<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001930787</cik>
        <entityName>Eco Business Fund, SICAV SIF - Eco-business II Sub-Fund</entityName>
        <issuerAddress>
            <street1>31 Z.A. BOURMICHT</street1>
            <city>BERTRANGE</city>
            <stateOrCountry>N4</stateOrCountry>
            <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
            <zipCode>L-8070</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>49 (0) 69 271 0350</issuerPhoneNumber>
        <jurisdictionOfInc>LUXEMBOURG</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>A limited company qualifying as an investment company with variable capital-specialized investment fund</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Evers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Eco Business Fund, SICAV SIF</street1>
                <street2>31 Z.A. Bourmicht</street2>
                <city>Bertrange</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-8070</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Evers is the Chairperson of the Board of Directors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <lastName>Knowles</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Eco Business Fund, SICAV SIF</street1>
                <street2>31 Z.A. Bourmicht</street2>
                <city>Bertrange</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-8070</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Chimwemwe</firstName>
                <lastName>de Gaay Fortman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Eco Business Fund, SICAV SIF</street1>
                <street2>31 Z.A. Bourmicht</street2>
                <city>Bertrange</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-8070</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Banking and Financial Services</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>3C.7</item>
            <item>06b</item>
            <item>3C</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2024-02-12</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Notes</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>200000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>None</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Global Alliance Securities LLC</associatedBDName>
                <associatedBDCRDNumber>167164</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2464 Darts Cove Way</street1>
                    <city>Charleston</city>
                    <stateOrCountry>SC</stateOrCountry>
                    <stateOrCountryDescription>SOUTH CAROLINA</stateOrCountryDescription>
                    <zipCode>29466</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>AK</state>
                    <description>ALASKA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>DE</state>
                    <description>DELAWARE</description>
                    <state>DC</state>
                    <description>DISTRICT OF COLUMBIA</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>RI</state>
                    <description>RHODE ISLAND</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>VT</state>
                    <description>VERMONT</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>None</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Finance in Motion GmbH</associatedBDName>
                <associatedBDCRDNumber>316330</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Carl-von-Noorden-Platz 5</street1>
                    <city>Frankfurt/Main</city>
                    <stateOrCountry>2M</stateOrCountry>
                    <stateOrCountryDescription>GERMANY</stateOrCountryDescription>
                    <zipCode>60596</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>10000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>The date of first sale, total amount sold and the number of investors only reflect sales made to U.S. investors.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>40000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <signature>
                <issuerName>Eco Business Fund, SICAV SIF - Eco-business II Sub-Fund</issuerName>
                <signatureName>/s/ Christopher Knowles</signatureName>
                <nameOfSigner>Christopher Knowles</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2024-03-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
