> For the complete documentation index, see [llms.txt](https://qiro.gitbook.io/qiro-vaults/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://qiro.gitbook.io/qiro-vaults/core-vaults/institutional-credit-vault.md).

# Institutional Credit Vault

### Vault 3: Institutional Credit Vault

**12% APY** | Quarterly redemptions | 6-month lock-up | $15M target | Min. $500K

#### Strategy

Secured financing to non-bank financial institutions (NBFIs), with each facility backed by a diversified pool of the borrower's underlying retail and SME receivables, across supply chain finance, invoice discounting, inventory financing, and business lending.

#### Borrower profile

Established fintech lenders and NBFIs with diversified loan books. The collateral for each facility is the borrower's own receivables portfolio, not a single asset or single obligor. Qiro underwrites both the institution and the quality of the underlying receivables pool.

#### Structure

* Security: overcollateralized, secured by receivables
* Position: secured
* Fees: 10% performance fee, 1% management fee
* Curator: Qiro
* Bonus: token incentives

#### Fit

Best for investors seeking the most institutional exposure profile (longer duration, highest capital target, broadest geographic diversification) and who can tolerate a 6-month lock-up in exchange for stable, predictable yield from seasoned lenders.