Muzinich and Nao Partner to Open Private Credit Fund to Retail Investors

The US fund management company Muzinich has entered into a partnership with the Berlin-based fintech company Nao. German and Austrian investors can invest in the Muzinich European Private Credit Eltif via the digital platform. The fund is available starting at €1,000.

The Eltif primarily invests in secured corporate loans of European mid-caps. The strategy combines 85 percent private debt investments with 15 percent liquid high-yield components. The fund focuses on senior secured loans of European mid-caps from the real economy.

Evergreen funds with monthly liquidity windows from Muzinich

The Eltif complies with the EU regulation updated in 2024 and operates as an evergreen fund with monthly liquidity windows and no minimum holding period. Muzinich also specifically targets private asset managers and private investors with the Eltif.

“Previously, private lending was reserved exclusively for sophisticated institutional investors; now it is opening up to a broader investor base,” explained Clemens Bertram, Head of Wholesale Sales at Muzinich. Two factors contributed to this: evergreen strategies without capital calls and the improved Eltif regulation.

Private credit as an alternative to traditional investments

Bertram sees the cooperation as a strategic step: “We are convinced that this partnership can provide access to strategies that differ from traditional fixed-income or equity offerings.”

Nao founder and managing director Robin Binder says Muzinich fits the fintech’s product offering. The European Private Credit Eltif pursues “a pure corporate private debt strategy” and complements the existing private debt offering, “since the strategy offered so far also includes lending for infrastructure and real estate projects.”

According to a Scope analysis, private debt strategies already account for one-third of the European Eltif market volume. The overall market grew by 38 percent to €20.5 billion in 2024.

Muzinich has been active as a credit specialist for over 35 years and manages over $38 billion. Nao is a Berlin-based fintech that provides private investors with access to institutional investment strategies via a mobile app.

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(Featured image by Adeolu Eletu via Unsplash)

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