Private Credit
Invest in secure, predictable income through direct loans to companies starting at €1.
BNP Paribas AM
Private Credit
With a target return of 9 % p.a.
Muzinich
Private Credit
With a target return of 8 % p.a.
Access to the private market
Invest from 1€ in products that were previously inaccessible to you — via a savings plan or one-time investment.
Leading fund managers
The funds are managed by BNP Paribas AM and Muzinich with decades of expertise in the Private Credit sector.
Top rating on Trustpilot and App Store
Invest safely
Your fund shares are held in Baader Bank's special fund.
partners
Give loans to companies.
Private Credit is a central component of modern financial markets: It comprises private loans to companies that take place outside of traditional bank financing. This financing enables growth, stability and entrepreneurial development. Investing in Private Credit means providing companies with capital directly and generating predictable returns.
Investing
Our Private Credit funds.
Private Credit
BNP Paribas AM | Private Credit
The BNP Paribas AM fund offers investors direct access to European private credit markets. The fund invests primarily in Private Credit - money is lent to a diversified group of borrowers. In doing so, he combines corporate, infrastructure and real estate financing.
6% p.a.
Target return
Target returnThe target return is based on fund management assumptions. It is not a promise and is not a reliable forecast of future results.30.06.2026
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.
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 based on fund management assumptions. It is not a promise and is not a reliable forecast of future results.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.
The fund managers
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
type
Specialist
The funds
Fund Manager
Muzinich | Private Credit
Target return after costs
8% p.a.
Geographic Focus
Europe
Liquidity
Monthly with deadline
Fees
Purchase: 2.00%
Sales: 0.79%
Minimum investment
1€
Assets in EUR
> 41 billion
ISIN
LU2840135904
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.
Bnp Paribas
Our Private Credit manager.
BNP Paribas Asset Management is one of Europe's largest asset managers and brings institutional stability and global presence. BNP Paribas is particularly strong in the area of real estate loans and high-volume financing for companies.
612 billion €
assets under management
Since 1947
active on the market
Major bank
Type
Here you can find the specific product information of BNP Paribas AM.
the fund
Fund Manager
BNP Paribas | Private Credit
Target return after costs
6% p.a
Geographic focus
Europe
liquidity
Quarterly with deadline
fees
Purchase: 2.00%
Sales: 0.79%
Minimum investment
1€
ISIN
LU2840135904
portfolio
This is how BNP Paribas AM invests in corporate loans.
BNP Paribas AM lends capital to companies across Europe — broadly spread across corporate financing, infrastructure and real estate. Here are 3 examples from the portfolio.
Specialty Chemicals
Protective Equipment
Healthcare & Pharmacy
Disclaimer: The ratings given are based on BNP Paribas AM's internal evaluation methodology. These are not ratings issued by an officially recognized credit rating agency (ECAI) and must not be used to calculate capital requirements.
Discover Private Credit
What constitutes Private Credit?
Why invest in Private Credit?
If companies want to grow, they need capital. But traditional bank loans are no longer so easily available for many - especially in SMEs. This is exactly where Private Credit comes into play: Funds provide targeted loans to established companies - transparently, contractually secured and with fixed repayment plans.
What does that mean for you?
→ Regular distributions through interest income
→ Diversification through debt investments
→ Real companies instead of abstract financial products
Increasing demand for Private Credit
Private Credit is trending and is only at the beginning of global growth. The asset class has grown from around $1 trillion in 2020 to $1.5 trillion at the beginning of 2024 - and is forecast to grow to $2.6 trillion by 2029.
*Morgan Stanley, 2025 Private Credit Outlook
functions
How does Private Credit work?
Predictable income
Private loans bring regular interest payments. Companies usually pay interest on a monthly or quarterly basis - this offers you the opportunity for stable and easily predictable income.
Safety through expertise
The funds grant loans only after careful consideration. They secure themselves through credit agreements and top-tier securities, e.g. company assets. This reduces the risk for you.
Diversification
Private Credit funds grant loans to many different companies - from different industries and countries. This ensures broad risk diversification and can therefore promote the stability of the debt fund.
Invest sustainably
The funds take environmental, social and governance (ESG) criteria into account. In this way, you will specifically support companies and projects that act responsibly in areas such as energy, health or education.
Investment team
Comment from the investment team.
Customer Testimonials
The community has its say.
Thousands of investors trust NAO. Here’s what they have to say.
About NAO
No tokenization. Your investment.
Your shares.
There are many new models in the financial world — at NAO, we focus on what really counts: real fund shares. Your capital is invested directly -without detours via tokenization or complex structures. With our co-investment approach, you own what you buy - clearly, simply and securely.
11
partners
eight-digit
Assets under management
15
Curated funds
4.4/5
TrustPilot Rating
Ready to join the NAO community?
Start today with access to exclusive private markets. Start investing like a millionaire, starting at just €1.
Investment calculator
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.
In just 3 steps to your investment
- Download the app & register
Download the NAO app and register in just a few minutes - quickly and completely digitally.
- Top up your account
Pay your desired amount conveniently via bank transfer or SEPA direct debit.
- Investing
Choose a fund, enter your amount and invest directly in private markets.
“NAO democratizes long-term wealth creation and expands investment options.
Steffen Hetzel
C-Suite in Tech (lawpilots, bitly) | Angel Investor & Advisor
Why did the investment team choose these Private Credit funds?
Private credit is an exciting addition to an “equity-only” portfolio. Investments in this area of the capital structure, in debt capital, offer access to predictable income and a completely different return profile. Our investment team has selected two funds that cover different strategies within this asset class: a broadly diversified approach and a specialized focus on European corporate loans.
BNP Paribas AM: In order to invest broadly in personal loans, we offer the “Diversified Private Credit Fund” in collaboration with BNP Paribas Asset Management. The fund combines corporate loans, infrastructure loans and real estate loans - three segments that together can result in an exciting risk/reward profile. BNP Paribas AM is one of Europe's largest asset managers and has the appropriate experience and deal flow to build up a broad and stable loan portfolio in all three areas. These three focal areas allow the portfolio to be adjusted quite dynamically based on the market situation, which should reduce credit risk.
Muzinich: To invest in corporate loans, we opted for the impressive niche player Muzinich. Muzinich is not a large universal bank, but a specialized investment boutique that has been active exclusively in the credit market for over 35 years. The assets under management of over 40 billion US dollars were built up solely through expertise in public and private corporate loans. This focus results in an outstanding positioning in the credit markets and unique access to exciting transactions. Compared to other industries, Muzinich therefore not only shows higher returns, but also lower risks, i.e. debt levels among fund borrowers.
The European Private Credit ELTIF offered by us focuses on top-tier secured direct loans to European SMEs - a segment that has historically lower default rates than other segments and offers equity-like returns of historically over 8% in euros. 35 local investment experts in eight European branches ensure that Muzinich is close to the companies they lend to.
Robin Binder - Founder & CEO