Established in 2022.
Subfund of APS CREDIT FUND SICAV, a commingled regulated fund domiciled in Czech Republic. RHAPSODY II raised more than EUR 27,6 million.
During the first quarter of 2025, Rhapsody II expanded its portfolio with the acquisition of a fixed-income portfolio in the Czech Republic, bringing the total to 24 portfolios (including 2 that have been closed). Our investments now span 8 countries, with the highest concentration in Romania, followed by Greece, Poland, Bulgaria, and Hungary. The outlook for Q2 2025 is promising, with 8 portfolios currently in the pipeline. Overall, our cumulative performance remains in line with forecasts across all portfolios.
An expected overall net multiple is 1,5.
Performance Graph
* Investment horizon: 3 years after the end of capital raising, with the possibility of 2 one-year extensions.
Investment by Country
Investment by Portfolio Type
Investment Overview
| Investment Vehicle | Investment shares |
| Fund Base Currency | CZK |
| Fund Administrator | QI investiční společnost, a.s. |
| Regulator | Czech National Bank |
| Depositary | UniCredit Bank, a.s. |
| Auditor | ECOVIS blf s.r.o. |
| Target Markets | CEE & SEE1 |
| Asset Class | Alternative assets (NPLs & RE) 2 |
| Investment Period | 3 years after the end of capital raising |
| Investment Horizon | 3 years plus 2 one-year extensions |
| First Entry | September 2022 – December 2022 |
| Target Return | 12-15% p.a. (net of fees) |
| Valuation | Annual |
Fund’s Projects
| Secured Projects | 11 |
| Unsecured Projects | 7 |
| Mixed Projects | 3 |
| Fixed Income | 2 |
| Nominal Value of the Projects in mil. EUR | 278,23 |
1 CEE & SEE: Romania, Bulgaria, Greece, Cyprus, Hungary, Serbia, Croatia, Slovenia, Czech Republic, Poland, Slovakia, Bosnia and Herzegovina2 NPLs & RE: Non-performing loans and Real Estate3 The total nominal value of the projects equal to the % share, which is owned by subfund RHAPSODY II