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Invesco launches the first ELTIF fund of European private debt

A new evergreen private credit strategy investing in senior secured loans to European upper-middle market companies, managed by Invesco’s London-based private credit team.

15 JAN, 2026

By Joanna Piwko from RankiaPro Europe

Invesco has announced the launch of the Invesco Upper Middle Market Income Fund, a private credit vehicle that seeks to generate high income and preserve capital through a diversified portfolio of senior secured corporate loans to European companies in the upper-middle segment.

The management is in charge of Invesco's European private credit team, based in London and led by Michael Craig, director of European Senior Loans.

Strategy and investment universe

The fund targets companies with an EBITDA above 50 million euros, with relevant positions in their sectors and high market shares, as well as financial capacity and stable and sustainable income flows.

According to the manager, the strategy offers low correlation with traditional assets and a significant increase in profitability compared to more liquid debt strategies, in addition to benefiting from the scalability of the financing opportunity in the growing European upper-middle segment market.

Invesco Upper Middle Market Income Fund is an evergreen strategy offered under the framework of the European Long-Term Investment Fund (ELTIF) 2.0, which provides access to illiquid private assets while complying with strict diversification, liquidity and investor protection rules. The vehicle allows monthly subscriptions and quarterly redemptions.

The Invesco Upper Middle Market Income Fund is classified as Article 8 according to the SFDR and incorporates ESG considerations, with the aim of offering investors performance and diversification.

European private credit strategies have been working for institutional clients for a long time, but they are a more recent concept for much of the wealth management channel. This fund allows us to offer our clients a differentiated and profitable way to diversify their investment portfolio and improve access to private markets. It is essential that our clients can preserve and increase their wealth through different market cycles, and we want to optimize the investor experience. We believe that this product offers institutional quality without the high performance fee historically associated with other ELTIF structures.
Fernando Fernández-Bravo, head of fund sales for Spain and Portugal at Invesco