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 fourth quarter of 2024, RHAPSODY 2 expanded its investment portfolio by acquiring a retail-unsecured portfolio in Bulgaria, a retail-secured portfolio in Poland, and a retail-unsecured portfolio in Romania, now summing up to 21 portfolios (excluding two that have been closed). Additionally, we have seven more portfolios in the pipeline, including four in Romania, and one each in Croatia, Greece, and the Czech Republic, with two of them (one in Croatia and one in Czech Republic) already signed. Currently, our investments span seven countries, with the largest concentration of portfolios in Romania, closely followed by Greece, Poland, Bulgaria and Hungary. The pipeline for the first quarter of 2025 and beyond remains strong. Our results align with our objectives, and collections are surpassing expectations on a cumulative basis across all portfolios.
An expected overall net multiple is 1,5.
Performance Graph
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 |