Private Credit
These funds provide loans directly to businesses, bypassing traditional banks. You invest in these loans and receive regular interest payments in return. Two of these funds have passed our investment team’s assessment.
Tikehau
European Private Credit
With a target return of 7 % p.a.
Muzinich
Private Credit
With a target return of 8 % p.a.
Hand-picked
Our investment team assesses each fund against five criteria, ranging from its track record and cost structure to the equal treatment of small and large investors. Any fund that fails this assessment is not included in the app.
Specialised managers
The two funds are managed by Tikehau Capital and Muzinich. Both firms have been active in the European credit market for decades and have their own local teams
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Invest safely
Your fund shares are held in Baader Bank's special fund.
partners
Give loans to companies.
Instead of a bank lending money to a company, a fund takes on this role. You invest in this fund and receive regular interest payments in return, whilst your capital flows into companies that use it to grow, invest or refinance themselves.
The loans are granted to established, profitable companies, for example to fund expansion, takeovers or strategic investments. Before a loan is granted, every company undergoes a rigorous due diligence process. The loans are usually secured, i.e. backed by the company’s assets.
You can see below which two funds from this asset class are available at NAO. Both can be invested in as a single investment or through a savings plan.
Investing
Our Private Credit funds.
European Private Credit
Tikehau Capital | European Private Credit
Tikehau Capital primarily works with companies that have senior secured loans and in which a private equity investor is involved. New clients are mainly acquired through a network of over 130 investors, some of whom the firm has had long-standing business relationships with. There is a clear focus on France, where around 35 per cent of the portfolio is based.
7% p.a.
Target return
Target returnThe target return is the expected annual net return of your investment, based on research by the NAO investment team – taking into account the manager's track record, market views, and other factors. All fees (fund management, NAO, etc.) are already deducted. This is an estimate, not a guaranteed return.18 month
Soft Lock-up period
Soft Lock-up periodA soft lock-up period refers to the period following the launch of a fund during which redemptions of fund units are only possible to a limited extent or subject to additional costs. Unlike a hard lock-up period, during which redemptions are completely prohibited, a soft lock-up allows redemptions under certain conditions. For example, in many cases, fund units may be redeemed during the soft lock-up period at a discount of 5 per cent of the net asset value.Low to medium risk
Medium riskAssessment of the risk profile based on the investment strategy and the volatility of comparable investments. Private markets are subject to market, liquidity and corporate risks.
Private Credit
Muzinich | Private Credit
The fund provides loans to established European companies in the real economy. The fund focuses on lending to established and profitable medium-sized companies across Europe, with a focus on top-tier secured loans. The aim is a predictable income profile through regular interest payments and broad diversification.
8% p.a.
Target return
Target returnThe target return is the expected annual net return of your investment, based on research by the NAO investment team – taking into account the manager's track record, market views, and other factors. All fees (fund management, NAO, etc.) are already deducted. This is an estimate, not a guaranteed return.None
Lock-up period
Lock-up deadlineThe minimum holding period during which you cannot sell your shares. This gives fund managers the necessary planning security for long-term investments. After this period, you can usually return your shares.Low to medium risk
Medium riskAssessment of the risk profile based on the investment strategy and the volatility of comparable investments. Private markets are subject to market, liquidity and corporate risks.
Tikehau Capital
Our Private Credit manager.
Tikehau Capital is a global alternative asset manager based in Paris and listed on Euronext Paris since 2017. In European private credit, the firm is one of the pioneers: since 2012, Tikehau Capital has been financing mid-sized companies through its own teams across seven European offices, from Paris and Frankfurt to Milan and Madrid.
53,5 billion €
Assets under management
Since 2004
Active on the market
Specialist
Type
the fund
Fund Manager
Tikehau Investment Management
Target return after costs
7 % p.a
Geographic focus
Europe
Liquidity
Quarterly with deadline
Fees
Purchase: 2.00%
Sales: 0.79%
Minimum investment
No minimum investment
Return
Quarterly dividend payments
portfolio
This is how Tikehau Capital invests in corporate lending.
Tikehau Capital provides loans to established mid-sized companies across Europe, with a preference for defensive sectors. Here are three examples from the portfolio.
Service companies
Tech industries
Healthcare and pharma
Data as of: Portfolio allocation by sector and country as of April 30, 2026. Fund size and number of borrowers as of June 30, 2026. Assets under management by Tikehau Capital as of June 30, 2026. The composition of the portfolio is subject to change at any time.
Muzinich & co.
Our Private Credit managers.
Muzinich is a specialized boutique with a global focus on Private Debt transactions. With local teams in 8 locations and in-depth analysis, Muzinich invests particularly selectively: Only about 3% of the deals reviewed make it into the portfolio.
€41 billion
Assets under management
Since 1990
Active in the market
Specialist
Type
The fund
Fund Manager
Muzinich
Target return after costs
8% p.a.
Geographic Focus
Europe
Liquidity
Monthly with deadline
Fees
Purchase: 2.00%
Sales: 0.79%
Minimum investment
No minimum investment
Return
Paying dividends half-yearly
portfolio
This is how Muzinich invests in Europe's SMEs.
Muzinich & Co. invests specifically in profitable medium-sized companies across Europe. Here are 3 examples from the portfolio.
IkayPet
Aerotec GmbH
Grandi Molini Italiani
Disclaimer: Past results are no indicator of future performance. The examples are for illustrative purposes only and are not a recommendation.
Discover Private Credit
What makes private credit unique?
Why invest in Private Credit?
If companies want to grow, they need capital. For many small and medium-sized businesses, traditional bank loans are harder to obtain than they used to be. Private credit funds fill this gap by providing loans directly to established, profitable companies, secured by contracts, with fixed repayment schedules, and following a rigorous vetting process. You have the opportunity to earn money from the interest.
What does that mean for you?
The terms of the agreement stipulate that the interest paid by the financed companies goes to the fund and is usually distributed to investors. You act as the lender in this process. Your returns therefore depend on different factors than with stocks or private equity, which can help diversify your portfolio. Behind every loan is a company with revenue, employees, and an agreed-upon repayment plan.
Increasing demand for Private Credit
The global market size has grown from approximately 1 trillion U.S. dollars in 2020 to 1.5 trillion at the beginning of 2024 and is projected to reach 2.6 trillion by 2029.
*Morgan Stanley, 2025 Private Credit Outlook
functions
How does Private Credit work?
Predictable income
Companies pay interest on their loans on an ongoing basis, either monthly or quarterly, depending on the terms of the contract. This interest goes to the fund, which, depending on the fund’s structure, passes it on to the investors. This can result in cash flows that are easier to assess than price movements on the stock market. This is contingent on the companies servicing their loans.
Strict review before every loan
Before a loan is granted, every company undergoes a rigorous due diligence process. The fund reviews the business model, finances, and future prospects, and protects itself through covenants and collateral. Funding is provided to strong companies with growth plans.
Diversification
Private credit funds extend loans to a wide variety of companies across different industries and countries. This can help spread risk more broadly than a single loan could.
Invest sustainably
The funds take environmental, social, and governance (ESG) criteria into account. This allows you to specifically support companies and projects that operate responsibly in areas such as energy, health, or education.
Investment team
Comment from the investment team.
Customer Testimonials
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Your digital private markets boutique.
Private equity, venture capital, private credit and infrastructure, assessed by our investment team against five criteria. We select just 1 in 8 funds. You decide which of these go into your portfolio.
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Assets under management
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Curated funds
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Simulate the potential development of your investment.
Disclaimer: Possible value development in various performance scenarios. Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision. Source: NAO Research (2025); the underlying data is based on the key information document from the Hamilton Lane Private Market Access ELTIF Fund with ISIN LU3051916800.
Disclaimer: Possible value development in various performance scenarios. Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision. Source: NAO Research (2025); the underlying data is based on the key information document for the product ARK ELTIF ICAV - Ark Private Innovation ELTIF with ISIN IE0007OY3DL2.
Disclaimer: Possible value development in various performance scenarios. Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision. Source: NAO Research (2025); the underlying data is based on the key information document from Partners Group Private Markets Evergreen SICAV Partners Group Private Equity Opportunities with ISIN LU2716887091 and the Private Equity (Lux) Evergreen Secondary Fund product with ISIN LU2461279726.
Disclaimer: Possible value development in various performance scenarios. Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision. Source: NAO Research (2025); the underlying data is based on the key information document for the product RGV - Redstone Global Venture ELTIF with ISIN LU2847069353.
Disclaimer: Possible value development in various performance scenarios. Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision. Source: NAO Research (2025); the underlying data is based on the key information document from the product Muzinich European Private Credit ELTIF SICAV with ISIN LU3051947607.
Disclaimer: Possible value development in various performance scenarios. Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision. Source: NAO Research (2025); the underlying data is based on the key information document from the product UBS (Lux) Private Markets - Infrastructure Opportunities Fund with ISIN LU2707658667.
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Steffen Hetzel
C-Suite in Tech (lawpilots, bitly) | Angel Investor & Advisor
Why did the investment team choose these Private Credit funds?
Private credit can complement an equity-only portfolio. Investing in this part of the capital structure, the debt, gives you access to predictable income and a very different return profile. Our investment team has selected two funds that cover different strategies within this asset class.
Tikehau Capital: With Tikehau Investment Management, a second specialist joins the line-up, one that originates its loans directly through its own teams in seven European offices. Tikehau Capital has been active in European private credit since 2012, manages a €25 billion credit platform and finances companies with operating profits of around €20 million to €40 million. More than 80% of the portfolio is senior secured, and interest rates are mostly floating, so coupons move in line with market rates. For your portfolio, this can mean a second building block in European corporate credit, with its own structure and its own liquidity profile.
Muzinich: For investments in corporate credit, we chose Muzinich, an impressive niche player. The firm is a specialist investment boutique that has worked exclusively in credit markets for more than 35 years. Its assets under management of over US$40 billion were built entirely on expertise in public and private corporate credit. This focus gives Muzinich a strong position in credit markets and distinctive access to attractive transactions. Compared with its peers, the fund has therefore shown higher returns alongside lower risk, measured by the leverage levels of its borrowers.
Both funds provide secured loans to European mid-sized companies. The difference lies in how they access deals: Muzinich mainly finances family-owned businesses without a financial investor behind them, while Tikehau mostly lends to companies with a private equity owner, sourced through a network of more than 130 sponsors. Tikehau also has a focus on France, at around 35% of the portfolio, and runs special opportunities alongside direct lending. Two portfolios that look related from the outside and work differently at their core. For us, that is genuine manager diversification.
The European Private Credit ELTIF available on NAO focuses on senior secured direct loans to European mid-sized companies. This segment has historically shown lower default rates than other segments and delivered equity-like returns of over 8% in euros. Thirty-five local investment professionals across eight European offices keep Muzinich close to the companies it lends to.
Robin Binder – Founder & CEO