator. The figures shown below include all costs (including VAT) associated with the Fund itself (estimated on the basis of total assets under management of €300 million), but not necessarily all fees payable to your adviser or distributor. Nor do these figures take into account your personal tax situation, which may also affect the amounts you receive. What you will receive from this Fund depends on future market performance. Future market movements are uncertain and cannot be predicted with precision. The scenarios presented are examples based on past performance and certain assumptions. Markets may perform very differently in the future. The ‘stress scenario’ shows what you might receive in extreme market conditions, and does not take into account the possibility that we might be unable to pay you.


Term sheet

Structure
Fonds Professionnel Spécialisé (FPS), FCP, French ELTIF
Fund term
Evergreen (99 ans lifespan)
Management company
Rivage Investment SAS
SFDR
Article 8⁷
Depositary
BNP Paribas
Currency
EUR
Initial nominal value
100.00 €
Minimum subscription
EUR 10,000
Fractional shares
One hundred-thousandth
Recommended holding period
4 years
Target net IRR
7%⁸
Leverage
Target of 35% with a 50% limit (according to the commitment method⁹)
Valuation
Fortnightly (the fifteenth and last business day of each month)
Subscriptions/Redemptions
Twice-monthly subscription and redemption frequency prior to each NAV date (redemptions subject to 15 days’ notice and available from six months after the Fund’s inception)
Liquidity management tools
4.2% of the aggregate of liquid assets and expected cash flows, based on prudent twelve-month forecasts, on the one hand, and the Fund’s Net Asset Value, on the other. The redeemable portion of the Net Asset Value is estimated at approximately 1.6% every two weeks, corresponding to approximately 10% quarterly liquidity on an annualised basis. Swing pricing mecchanism in place¹⁰
Entry and exit fees
Entry: distributor maximum 2%. Exit: none
ISIN code
FR0014014AW9
Management fees (including all applicable taxes)
1.8%
Performance fees (including all applicable taxes)
10% provided that the fund's annual internal rate of return is above 5%

7 – Fund promoting, among other characteristics, environmental and/or social characteristics and good governance practices within the meaning of Article 8 of Regulation (EU) 2019/2088.

8 – Target average annual net return for Class A, net of fees and before investor-specific taxation, over a recommended holding period of seven years. This is an estimate of future performance based on current market conditions and is not an exact indicator. Actual returns will depend on future market performance.

9 – Commitment method: a method for measuring the leverage of an alternative investment fund, as described in Delegated Regulation (EU) 2031/2013; it consists of summing all of the fund’s exposures after taking into account authorized hedges and offsets, in order to assess the fund’s overall level of commitment relative to its net assets

10 – A Net Asset Value (NAV) adjustment mechanism designed to reduce, for existing investors, the impact of portfolio transaction costs arising from new subscriptions and redemptions

For more information, please contact:

Philippe Cormon
Head of wholesale distribution
 philippe.cormon@rivageinvestment.com
 +33 6 27 41 35 30

Nicolas Lorrain
Investor relationships
  nicolas.lorrain@rivageinvestment.com
 +33 6 46 03 04 06

Charles-Owen Jung
Investor relationships
  charles-owen.jung@rivageinvestment.com
 +33 6 16 41 66 05

Main risks of the fund:

 

• Risk of capital loss: no guarantee; partial or total loss is possible.
• Risk related to the nature of the business: exposure to market fluctuations, inflation/deflation, and risks inherent in financial instruments.
• Risk related to lack of track record: Recently established fund with no performance history.
• Discretionary management risk: Decisions based on analyses and information that may be incomplete; reliance on the expertise of the management team.
• Risk of no distributions: No guarantee of income or distributions to investors.
• Liquidity risk: Redemptions subject to conditions; assets are predominantly illiquid and difficult to sell or value.
• Credit risk / debtor leverage: reliance on debtors’ ability to repay; potential impact of defaults despite collateral.
• Risk associated with investing in debt: exposure to private debt, which may be subordinated, unrated, and subject to no operational oversight.
• Interest rate risk: negative sensitivity of the value of debt instruments to changes in interest rates.
• Infrastructure and long-term risk: exposure to economic, climate, regulatory, environmental, construction, operational, and valuation risks associated with unlisted assets.
• ELTIF regulatory risk: eligibility requirements and corrective obligations that may affect the Fund’s flexibility and performance.
• Risk related to the Fund’s leverage: debt that may amplify losses and reduce financial flexibility.
• Market and economic risk: economic or financial deterioration of debtors that may affect repayment.
• Concentration risk: increased exposure to a limited number of assets, sectors, or geographic regions.
• Co-investment risk: potential conflicts of interest and constraints related to investments made with affiliated funds.
• Currency and counterparty risk: impact of currency fluctuations and risk of counterparty default, including on derivative instruments.
• Valuation risk: uncertainties related to the valuation of heterogeneous and unlisted assets.
• Custodian risk: potential losses or delays in the event of failure or limitation of liability.
• Legal and regulatory risks: legal, tax, or prudential developments that may affect investments.
• Sustainability risk: ESG events, particularly climate-related or regulatory events, that may affect the value of investments.