The fund's assets are separate from the fund manager's assets and are held by an independent custodian bank in your name. Therefore, your investment remains unaffected by the insolvency of either party.
At NAO, the minimum investment amount for the Muzinich Private Credit Fund is €1 and for the BNP Paribas Private Credit Fund is €5.
Anyone who invests at least €1, with a medium-term investment horizon (at least 5 years) and an understanding of 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.
Asset Manager: BNP Paribas Asset Management Investment: From €1 Target Return: 6% p.a. Structure: Evergreen fund with a two-year soft lock-up
Remainder: Short-term liquid debt securities.
Investments: Monthly. Redemptions: Quarterly with three months' notice. Soft
Lock-Up: Within the first two years, an additional fee of up to 5% applies if units are sold. After that, no further fees are charged by the fund manager for redemptions.
What is the timeline for the Muzinich Private Credit Fund?
Recommended holding period: at least 5 years Term: up to 99 years from the initial subscription date
Redemptions: Monthly, with 30 days' notice, subject to redemption restrictions
Trading: Private Credit is traded over-the-counter, while bonds are traded on exchanges.
Collateral: Private Credit is often secured (e.g., by assets). In the event of default, investors have priority access to these assets.
Flexibility: Private Credit offers individually negotiated terms, whereas bonds are standardized due to the large number of investors involved. In contrast, Private Credit typically involves only one lender.
The HanseMerkur Digital Infrastructure Fund specializes in digital infrastructure, primarily investing in greenfield data centers. These are newly developed data centers built entirely from the ground up, with no existing structures or ongoing cash flows. A particular focus is on projects for so-called hyperscalers – the world's largest cloud providers – who have an enormous demand for computing capacity.
In contrast, the UBS Infrastructure Opportunities Fund is broadly diversified and primarily focuses on operational infrastructure projects in energy, transport, water, communication, and social infrastructure.
While the HanseMerkur Fund focuses more on value appreciation potential, the UBS Infrastructure Opportunities Fund primarily aims for stable cash flows and moderate growth. Both funds have a 3-year lock-up period during which fund units cannot be sold. However, the HanseMerkur Fund allows for an earlier exit through a matching mechanism if another investor acquires the sold units.
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.
The UBS Infrastructure Opportunities Fund, as a fund of funds, invests in a wide selection of specialized infrastructure strategies and thus indirectly in various operational infrastructure projects. The investments are spread across four core areas:
The energy sector includes renewable energy platforms and green power generation facilities.
The transport sector includes investments in rail networks and airport infrastructure.
In communication, funds are invested in 5G mobile towers, fiber optic networks, and data centers, among other things.
Social infrastructure includes investments in healthcare and educational facilities.
Existing holdings include, for example, North American data centers, a leading German submetering provider that precisely measures and bills the energy consumption of individual users or areas, one of Europe's largest independent cold chain platforms, and Edinburgh Airport.
The fund relies on a combination of selected primary and secondary target funds, including the EQT Infrastructure Fund VI from the renowned asset manager EQT, as well as co-investments, continuation funds, and comparable structures. Additionally, other investment instruments such as liquid bonds, money market investments, and hedging derivatives are used to strategically diversify the portfolio and ensure sufficient liquidity for investors.
The HanseMerkur Digital Infrastructure ELTIF, as a fund of funds, invests in specialized target funds that primarily develop and operate computing and data centers. Instead of selecting individual projects directly, it invests in promising fund strategies managed by renowned and highly specialized asset managers. This structure focuses on the construction, leasing, and subsequent sale of data centers. The investment focus is on large-scale projects for so-called hyperscalers – very large cloud providers with particularly high demand for computing capacity. Additionally, the fund invests in short-term liquid assets such as money market funds or bond programs for liquidity management.
The UBS Infrastructure Opportunities Fund aims to build a diversified portfolio of global infrastructure assets, thereby generating stable current income and moderate long-term capital growth. The focus is on already operational infrastructure projects in the areas of energy transition and supply, water supply, communications, transport, and social infrastructure. New development projects may account for a maximum of 20% of the portfolio to ensure a clear focus on stable cash flows from existing assets.
The HanseMerkur Digital Infrastructure ELTIF, as a fund of funds, invests in computing and data centers through specialized target funds. Its goal is to generate attractive long-term returns from the rapidly growing demand for digital infrastructure. The focus is particularly on the hyperscaler segment. These are the world's largest cloud providers, such as Amazon, Microsoft, or Google, which have an extremely high demand for computing capacity. The fund provides investors with access to a broadly diversified portfolio of projects such as data towers, fiber optic networks, and data center operators, focusing on new construction and development projects.
Please note: There is no guarantee that the companies mentioned will be included in the fund.
NAO offers the HanseMerkur Digital Infrastructure Fund and the UBS Infrastructure Opportunities Fund.
Early withdrawal before the 7-year minimum holding period expires is not possible. After this period, redemption is possible at the end of a quarter with a notice period of 12 to 15 months. There is no active secondary market, so an early sale is generally not possible.
Yes. Shares can only be redeemed after a 7-year holding period, plus a notice period of 12 to a maximum of 15 months. In practice, an exit is therefore possible at the earliest after 8 to 8.25 years.
The recommended holding period is 10 years. According to the prospectus, shares can generally be redeemed no earlier than after 8 years (7 years minimum holding period plus 12 months notice period). The management company may extend the notice period by up to 3 months. In the event of an extended notice period, a redemption request may not be accepted under certain circumstances. Details can be found in the prospectus under "II. 6.2. Extended Notice Period".
The fund's NAV is calculated quarterly and reflects the current value of the fund units based on the target investments. Since venture capital investments are not publicly traded, the valuation is performed manually and at longer intervals.
Investment and Order Process: You can place an order at any time within the NAO app. At the end of each month, all received orders are bundled and submitted. Your shares will be booked into your portfolio approximately four weeks later, after Redstone has determined the NAV. This time lag is due to the aforementioned manual valuation of the fund's assets.
Example: For instance, if you acquire shares at the end of September, the NAV for the September 30th valuation date will be determined by the end of October and used for your investment. Please note that the NAV published in October reflects the fund's valuation at the end of September, not in October.
The fund aims for an average annual target return of 16%. This target return is calculated after deducting all fund and NAO fees.
The Redstone Global Venture ELTIF pursues a broadly diversified investment strategy across all European Redstone funds and vintages. Its goal is to provide access to specialized venture strategies focused on future-relevant topics – such as digital health, education, decarbonization, fintech, or sustainable growth. Overall, the fund aims to invest in over 250 startups, with a clear focus on Europe and targeted global participations.
The fund's launch timing allows for allocation to so-called post-crisis vintages, which have historically often shown strong performance. Capital allocation follows a fixed, risk-adjusted scheme that considers factors such as fund size, stage, and number of companies.
Active investments are currently being made in funds such as Health & Education I (with a focus on digital health and education) and Built World & Energy I (decarbonization of the building sector). Both funds were launched in 2022 and have already invested in several portfolio companies. Further funds – such as Fintech III, Alpine I, Growth I, as well as specific follow-on and new strategy vehicles – are already being established and will complement the platform both thematically and geographically.
This creates a structured, cross-thematic venture portfolio with a focus on Europe and global future markets.
Redstone's investment approach is based on four core beliefs.
1. Smaller fund sizes demonstrably achieve higher returns.
2. Specialized funds significantly outperform generalist funds.
3. Europe currently offers the most attractive environment for venture investments.
4. Data-driven decision-making and consistent strategy execution lead to sustainably better results.
Redstone's approach is derived from these principles. Specialized funds are established, targeting venture opportunities with clearly identifiable quantitative signals. This data-driven strategy is complemented by thorough macroeconomic analyses to systematically gain access to the most promising markets and innovation fields.
Yes – in addition to your savings plan, you can always make additional one-time payments and invest in products.
Yes, you can set up as many savings plans as you like – each for different products, risk classes, and amounts. However, only one savings plan is possible per product.
At NAO, there is a direct debit limit of €10,000 per transaction. A maximum of €50,000 can be collected via direct debit per month. Currently, it is not yet possible to change the execution frequency. However, we are already working on offering this feature in the future. Furthermore, investments are generally only possible on a monthly or quarterly basis – we adhere to the requirements of the asset managers.
Currently, it is not yet possible to change the investment frequency. However, we are already working on offering this feature in the future. Furthermore, investments are generally only possible on a monthly or quarterly basis – we adhere to the requirements of the asset managers.
You can simply set up your savings plan again as usual. There is no special reactivation function.
Yes, you can sell any product after it has been booked into your portfolio, subject to the respective deadlines and conditions. Prior to booking, your money is tied up in the product – as is common with traditional investments – and a sale or withdrawal is not possible.
In the Savings Plan tab of the app, you can see exactly how often your savings plan has been executed. Additionally, under "Profile" in the "Orders" section, you will find a list of all previous executions and their respective total volumes.
You can view the performance of your savings plan and your accumulated purchases in the app under "Portfolio" in the "Profit & Loss" section. In the savings plan tab, you can also track your transaction history and planned executions.
No – You can cancel your savings plan at any time. There is no minimum term. Your savings plan runs for as long as you wish. You can flexibly adjust or cancel it at any time. Please note: The direct debit for your savings plan is collected 8 banking days before the execution date. Therefore, cancellations are only possible up to 9 banking days before the respective cut-off date. If you request a cancellation only 8 banking days beforehand, the changes will only take effect on the next execution date, for example, in the following month.
The debit for your savings plan is made 8 business days before the execution date.
If your reference account does not have sufficient funds at the time of the direct debit and your bank initiates a chargeback, this can result in a negative balance on your NAO account, which is your settlement account with Baader Bank. Please note that your bank may also charge direct debit return fees. In this case, we kindly ask you to settle the negative balance via bank transfer to avoid overdraft interest.
If your bank directly rejects the direct debit, your savings plan will not be executed for that period, and there will be no automatic re-attempt. This means no investment will take place during that time.
If a savings plan cannot be executed due to a missing payment, no fees will be charged.
Your savings plan contributions are initially deposited into a designated funding pool where they are collected. As the deposit occurs shortly before the collective order is placed, your money remains uninvested for only a few days. The funds remain there until the product is delivered – only then is the actual investment made and your money is invested in the fund.
After your savings plan has been executed, your order will be placed with Baader Bank. Depending on the product, the investment will then take place a few days later. You can track the exact timings in the app.
Payments for your savings plan are conveniently made via SEPA direct debit from your linked reference account. We are also working on a solution so that your funds can also be debited from your settlement account at Baader Bank.
The same conditions apply as for a traditional purchase. We do not charge extra fees for savings plans.
Yes – You can have multiple savings plans running simultaneously, each for different products and with different amounts. However, only one savings plan is possible per product.
In that case, your savings plan for this product will be automatically canceled.
An investment plan can be particularly beneficial for long-term asset classes like private equity or venture capital. By making regular contributions, you spread your investments over an extended period, which helps to smooth out fluctuations – following the principle of the cost-average effect. This makes "market timing" less relevant, as you invest continuously instead of having to hit the "perfect" entry point.
You can see if your savings plan is active either in the "Savings Plan" tab within your portfolio overview or in and above the product tile in the Invest feed.
You can adjust your savings plan either directly through the savings plan settings in the respective product overview or via the "Savings Plan" tab in your portfolio overview.
Yes, you can flexibly adjust or terminate your savings plan at any time. Please note: The capital for your savings plan is debited via direct debit 8 banking days before the execution date. Therefore, changes or cancellations are only possible up to 9 banking days before the respective order placement. If you request a change or cancellation only 8 banking days beforehand, it will only take effect on the next execution date, for example, in the following month.
Your savings plan runs for as long as you wish. There is no fixed term. You can flexibly adjust or terminate it at any time.
The frequency of your savings plan execution depends on the product. You can find the exact intervals in the app. Each product has different purchase times, or 'trade dates,' which are set by the respective asset managers. This ensures that your savings plan deposit is placed promptly and doesn't remain uninvested for long.
You can view the exact intervals under "Timeline" in the NAO app. For example, monthly savings plans are available for the Partners Group and UBS Private Equity funds, while quarterly intervals are offered for the infrastructure fund.
Almost all products on our platform are eligible for a savings plan, allowing you to invest flexibly in a way that suits you. The only exceptions are equity-linked notes.
No, you don't need an existing investment. You can start directly with the savings plan and make regular contributions – even without prior purchases.
You can set up your savings plan for most products starting from as little as €1 per execution. The minimum savings amount varies depending on the product. You can find the exact minimum savings amounts for each product directly in the app.
Many investors are familiar with investment plans, particularly from the stock market, such as an ETF savings plan. With this, a fixed amount you determine is regularly invested automatically into a specific ETF. These continuous contributions allow you to gradually build wealth.
With NAO, you can now invest in exclusive asset classes like Private Equity – even with small amounts. This makes professional investing accessible to everyone. This means: From now on, you can invest a fixed amount you determine into exclusive funds that previously often required high lump-sum payments. We handle the implementation, making it possible to enter professional investment strategies even with small amounts – and for the first time in the German-speaking region.
Simply click on a product you wish to save for. You'll see a banner directly on the product page if a savings plan is available.
If your direct debit authorization is still missing, you will be automatically prompted for it in the next step. Then, you select your desired savings amount and receive a clear summary of all savings plan details. Finally, all you need to do is confirm the savings plan.
As we cannot answer personal and individual questions via a hotline for data security reasons, we have opted for a secure chat service center within the NAO app and do not operate a service hotline. However, if you have questions about our product, feel free to book an appointment. Simply message us in the chat for this.
You can send us general questions via email at hello@investnao.com. You also have the option to ask questions in the chat section of our app. The chat is available Monday - Friday from 9:00 AM - 7:00 PM. Here you are in a secure environment, and we can also assist you with specific and confidential questions.
The funds in your cash account are protected up to €100,000 by the statutory deposit insurance scheme. In addition, protection is provided by the Deposit Protection Fund of the Association of German Banks. Your securities account is held in your name, and you are the owner of your investments – meaning they are not part of the insolvency estate.
Since your capital and securities holdings are held in your name at Baader Bank, they are secure and are not part of the insolvency estate. You can close your securities account at any time and have your balances and securities holdings transferred to another bank. As part of the account opening process, you will separately receive your account details from Baader Bank AG, so that you can access your settlement account and securities account at any time, even independently of NAO.
Data transfer between Baader Bank, DonauCapital, and NAO is always encrypted, as is its storage. You can find details on data protection and how we handle data in our privacy policy.
Yes, your securities are safe. Your securities are held in your personal custody account at Baader Bank AG. A settlement account will also be set up for you there. The assets in your settlement account are protected up to €100,000 by the statutory deposit insurance scheme. Additionally, protection is provided by the Deposit Protection Fund of the Association of German Banks.
No, NAO does not offer investment advice. We curate a variety of multi-asset products that we make available to you via the NAO app. However, you decide for yourself whether and to what extent these investment opportunities are suitable for you.
Baader Bank AG is our partner for the processing and safekeeping of securities. They ensure that all transactions are handled securely and efficiently, and that your securities are stored safely.
NAO and DonauCapital work closely together. DonauCapital Wertpapier GmbH and DonauCapital Pure Investment GmbH are important partners of NAO and support us in providing our services.
NAO's contractual partners include renowned companies such as DonauCapital Wertpapier GmbH and DonauCapital Pure Investment GmbH, as well as Baader Bank AG. We work closely with our partners to offer our clients access to high-quality investment products.
Cancelling your NAO portfolio is easy. Simply contact us and let us know you wish to cancel. Once we receive your request, we will process the cancellation of your portfolio.
You can correct errors made during account creation. If you notice an error, simply contact us and we will help you make the necessary changes.
Yes, a suitability assessment is necessary for NAO. This is a legal requirement and serves to ensure that the investment products you choose match your knowledge, experience, and financial circumstances.
Yes, you can. Simply contact us via the in-app chat so we can initiate the next steps.
You can withdraw money from your NAO account by submitting a withdrawal request in the app. The money will then be transferred to your bank account.
Deposits are typically credited within 1-2 business days. As soon as the deposit is credited, you will receive an immediate email notification.
Account opening takes on average less than 7 minutes. You only need to enter some data and verify your identity – we'll take care of the rest. However, the custody account and bank account opening with our custodian can take up to two banking days.
You verify your identity with NAO through a video identification process. You will need to have your valid ID card or passport ready. This process is secure and complies with legal requirements. We partner with our identification partner IDnow for this.
Creating an account with NAO is simple and straightforward. You just need to download our app, enter your personal details, and verify your identity. After that, you can top up your account and start investing.
All adult private individuals residing in Germany, Austria, and the Netherlands. Unfortunately, we do not yet offer business accounts or accounts for individuals residing abroad.
After you have completed the verification and accepted the terms and conditions, NAO and Baader Bank will finalize the review of your documents.
Once your account has been opened, you will receive an email from us and from Baader Bank.
I have more questions about account opening – who can I contact?
We're here to help! Simply use the chat, and we'll answer your questions directly. We also assist you with all verification steps and, if needed, can check directly with IDNow in case of technical issues.
Login details for your online banking account for the 1-cent transfer
Don't worry, this happens sometimes. Please follow these steps:
If you still have problems after that, just write to us in the chat. We're happy to help and can also contact IDNow directly to find out why the verification didn't work.
What devices can I generally use for verification?
Smartphone or tablet with a working camera
For Video-Ident, a microphone is also required for the conversation with the agent.
Why do I still need to provide my IBAN for Auto-Ident?
For Auto-Ident, scanning your ID and face alone is not sufficient to fully verify your identity.
Providing your reference account (IBAN) allows us to check that the account is in your name. For this, a small transfer of one cent is made.
Providing your information and completing verification takes on average less than 7 minutes.
The final review by our partner bank (custody account and bank account opening with Baader Bank) usually takes only a few minutes, but in individual cases, it can take up to two banking days.
Verification via IDNow (Video-Ident or Auto-Ident) usually takes only a few minutes.
Account opening is handled by our partner IDNow, who securely verifies your identity. You can choose between two verification methods: Video-Ident and Auto-Ident.
Auto-Ident in detail:
Video-Ident in detail:
Once you have completed the verification, you still need to accept the general terms and conditions. NAO and Baader Bank will then finalize the review of your account details. Once your account is opened, you will receive a notification from NAO and Baader Bank.
Creating an account with NAO is simple and straightforward:
1. Download our app.
2. Enter your email address and phone number.
3. You will receive access to the app.
To make investments, you must complete the identity verification.
4. Start the verification by clicking the “Invest” button in one of the product overviews. Alternatively, you can initiate the identity verification via the “Profile” tab.
5. Deposit funds and start investing.
If you would like to open a business account, simply contact us via chat or email at hello@investnao.com.
Any adult resident of Germany, Austria, or the Netherlands can open an account with NAO.
We also offer business accounts. To open a business account, simply send us a message via chat or email at hello@investnao.com.
To submit a tax exemption request for your NAO account, please complete the attached form and send it to hello@investnao.com or alternatively, feel free to contact our customer support.
Please note that this answer applies only to customers residing in Germany. Yes, to make tax processing as simple as possible for you, the applicable taxes are paid directly to the responsible tax office. You will receive a tax certificate at the end of the year. Exemption orders and loss offset pots are also considered.
No, there are no costs, unless you have special requirements. NAO does not charge any fees for account and custody account management.
Our partner, Baader Bank, only charges fees for special requests, such as duplicates of tax certificates. For details, please refer to Baader Bank's price and service list.
NAO brokers the investment structures we develop to our issuing partners, making them investable for our investors via the NAO platform with a small markup. This markup is essential for maintaining our technical infrastructure and ensuring our team continues to enjoy curating high-quality investments for the community.
You can find a detailed breakdown of costs in the respective prospectus or the cost transparency documentation prior to each investment. Additionally, our price and service list, with detailed information, is available as a link on our website.
Since your money in the settlement account automatically earns interest, you have immediate access to your funds at any time.
Interest is calculated proportionally each month, depending on how many days your money remains in the account during the month. This means you can deposit and withdraw funds at any time.
Yes, the deposits are covered by the general deposit insurance scheme, which protects your deposit up to an amount of 100,000 EUR.
No, there is no minimum or maximum deposit.
To change your order, click the “Show All” button next to “Orders” under the “Profile” tab. Once you have selected the relevant order, a window with details will appear. There, you will see a button that allows you to change the order. Please note: You can only change an order with NAO if this is exceptionally provided for in the NAO app and the order has not yet been transmitted to the custodian bank. Any statutory rights of withdrawal remain unaffected.
If a change option is provided, you can only exercise it via the NAO app with the custodian bank. Once the order has been transmitted to the custodian bank, any changes will be governed by the special terms and conditions of the custodian bank applicable to that specific order.
In this case, NAO is only responsible for promptly forwarding your change request.
To cancel your order, click the "Show All" button next to "Orders" under the "Profile" tab. Once you have selected the relevant order, a window with details will appear. There, you will see a button that allows you to cancel the order. Please note: You can only cancel an order with NAO if this is exceptionally provided for in the NAO app and the order has not yet been transmitted to the custodian bank. Any statutory rights of withdrawal remain unaffected. If a cancellation option is provided, you can only exercise it via the NAO app with the custodian bank. Once the order has been transmitted to the custodian bank, cancellation is subject to the custodian bank's special terms and conditions applicable to the respective order. In this case, NAO is only obliged to promptly forward your cancellation request.
To track the status of your orders, click the “Show All” button next to “Orders” under the “Profile” tab. Once you have selected the relevant order, a window with details will appear. Then, under the details, click on the product tile to go to the "Past Investments" product overview, where, if you scroll down a bit further, the past timeline will appear.
NAO and DonauCapital work closely together. DonauCapital Wertpapier GmbH and DonauCapital Pure Investment GmbH are important partners of NAO and support us in providing our services.
Baader Bank AG is our partner for the processing and custody of securities. They ensure that all transactions are processed securely and efficiently, and that your securities are safely held.
NAO's contractual partners include renowned companies such as DonauCapital Wertpapier GmbH and DonauCapital Pure Investment GmbH, as well as Baader Bank AG. We work closely with our partners to offer our clients access to high-quality investment products.