FAQ

Our strikes are typically higher because we select stocks we fundamentally believe in. In this sense, we are not deterred by taking delivery of the shares. If we were to set strikes at 70%, it would essentially mean that we don't want to select the stock at all.

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Our goal is to offer securities that are compelling long-term, rather than fixed-income products with lower returns. We select assets that we are confident in for the long term, and only build in an additional buffer. Because the strike is closer to the spot price (the current price), our offerings more closely resemble an equity investment. Therefore, the selection of securities plays a more significant role.

In short, apart from the fee for early sale, you incur no additional costs when buying an equity-linked note from NAO, and the interest rate displayed in our app represents the interest rate after all costs have been deducted.

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When you buy an equity-linked note from NAO, you, as a customer, do not incur any entry fees. Account management or custody fees are also not charged. The product costs are already included in the interest rate you receive as a customer. This is achieved through a sales commission that NAO receives from the issuers of the equity-linked notes.

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This means that if, for example, you receive an interest rate of 10% on your investment, it has already been taken into account that NAO will receive a sales commission of between 1% and 1.5% directly from the issuer. As a customer, you will therefore not be charged separately, as all costs are already included in the product costs. So, if you invest 1,000 Euros, you invest exactly this amount, without any further costs being deducted from your account or your investment amount being reduced. The only exception is the early sale of an equity-linked note, for which a fee of 10 Euros applies.

Scale and Significance: The risk level is indicated on a standardized scale from 1 to 7. This scale is used to make the risk of various financial products comparable. This scale is not determined by NAO, but by the banks themselves. They follow a standardized procedure for determining the risk indicator.

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A low risk level (1) indicates a very low risk, while a high risk level (7) indicates a very high risk.

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Basis for Calculation: Imagine the overall risk indicator as a kind of traffic light that shows you how risky a particular investment is. This indicator is essentially based on three types of risks:

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Market Risk: How much can the value of the investment fluctuate? If the value fluctuates significantly, the risk is higher.

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Liquidity Risk: How easily can you convert the investment back into cash? If it is difficult to sell the investment quickly, the risk is higher. Risks are often presented on a scale from 1 to 7, where 1 represents a very low risk and 7 represents a very high risk.

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Credit Risk: Is there a risk that the company offering the financial product will become insolvent and unable to meet its obligations?

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Comparative Value: For better understanding, the risk level can be compared with known indices. For example, a broadly diversified global equity index has a risk level of 4. This level is classified as medium risk. A high-risk leveraged product, for example, has a risk level of 7.

Yes, you can request a transfer of your shares to another one of your securities accounts.

Yes, you can easily sell the shares via the NAO app. Only a fee of 1 EUR applies. Please note that shares are always sold at the end of trading.

If your reverse convertible bond is repaid in shares, these will be credited to your securities account. You will then have full control over these shares and can view the details of your share position in the NAO app.

Regardless of the stock's performance, monthly interest will be paid into your NAO account. You can find the exact date in the product information within the app.

Stock price above strike price: If the stock price is above the strike price at the end of the term, you will receive the full investment amount back in cash.

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Stock price below strike price: If the price is below the strike price, your repayment will be made in shares.

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The number of shares is calculated by dividing your investment amount by the strike price.

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For example, with an investment of 1,000 Euros and a strike price of 90 Euros per share, you would receive 11 shares and 10 Euros in cash. If, for example, the stock price is 80€, you would receive 11 shares for 990€ at the strike price, but the market value of the 11 shares in this example would be 880€.

The strike price of an equity-linked note is an important value that is determined as a percentage of the stock price even before the bond is issued (emission). This percentage indicates how the strike price compares to the stock price at the time the equity-linked note is launched.

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For example, if the strike price is set at 90% of the stock price and the stock price at the time of determination is €100, the strike price will be €90. However, this price is not fixed as an absolute number before the emission, as it depends on the current stock price at the time of issuance. Only shortly before the bond's emission will the strike price be determined as an absolute value and then displayed in our app.

With NAO, the minimum investment amount for the Goldman Sachs Euro Liquid Reserves Fund is €1. Typically, this fund is only available for investments of €1,000,000 or more. You can invest in the BNP Paribas Easy € Overnight ETF with an investment amount as low as €11. Please note that only whole units can be purchased – buying fractional units is not possible.

The Goldman Sachs Money Market Fund and the BNP Paribas Easy € Overnight ETF have a risk rating of 1 out of 7 (lowest risk), indicating a very low susceptibility to market fluctuations and a low risk of loss.

Both money market investments offered by NAO aim to provide capital preservation and high liquidity with very low risk. The Goldman Sachs Euro Liquid Reserves Fund offers a conservative, actively managed approach, where experienced fund managers continuously optimize the portfolio's composition. The BNP Paribas Easy € Overnight ETF, on the other hand, provides direct access to the European money market and benefits from daily €STR interest rates plus a spread. Common advantages of both funds: Capital Preservation: Low risk of capital loss. High Liquidity: Easy access to invested capital. Low Volatility: Invests in secure, short-term financial instruments. Stable Returns: Offers regular, stable yields.

Money market funds are designed for short investment periods and are primarily suitable for parking liquidity. They are therefore particularly suitable for investors who want to invest their capital short-term and flexibly.

The following conditions apply to the Goldman Sachs Euro Liquid Reserves Fund and the BNP Paribas Easy € Overnight: NAO does not charge a purchase fee on the investment amount. No fee is charged on the redemption value upon sale. There are no custody or account maintenance fees. Additionally, the asset manager charges ongoing costs, which are already included in the NAV of the shares. Further information can be found in the Cost Transparency Document.

The Goldman Sachs Euro Liquid Reserves Fund and the BNP Paribas Easy € Overnight ETF can be bought and sold weekly on NAO.

Der Goldman Sachs Euro Liquid Reserves Fonds investiert hauptsächlich in kurzfristige, qualitativ hochwertige Geldmarktinstrumente wie Staatsanleihen, Unternehmensanleihen, Einlagenzertifikate und kurzfristige Schuldtitel.

The BNP Paribas Easy € Overnight ETF tracks the European money market rate (€STR), which is the interest rate banks in the Eurozone credit each other overnight for demand deposits. To achieve this, the fund uses swap agreements with banks (swaps) instead of investing directly in money market instruments. The swaps are fully collateralized, with a basket of highly liquid, predominantly European equities and other very secure assets held as collateral.

The Goldman Sachs Euro Liquid Reserves Fund is an actively managed money market fund that invests directly in short-term, high-quality money market instruments and aims for capital preservation and high liquidity.

A money market fund is actively managed. Fund managers specifically select short-term money market instruments such as government or corporate bonds to ensure capital preservation and liquidity. In contrast, a money market ETF passively tracks a reference interest rate like the €STR (Euro Short-Term Rate), often using a synthetic replication method. As a result, the ETF's performance automatically follows the development of the money market interest rate plus the so-called swap margin.

The BNP Paribas Easy € Overnight ETF tracks the European money market rate (€STR), which is the rate banks in the Eurozone charge each other for overnight deposits. The ETF does not invest directly in these money market instruments but uses swap agreements with banks (swaps) to synthetically replicate the money market return. Additionally, the ETF benefits from a spread over the €STR, which arises from the swap structure. This allows investors to easily benefit from money market rates and an additional source of return.

A money market fund is an investment fund that invests in short-term, liquid money market instruments such as government bonds, corporate bonds, and certificates of deposit. It aims to provide capital preservation and liquidity with low risk and moderate returns.

NAO offers the Goldman Sachs Euro Liquid Reserves Fund (money market fund) and the BNP Paribas Easy € Overnight ETF (money market ETF).

No, the fund does not have a fixed term. Through NAO, you can buy shares weekly and sell shares daily. All transactions are simple and digital via the NAO app – without fixed terms or minimum holding periods.

With NAO, you can invest in the fund from as little as 1 Euro.

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The share class offered was previously reserved for investors who had to invest at least 1 million Euros. NAO now provides private investors with access to this fund strategy for the first time.

FERI AG, the fund manager of OptoFlex, recommends a holding period of at least five years. This helps investors better navigate short-term fluctuations and fully benefit from the fund's long-term strategy. Selling prematurely may result in losses if market conditions are unfavorable.

A fee of 1% is incurred when purchasing fund units, and a fee of 0.5% when selling. Additionally, ongoing costs arise, which may include management fees and a potential performance-based remuneration, among other things. A complete overview of all incurred costs can be found in the cost transparency document, which is available at any time after registration in the NAO app.

Despite active risk management, losses are possible when investing in OptoFlex. Risks arise particularly from market fluctuations, the use of derivatives such as options, potential defaults by bond issuers, and the custody of assets. Additionally, operational risks exist, such as errors in fund management or settlement processes. Interest rate changes can also affect the value of bonds in the portfolio. Full capital preservation cannot be guaranteed.

Sustainability plays an important role for OptoFlex, without being its sole focus. The fund incorporates environmental and social criteria into its investment decisions, but continues to prioritize the financial stability of its investments. OptoFlex is classified as an Article 8 product under the EU Disclosure Regulation.

Der OptoFlex investiert überwiegend in kurzfristige Anleihen mit hoher Bonität, insbesondere Staatsanleihen oder Unternehmensanleihen bester Qualität. Dieses Anleihenportfolio bildet die stabile Basis des Fonds und dient der Begrenzung des Kapitalrisikos. Ergänzend verkauft der Fonds systematisch Put-Optionen auf große US-Aktienindizes wie den S&P 500. Durch den Verkauf dieser Optionen vereinnahmt der Fonds laufende Prämien, ähnlich wie eine Versicherung Prämien für das Übernehmen bestimmter Risiken erhält.

Zur Reduzierung möglicher Verluste bei starken Marktschwankungen verwendet der Fonds einen Teil der vereinnahmten Optionsprämien, um eigene Schutzoptionen („Puts“) zu kaufen. Diese Schutzpositionen begrenzen das Risiko, falls der US-Aktienmarkt deutlich einbricht. Ziel der Strategie ist es, eine zusätzliche Ertragsquelle zu schaffen, die weitgehend unabhängig von steigenden oder fallenden Aktienkursen funktioniert, während die Anleihenbasis gleichzeitig Stabilität im Portfolio bietet.

The OptoFlex belongs to risk class 3 on a scale of 1 (lowest risk) to 7 (highest risk). This means the fund has a low to medium risk. Price fluctuations are possible and depend on market and option developments. Despite active risk management, there is no guarantee against losses, and investors may lose part of their invested capital.

The OptoFlex aims to achieve a more attractive performance than short-term Euro interest rates (€STR) under certain market conditions. The fund generates returns from bonds and supplements these with premiums from selling options on US equity indices. Simultaneously, it seeks to minimize fluctuations in the fund's price through active risk management.

The OptoFlex is an investment fund managed by FERI AG, which primarily invests in high-quality bonds. Additionally, the fund employs a systematic options strategy on major US equity indices to generate additional returns.

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The goal is to achieve more attractive performance than short-term Euro interest rates (€STR) under certain market conditions. Risk is actively managed to reduce significant fluctuations.

With NAO, the minimum investment amount is €1. Typically, this fund is only available for investments of €1,000,000 or more.

The recommended holding period is 5 years. Early redemption is possible, however, this can increase the risk of losses due to short-term market fluctuations.

NAO charges a 1% purchase fee and a 0.5% sales fee. These fees are incurred when buying and selling shares. All other fees are already included in the target return of 12.41% p.a.

The fund has a risk class of 5 (on a scale of 1 to 7), which corresponds to a medium to high risk. In addition to general market risks, there are risks associated with the use of derivatives, liquidity risks, and operational risks.

The US Equity Flex E is not explicitly a leveraged fund, but it uses derivatives and futures to create additional exposure to the US equity market. Unlike a leveraged S&P 500 fund, which typically amplifies the index's performance by a fixed leverage factor, the US Equity Flex E pursues a more flexible strategy. It aims to limit risk while preserving the potential for higher returns, without a fixed leverage factor. This offers the chance to achieve significantly lower volatility compared to a leveraged S&P 500 fund with comparable returns.

Unlike the S&P 500, which as a passive index merely tracks the performance of the 500 largest publicly traded US companies, the US Equity Flex E is actively managed. This means that the fund manager can select additional stock positions or adjust weighting to achieve higher returns. Furthermore, the fund utilizes derivatives and options, which entails additional opportunities and risks.

The performance of the US Equity Flex E is derived from the performance of the equity positions held, the use of futures, and the application of an options-based strategy. The objective is to outperform the S&P 500 Index, and the fund may deviate from the benchmark to generate additional returns. At least 51% of the fund's assets are invested in S&P 500 equities. Additionally, an S&P 500 future is utilized to bring market exposure to 100%. This means the fund tracks the performance of the S&P 500 but is also managed through the use of futures.

This fund is designed for investors who are prepared to tolerate greater price volatility in order to capitalize on the opportunities presented by the US equity market. It is suitable as a core or supplementary holding for a diversified investment portfolio with a long-term investment horizon (recommended holding period: 5 years).

The Feri US Equity Flex (LU1611493906) aims to outperform the S&P 500 benchmark. Historically, the fund has achieved this goal, generating an average annual return of 12.41% after fees since its inception on December 30, 2014.

The fund aims to achieve outperformance against the S&P 500 through a combination of equity investments and an options-based strategy. Additionally, exposure to the US equity market is built up through the use of futures.

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The US Equity Flex E is an actively managed investment fund (FCP) with the goal of achieving above-average returns compared to the US equity markets. A large portion of the fund's positions are invested in S&P 500 stocks, while the fund manager can flexibly deviate from the benchmark to capitalize on additional return opportunities.

The UBS Global Long Short Equity Fund is an investment opportunity designed to help investors navigate the complexities of global equity markets. UBS designed the hedge fund to deliver a stabilizing effect, alongside consistent performance.

Yes, retail investors can invest in hedge funds, although opportunities for this were traditionally limited by high minimum investment amounts. Recently, platforms like NAO have made it possible to start with as little as €1,000, making hedge funds accessible to a wider audience.

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What are the main differences between hedge funds and traditional investment funds?

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The main difference lies in their investment strategy and regulation. Hedge funds can invest in a broader range of financial instruments and often employ riskier strategies such as short selling and the use of leverage.

No custody or account management fees: NAO does not charge any fees for custody or account management. Fund costs: The costs of the fund itself are directly deducted from the NAV (Net Asset Value). This means there are no additional fund management costs debited from your account. The fund's own costs include, for example, fees for transactions to acquire new companies for the fund or salaries of the fund's employees. Entry and exit fees: NAO charges brokerage and exit fees for your investment. The brokerage fee for entry is 1% of the investment amount. This means if you invest €1,000, your account will be debited a total of €1,010. The sales fee is 0.5% of the sales value.

Scale and Significance: The risk level is indicated on a standardized scale from 1 to 7. This scale is used to make the risk of various financial products comparable. This scale is not determined by NAO, but by the banks themselves. They follow a standardized procedure for determining the risk indicator.

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A low risk level (1) indicates a very low risk, while a high risk level (7) indicates a very high risk.

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Basis of Calculation: Imagine the overall risk indicator as a kind of traffic light that shows you how risky a particular investment is. This indicator is essentially based on three types of risks:

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Market Risk: How much can the value of the investment fluctuate? If the value fluctuates significantly, the risk is higher.

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Credit Risk: Is there a risk that the company offering the financial product will become insolvent and unable to meet its obligations?

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Liquidity Risk: How easily can you convert the investment back into cash? If it's difficult to sell the investment quickly, the risk is higher. Risks are often presented on a scale of 1 to 7, where 1 represents a very low risk and 7 represents a very high risk.

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Comparative Value: For better understanding, the risk level can be compared with well-known indices. For example, a broadly diversified global equity index has a risk level of 4. This level is classified as medium risk. A high-risk leveraged product, for example, has a risk level of 7.

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Risks and Opportunities of Hedge Funds

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Entering the world of hedge funds presents both enticing opportunities and serious risks, an understanding of which is essential for every investor. These funds can achieve positive results, even during times of economic uncertainty or negative market phases, by relying on the expertise and strategic decisions of the fund manager.

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For example, profits can be generated through targeted short selling or the use of derivatives, even when traditional markets are stagnant or falling. Leverage can amplify a hedge fund's gains, but also its losses. A market moving against the fund's position can lead to significant losses, potentially even exceeding the initial capital invested. Furthermore, hedge funds are known for their low transparency and limited regulation, making it difficult for investors to assess the exact risks and management of the funds. Therefore, extensive due diligence is always required. Another risk is illiquidity. Many hedge funds require capital to remain locked in for a specified period. These restrictions are necessary for the fund to implement its long-term strategies but can be disadvantageous for investors who need quick liquidity.

Investments in hedge funds carry a higher risk due to their complex strategies and the use of leverage. While they can potentially generate high returns, there is also a risk of significant losses. Investors should be aware that hedge funds represent a riskier investment option and require careful research and consideration before investing.

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Regulation and Oversight

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The regulation of hedge funds is a topic that sparks lively discussions within financial circles and beyond. This is primarily due to their complex nature and the risks they entail.

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In various countries, these investment vehicles are subject to a legal framework designed to stabilize the market and protect investors, without hindering the innovation and potential benefits that hedge funds offer. In the European Union, for example, hedge fund management companies must meet specific requirements concerning transparency, reporting, and risk management.

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These guidelines aim to ensure that fund managers act responsibly and protect the interests of their investors. Additionally, there are now also hedge funds that can be distributed as UCITS funds, thereby adhering to quite strict regulatory requirements. Despite these regulations, hedge funds remain relatively flexible in choosing their investment strategies and instruments. This freedom allows the funds to pursue innovative approaches and potentially generate high returns.

We subscribe to the hedge fund every two weeks on Friday. Redemptions are possible daily.

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What is the NAV?

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Definition of NAV: NAV stands for Net Asset Value. It reflects the total value of a fund's assets, divided by the number of outstanding shares. You can think of the NAV like a stock price. When the NAV rises, the value of your shares also increases. The UBS hedge fund provides daily NAV updates.

The way hedge funds operate is as diverse as the strategies they pursue. At their core, hedge funds raise capital from their investors to then invest it according to their specific investment strategy. These strategies can range from relatively conservative approaches, such as investing in undervalued stocks, to highly speculative methods, including the use of derivatives and leverage to maximize potential gains.

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One of the most common strategies is the so-called long-short strategy, where the fund manager: invests in stocks they believe will increase in value (long positions), and simultaneously short-sells stocks they expect to decline (short positions).

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Short selling means that stocks are sold that are not yet owned by the fund. The fund assumes that it will be able to buy the corresponding stocks at a lower price in the future, thereby making a profit. Ultimately, this strategy profits from market movements in both directions and minimizes risk.

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Another core element of hedge fund management is the use of leverage. By using borrowed (leveraged) capital, fund managers aim to increase the returns on their investments. While this increases the potential for gains, it also heightens the risk of significant losses should the market move against the fund's position.

Hedge funds stand apart in the world of investment funds. Originally conceived to "hedge" (i.e., mitigate risk) across various market cycles, these funds have evolved into highly specialized, often aggressive investment vehicles.

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Unlike traditional investment funds, which invest their assets across a broad spectrum of stocks, bonds, or real estate, hedge funds seek specific investment opportunities that can generate returns regardless of overall market performance. This is their key to success (and risk).

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Until recently, the minimum investment required for a hedge fund often involved sums beyond the reach of the average retail investor, thereby limiting the circle of investors mostly to wealthy individuals and institutional investors such as pension funds or endowments. However, that has changed; read more about it below.

A limited-time share class with a reduced management fee is available via NAO. During this phase, the management fee is only 0.90% p.a. instead of the subsequent 1.00% p.a. These preferential terms apply only to investments made until the end of the first quarter of 2026 – thereafter, regular fees will apply.

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Important: The discounted share class is exclusively available for investments made via the NAO platform until the end of the first quarter of 2026. After that, the management fee will increase to 1.00% p.a. From Q2 2026, a different share class will be offered on the NAO platform. This will incur a management fee of 1.65% p.a., or 1.83% p.a. from the fourth year onwards. Additionally, further fund costs will apply. Please refer to the cost transparency document for details.

At NAO, the minimum investment amount for the Natixis Multi-Alternative Fund is €5, and for the Hamilton Lane Private Markets Access ELTIF Fund, it is €1.

• Limited liquidity
• High risk of loss, up to and including total loss
• Payouts may be restricted under unfavorable market conditions
• Risk indicator: 6 out of 7 (high risk)

Withdrawal is possible after the lock-up period expires in March 2026.

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Thereafter, redemptions are only permitted quarterly and require one month's notice. Additionally, the fund may limit redemptions to 5% of the fund's assets per quarter.

No. Withdrawal is only possible after the lock-up period has ended.

Thereafter, redemptions are only permitted quarterly and with a 6-month notice period. Additionally, the fund can limit redemptions to 5% of the fund's assets per quarter.

Yes. A return of shares is possible after an initial one-year lock-up period, which expires in March 2026.

Yes. Shares can only be redeemed 5 years after the fund's launch, with an additional 6-month notice period. In practice, an exit is therefore possible no earlier than October 2030.

The recommended holding period is 10 years. The fund is subject to a 12-month lock-up period following its approval as an ELTIF, which expires in March 2026. From this point onwards, fund units can be sold quarterly with one month's notice.

The recommended holding period is ten years. The fund is subject to a five-year lock-up period from its inception, which ends on February 4, 2030. From this point onwards, a six-month notice period also applies.

• NAO charges a 2% purchase fee on the investment amount
• A 0.79% fee is charged on the redemption value upon sale
• No custody or account management fees are charged
• Additionally, the asset manager charges ongoing costs, which are already included in the NAV of the units
• You can find more information in the cost transparency document

• NAO charges a 2% purchase fee on the investment amount
• Upon sale, a fee of 0.79% of the redemption value is charged
• No custody or account management fees are charged
• Additionally, the asset manager charges ongoing costs, which are already included in the NAV of the units
• Further information can be found in the cost transparency document

The fund's NAV reflects the current value of its shares based on target investments. Since private market investments are not publicly traded, valuation is performed manually and at longer intervals. The NAV of the Natixis Multi-Alternative Fund is calculated quarterly, and that of the Hamilton Lane Private Markets Access ELTIF Fund is calculated monthly.

Investment and Order Process:

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You can place an order at any time in the NAO app. All received orders are bundled at the end of each month and then transmitted to Baader Bank.

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After that, the Net Asset Value (NAV) is calculated and published approximately four to six weeks later. The shares are booked into your portfolio a few banking days after that.

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Example: If you place your order for fund units in mid-October, it will be transmitted to Baader Bank by October 31st. The NAV for the end of the following month, specifically the valuation date of November 28th, is determined by December 19th. Your units will then be booked into your account from mid to late December, based on the valuation as of November 28th. Please note that the published NAV reflects the valuation at month-end, not the publication date. The NAV is published approximately 3 weeks after the valuation date, in this example on December 19th.

Investment and Order Process:

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You can place an order in the NAO app at any time. All received orders are batched at the end of a quarter and then submitted to Baader Bank.

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After that, the Net Asset Value (NAV) is calculated and published approximately six weeks after the end of the quarter. Your shares are booked into your portfolio a few business days later.

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Example: If you place your order for fund units in mid-November, it will be submitted to Baader Bank at the end of Q4. The NAV is determined for the end of the quarter, specifically December 31st. Your units will then be booked in mid-February, based on the valuation as of December 31st. Please note that the published NAV reflects the valuation at the end of the quarter, not the publication date. The NAV is published 30 business days after the valuation date, which in this example is December 31st.

Investitionen sind jederzeit über die NAO-App möglich. Der genaue Einstieg in die Fonds findet beim Natixis Multi-Alternative Fonds quartalsweise und beim Hamilton Lane Private Markets Access ELTIF Fonds monatlich statt und wird in den Produktdetails transparent angezeigt.

You can easily track the current target returns of the Natixis Multi-Alternative Private Assets Navigator & the Hamilton Lane Private Markets Access ELTIF Fund in the NAO app, within the respective product overview.

The Hamilton Lane Private Markets Access ELTIF pursues a dynamic multi-asset strategy with a focus on private equity and infrastructure. Investments are made in buyout, growth, and venture capital strategies, as well as infrastructure projects. While the focus is on Europe and North America, there is global investment flexibility. Using a research-based and highly selective investment approach, Hamilton Lane aims to build a broadly diversified portfolio. This includes both growth companies like the German solar start-up 1KOMMA5° and infrastructure projects such as the Italian railway company Italo. The fund also makes opportunistic investments as an independent component of its investment strategy and holds liquid assets in accordance with ELTIF standards.

Hamilton Lane verfolgt einen globalen, langfristig orientierten Investmentansatz im Bereich der Private Markets mit dem Ziel, über den gesamten Marktzyklus hinweg attraktive risikoadjustierte Renditen zu erzielen. 

Der Fonds legt den Fokus auf eine breite Diversifikation über verschiedene Anlageklassen wie Private Equity, Private Credit und Infrastruktur sowie über Regionen, Branchen, Strategien und unterschiedliche Marktzyklen, die sogenannten Vintage-Years. Hamilton Lane setzt dabei auf verschiedene Investmentformen: Primaries, bei denen in neu aufgelegte Fonds investiert wird, und Secondaries, bei denen Anteile an bestehenden Investments erworben werden. So kann der Fonds flexibel auf Marktchancen reagieren und attraktive Möglichkeiten in den privaten Märkten nutzen.

Der Investmentprozess ist stark datengetrieben und stützt sich auf eine tiefgehende Marktexpertise sowie langjährige Beziehungen zu Fondsmanagern und Co-Investment-Partnern weltweit. Ein zentraler Bestandteil des Ansatzes ist zudem die konsequente Interessengleichheit mit Investoren, da Hamilton Lane regelmäßig eigenes Kapital neben seinen Kunden investiert.

Hamilton Lane is a globally leading investment manager specializing in private markets for 34 years. The firm manages and oversees over one trillion US dollars in assets. With more than 760 employees across 22 offices worldwide – including Frankfurt, London, Milan, and Zurich, as well as its headquarters in the US and Asia – Hamilton Lane offers global access to exclusive investment opportunities.

The Hamilton Lane fund aims for long-term capital appreciation and seeks to gradually build a balanced and tactically constructed target portfolio. This portfolio is intended to be invested 30-60% through direct investments and co-investments, and 20-40% through secondaries. Direct investments and co-investments mean that capital flows directly into individual companies or alongside experienced partners. Secondaries refer to the acquisition of existing stakes in private equity or other alternative funds from existing investors. Investors thus do not invest in a newly launched fund, but acquire stakes in existing funds with an already established portfolio. This provides broadly diversified access to established fund managers and investments in private markets – often with shorter capital lock-up periods.

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The thematic focus is on private equity, particularly buyout strategies, complemented by growth and venture capital investments. Additionally, 10-30% of the fund's assets are to be invested in infrastructure. Approximately 20% of the portfolio will be held in liquid assets to ensure an investor-friendly structure and a certain degree of payout flexibility within the framework of the ELTIF regulation. Furthermore, 0-20% can be invested opportunistically, which also allows for exposure to private credit, among other things.

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The fund is aimed at European investors and supports investments in European markets. Its objective is to achieve higher long-term returns than public capital markets, diversify risks, and optimize the risk-reward profile for investors.

The fund diversifies its capital across various alternative asset classes such as private equity, private debt, infrastructure, and real estate. Investments are made in units or participations in underlying funds, which primarily consist of European alternative investment funds. These target funds offer broad diversification across different assets, sectors, and geographical regions, thereby contributing to a balanced risk structure.

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The selection of target funds is based on a combination of quantitative and qualitative analyses, supported by a specialized fund research team. Each fund undergoes a structured due diligence process that considers both return potential and risk factors.

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Furthermore, the fund is expected to maintain a reserve of liquid assets for liquidity management purposes. This serves to efficiently manage redemptions and distributions without compromising the fund's long-term orientation.

Natixis employs a multi-affiliate approach, with specialized subsidiaries investing independently. This creates a broad spectrum of strategies across equities, bonds, multi-asset approaches, and private market products like private equity, private debt, infrastructure, and real estate.

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Natixis' investment strategy is guided by the economic cycle, meaning the phases of economic development. The goal is to leverage advantages through cross-asset class investments and liquidity premiums. Liquidity premiums are additional returns investors receive when investing in illiquid assets.

Private assets, specifically unlisted investments such as company holdings or real estate investments, are particularly sensitive to the economic cycle. For this reason, Natixis pays close attention to the entry point and the current phase of the cycle.

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Additionally, Natixis prepares macroeconomic assessments for various asset classes and strategies within private assets. These are discussed in quarterly investment committees to make informed allocation decisions, taking into account risk profile, return potential, ESG criteria, and liquidity.

Natixis Investment Managers is the third-largest asset manager in Europe by assets under management and part of the French banking group BPCE. The company was founded in 2006 and manages approximately $1.5 trillion in assets as of June 2025. Its headquarters are in Paris, and Natixis has an international presence with 25 additional offices, including Boston, London, Luxembourg, and Hong Kong.

The fund aims for long-term capital growth. This is achieved by investing in a diversified portfolio of alternative assets, providing access to Private Equity, Private Debt, Infrastructure, and Real Estate. By combining multiple asset classes in one investment, investors can achieve broad diversification in private markets, spread risk, and improve the risk-reward ratio.

A multi-alternative fund is an investment fund that provides broadly diversified access to private market and alternative investments through a single investment vehicle. Instead of focusing on a single strategy, the fund allocates capital – depending on its specific investment strategy – across multiple alternative asset classes and investment approaches.

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• Typical alternative investments include:
• Private Equity: Investments in companies not listed on public stock exchanges.
• Private Debt: Providing loans or debt financing to companies or projects outside public capital markets, often through specialized funds.
• Infrastructure: Investments in fundamental facilities and systems necessary for the functioning of a society. These include transportation routes such as roads or rail networks, energy and water supply, communication infrastructure, and social facilities like healthcare.
• Real Estate: Investments in physical properties or real estate-related projects, including residential, office, logistics, and commercial properties, as well as development projects.

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Multi-alternative funds can invest through various structures, such as funds of funds (umbrella fund structure), co-investments, secondary transactions, or a combination of these approaches.

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More detailed information on the asset classes Private Equity, Private Debt, and Infrastructure can be found in our other FAQ sections.

The target return of the Diversified Private Credit Fund is Euribor 3M + 5–6% p.a. It is structured as follows:

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Basis: Euribor 3M The Euribor (European Interbank Offered Rate) is a variable interest rate at which banks in Europe lend to each other. As the fund primarily invests in variable-rate loans, the base interest rate automatically adjusts to the prevailing interest rate environment.

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Credit Margin: 5–6% p.a. The credit margin represents the premium that borrowers pay. This specifically includes a risk premium as well as the passing on of fund costs and staff expenses.

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Expected Net Return for Investors: The target return after deduction of costs is approximately 6% p.a., depending on the actual credit margin and market conditions.

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The return is generated through semi-annual distributions and potential appreciation of the fund units.

The fund's assets are held separately from the fund manager's assets by an independent custodian bank in your name. Therefore, your investment remains unaffected by the insolvency of either party.
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What opportunities do Private Debt Funds offer in the current market environment?

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By focusing on SMEs and real asset projects, the fund offers an attractive opportunity to benefit from the growth of the European real economy, especially in an environment of restricted bank lending. A debt investment like Private Debt can diversify an equity- or PE-oriented portfolio by investing in a different part of the capital structure.

At NAO, the minimum investment for the Muzinich Private Debt Fund is €1 and for the BNP Paribas Private Debt Fund is €5.

Anyone who invests at least €1, has a medium-term investment horizon (at least 5 years), and understands risks such as credit and liquidity risks.

The fund management regularly reviews the creditworthiness of debtors and the performance of investments. ESG integration is also part of the process, which qualifies the fund as an SFDR Article 8 financial instrument.

• Name: Muzinich European Private Credit ELTIF SICAV, S.A.
• ISIN: LU3051947607
• Verwalter: Muzinich & Co. (Ireland) Limited
• Verwahrstelle: Brown Brothers Harriman (Luxembourg)
• Zielgruppe: Qualifizierte Privatanleger mit langfristigem Anlagehorizont
• Empfohlene Haltedauer: 5 Jahre

Asset Manager: BNP Paribas Asset Management Investment: From €1 Target Return: 6% p.a. Structure: Evergreen fund with a two-year soft lock-up

• 60% Corporate Loans
• 12.5% Infrastructure Financing
• 12.5% Commercial Real Estate

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Remainder: Short-term liquid debt instruments.

Investments: Monthly. Redemptions: Quarterly with three months' notice. Soft

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Lock-Up: Within the first two years, an additional fee of up to 5% applies if shares are sold. After that, no further fees are charged by the fund manager for redemptions.

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What is the timeline for Muzinich's Private Debt Fund?

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Recommended holding period: at least 5 years Term: up to 99 years from the initial subscription date

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Redemptions: monthly, with 30 days' notice, subject to redemption restrictions

Trading: Private Debt is traded over-the-counter, while bonds are traded on exchanges.

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Collateral: Private Debt is often secured (e.g., by assets). In the event of default, investors have priority access to these assets.

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Flexibility: Private Debt offers individually negotiated terms, while bonds are standardized due to the large number of investors involved. Private Debt, on the other hand, typically has only one lender.

The fund invests in a broadly diversified portfolio of private debt, with a focus on:

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1. 60% of loans to European SMEs (Revenue: up to €500 million, EBITDA: €20–70 million).
2. 25% Real Asset Debt: Loans for commercial real estate and infrastructure projects.
3. 15% Short-term Debt Securities: Highly liquid investments for opportunities and to cover investor redemptions.

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The loans are generally secured by first-lien collateral such as real estate, company shares, receivables, or inventory.

The Muzinich European Private Credit ELTIF pursues a long-term investment strategy in line with the EU's objective of smart, sustainable, and inclusive growth.

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The fund primarily invests in senior secured, floating-rate debt instruments (e.g., unitranche loans, syndicated loans, and club deals), and additionally in liquid investment-grade and high-yield bonds for liquidity management.

A recent report shows that German SMEs are finding it increasingly difficult to access bank loans. Private debt closes this financing gap by providing companies with direct access to capital – including for growth and infrastructure projects.

Private Debt refers to loans or debt instruments that are not traded on public markets. In this context, capital is lent directly by institutional investors, such as funds, to companies or projects. Private Debt is often used to finance growth projects, acquisitions, and restructurings when traditional bank loans are insufficient or unavailable.

With infrastructure investments, you can build a portfolio position that can develop largely independently of the capital market. This low correlation is a crucial component for diversifying your portfolios. The fund can offer the potential for long-term capital appreciation and act as an inflation hedge. Broad diversification across various sectors such as energy, transport, and social infrastructure can reduce risks within the infrastructure asset class and enable broad participation in global growth trends. This information is for product description purposes only and does not constitute investment advice.

Infrastructure investments often offer advantages such as regular and predictable income. Furthermore, they typically react less strongly to short-term economic fluctuations because many infrastructure projects – such as data centers, energy supply, transportation, or communication – are used permanently and are less susceptible to economic cycles. Infrastructure investments can also offer protection against inflation: Through their often inflation-linked revenues, they offset purchasing power losses and preserve the value of your investments. Thanks to these characteristics, infrastructure investments in a portfolio often behave differently from traditional private equity investments, thus contributing to broader risk diversification. This information is for product description purposes only and does not constitute investment advice.

The fund supports projects that meet strict environmental and social standards, which is in line with ESG criteria (Environmental, Social, Governance). Although the fund does not pursue specific sustainable investment objectives, it supports projects that have positive social and environmental impacts. The fund complies with SFDR Article 8.

At NAO, the minimum investment amount is €1 for the UBS Infrastructure Opportunities Fund and €5 for the HanseMerkur Digital Infrastructure Fund.

The UBS Infrastructure Opportunities Fund has a risk indicator of 4 out of 7, placing it in the medium to elevated risk category. The fund primarily invests in operational infrastructure projects in sectors such as energy, transport, communication, and social infrastructure. While these projects tend to have more stable cash flows, they remain subject to market, operational, and liquidity risks. A partial or total loss of capital is possible.

The HanseMerkur Digital Infrastructure ELTIF has a risk indicator of 6 out of 7, making it one of the high-risk products. The fund invests in long-term, illiquid infrastructure projects such as data centers. These investments are subject to development, operational, market, and liquidity risks. Partial or total loss of capital is possible.

Returns from infrastructure investments primarily stem from stable and predictable cash flows, such as toll fees, energy generation, or rental and lease income from municipal and social facilities. These revenues are supported by long-term contracts and often government subsidies, which can lead to comparatively high predictability compared to other asset classes. Additionally, the fund's value grows not only through reinvested cash flows but also through the appreciation of the target investments.

The fund focuses on established infrastructure projects in OECD countries, which mostly already generate stable returns but also offer potential for optimization. Up to 20% of the capital can also be invested in innovative new construction projects to promote future-proof solutions, which are somewhat riskier in comparison.

The infrastructure projects in which the HanseMerkur Digital Infrastructure ELTIF invests are primarily in the development or greenfield phase. These are newly built data centers that are developed from scratch and do not yet have existing structures or cash flows.

UBS Asset Management is one of the world's leading asset managers and part of the Swiss UBS Group, one of Europe's largest financial institutions. The company manages globally diversified assets in the hundreds of billions and offers solutions for institutional and private investors.