Earn passive income from leading private credit funds.

Get one simple account with exposure to 12+ fund managers and 3,000+ loans.

Why private credit?

Private credit, which is non-bank lending to private companies, has delivered 11.0% annualized returns over the past 30 years, outperforming stocks at 10.7% with lower volatility.

Historically higher returns than bonds

Typically lower volatility than stocks

Potential for consistent monthly income

Talk to a member of our team

Heron’s diversified private credit strategies.

Conservative

Historical return after fees

8.3%

Average monthly interest

9.5%

Strategy focus

Offers greater diversification and lower risk through exposure to lower interest rate loans.

Moderate

Historical return after fees

9.5%

Average monthly interest

9.7%

Strategy focus

Balances diversification and increased return potential across loans with varying interest rates.

Aggressive

Historical return after fees

11.2%

Average monthly interest

10.9%

Strategy focus

Aims to deliver extra returns through increased exposure to higher interest rate loans.

	Conservative	Moderate	Aggressive
Historical return after fees	8.3%	9.5%	11.2%
Average monthly interest	9.5%	9.7%	10.9%
Strategy focus	Offers greater diversification and lower risk through exposure to lower interest rate loans.	Balances diversification and increased return potential across loans with varying interest rates.	Aims to deliver extra returns through increased exposure to higher interest rate loans.

See the funds in each strategy

Allocation

KKR FS Income Trust

14.3%

KKR FS Income Trust (KFIT) seeks to generate current income by primarily investing in senior secured loans. The fund aims to invest (i) at least 60% of its total assets in first lien, senior secured loans of private middle-market U.S. companies, (ii) up to 30% of its total assets in non-corporate lending opportunities within the private asset-based finance sector, and (iii) to a lesser extent, in subordinated loans of private U.S. companies. The fund is jointly managed by KKR and FS Investments.

$117B

AUM

+20 years

Track record

8.9

Quality score

12.52%

Returns

4.71%

Premium to benchmark

Stellus Private Credit BDC

13.7%

Stellus Private Credit BDC (SPCB) originates and invests primarily in lower middle-market companies in the U.S. These companies generally have EBITDA between $5 million and $50 million. SPCB seeks to invest in businesses with strong operating and financial fundamentals, high quality management teams, sustainable competitive advantages and the ability to deleverage over the investment hold period through high levels of free cash flow generation. The fund is actively managed by Stellus, which has been focused on direct lending since the mid-2000s.

$4B

AUM

+13 years

Track record

7.8

Quality score

12.52%

Returns

0.90%

Premium to benchmark

PGIM Private Credit Fund

10.5%

PGIM Private Credit Fund (PGIM) seeks to generate current income and, to a lesser extent, long-term capital appreciation. PGIM primarily invests in privately placed floating rate leveraged debt, including, but not limited to, senior secured, first lien, debt issuances in middle market companies primarily in the U.S., as well as up to 30% of its total assets in investments in other countries (primarily Canada, Europe, Australia and Latin America). The fund is actively managed by PGIM Private Capital, with over $100 billion in credit AUM and an established direct-lending track record since 2000. PGIM Private Capital is part of Prudential's investment management business, which is one of the top 10 largest asset managers worldwide, managing more than $1 trillion of assets.

$8B

AUM

+25 years

Track record

8.6

Quality score

13.63%

Returns

3.84%

Premium to benchmark

Apollo Debt Solutions BDC

8.7%

Apollo Debt Solutions BDC (ADS) focuses on senior secured large corporate direct origination, broadly syndicated loans, and, to a lesser extent, middle market direct lending. While most BDCs concentrate on middle market lending, ADS focuses predominately on large-cap origination. Apollo believes investing in large-scale corporations comes with distinct advantages: it creates a more sustainable product, avoids a fragmented middle market that can often lead to price compression, and potentially reduces risk because the entities involved are typically more stable. Apollo is considered the largest global alternative credit manager.

$288B

AUM

+17 years

Track record

8.8

Quality score

8.51%

Returns

-0.04%

Premium to benchmark

T. Rowe Price OHA Select Private Credit Fund

8.4%

T. Rowe Price OHA Select Private Credit Fund (OCREDIT) seeks to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on downside protection. OCREDIT invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. To a lesser extent, OCREDIT also invests in equity interests, which generally would be obtained as part of providing a broader financing solution. While most of its investments are in U.S. companies, from time to time, OCREDIT also expects to invest in European and other non-U.S. companies. The fund is actively managed by Oak Hill Advisors, which has been making private credit investments for more than two decades. Oak Hill Advisors is part of T. Rowe Price's $1+ trillion asset management platform.

$53B

AUM

+23 years

Track record

8.1

Quality score

7.61%

Returns

-0.63%

Premium to benchmark

Ares Strategic Income Fund

7.4%

Ares Strategic Income Fund (ASIF) seeks to generate current income, the potential for capital appreciation, and attractive risk-adjusted returns through market cycles. ASIF primarily invests in directly originated, senior secured, floating rate loans to U.S. companies. The fund is actively managed by Ares, one of the most experienced private credit firms in the world.

$301B

AUM

+21 years

Track record

8.3

Quality score

10.13%

Returns

0.91%

Premium to benchmark

HPS Corporate Lending Fund

7.1%

HPS Corporate Lending Fund (HLEND) seeks to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. HLEND's investment strategy focuses primarily on newly originated, privately negotiated senior credit investments in high-quality, established upper middle market companies and, in select situations, companies in special situations. While HLEND's strategy primarily focuses on companies in the U.S., the fund also intends to HPS's global presence to invest, to a lesser extent, in companies in Europe, Australia and other locations outside the U.S. HLEND also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds to maintain liquidity. The fund is actively managed by HPS, which was established in 2007 as a unit of Highbridge Capital, a subsidiary of J.P. Morgan Asset Management. In 2024, BlackRock and HPS entered into a definitive agreement for BlackRock to acquire HPS.

$184B

AUM

+25 years

Track record

8.0

Quality score

9.03%

Returns

-0.54%

Premium to benchmark

Golub Capital Private Credit Fund

6.8%

Golub Capital Private Credit Fund (GCRED) primarily targets borrowers in the middle market and upper middle market. GCRED intends to focus on resilient companies in growing, non-cyclical sectors it believes can perform in various market environments. The fund seeks to lend to companies that are market leaders with diversified revenue sources and loyal customer bases. GCRED is actively managed by Golub, which is a true pioneer in private credit, having been making loans since the mid-1990s.

$82B

AUM

+31 years

Track record

8.3

Quality score

9.96%

Returns

0.61%

Premium to benchmark

TPG Twin Brook Capital Income Fund

6.8%

TPG Twin Brook Capital Income Fund (TCAP) invests principally in privately originated senior secured loans to U.S. middle market companies. TCAP's origination strategy focuses on private equity-backed middle market companies with revenue generally under $500 million. The fund is actively managed by TPG Angelo Gordon, a diversified credit and real estate investing platform that was acquired by TPG in 2023. TPG, founded in 1992, is a leading global alternative investment firm with over $200 billion in AUM.

$99B

AUM

+19 years

Track record

8.8

Quality score

10.59%

Returns

2.00%

Premium to benchmark

Antares Private Credit Fund

6.6%

Antares Private Credit Fund (ABDC) seeks to generate primarily current income by focusing on private credit investments structured as senior secured loans to U.S. borrowers. These loans are generally expected to have an average contractual term of five to seven years, with an expected life typically between three to four years. To a lesser extent, ABDC’s portfolio has a small allocation to more-liquid credit investments such as broadly syndicated loans and corporate bonds, primarily for cash management purposes. ABDC is actively managed by Antares Capital, one of the most experienced private credit managers in the world. At its founding in 1996, Antares was backed by MassMutual. In 2005 it was sold to GE Capital. In 2015, it was sold to CPP Investments, one of the largest pension funds in the world.

$77B

AUM

+29 years

Track record

8.9

Quality score

10.40%

Returns

2.29%

Premium to benchmark

Crescent Private Credit Income Corp

6.4%

Crescent Private Credit Income Corp (CPCI) seeks to generate current income and, to a lesser extent, long-term capital appreciation through debt and related equity investments. CPCI invests primarily in directly originated assets, with a focus on first lien senior secured loans (including unitranche loans). CPCI's primary focus is to invest in companies with EBITDA of $35 million to $120 million; however, the fund may invest in larger or smaller companies. The fund is actively managed by Crescent, which is one of the most experienced private credit firms in the U.S., having been making middle market loans since the early 1990s.

$36B

AUM

+33 years

Track record

8.4

Quality score

11.91%

Returns

0.93%

Premium to benchmark

Monroe Capital Income Plus Corp

3.1%

Monroe Capital Income Plus Corp (MCIP) is focused on providing financing solutions primarily to lower middle-market companies in the U.S. and Canada. MCIP seeks to generate attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets. The fund is actively managed by Monroe Capital, which was founded in 2004, is headquartered in Chicago, and currently maintains 10 offices across the U.S. and Asia.

$17B

AUM

+19 years

Track record

7.8

Quality score

10.30%

Returns

-1.06%

Premium to benchmark

Historical performance of funds on Heron.

Cumulative return

Private credit funds on Heron

35.2%

High yield bonds (HYG)

22.9%

Treasuries (TLT)

-16.5%

Real estate (VNQ)

6.4%

Invest with confidence.

SEC

Registered

Heron Finance is an SEC-registered investment advisor.

$1.5 trillion

Aggregate manager AUM

Exposure to managers that oversee some of the world's largest private market funds.

<0.5%

Low realized loss rates

Highest quality funds chosen for their industry-leading low loss rates.

20+ years

Avg manager track record

Private market managers with experience navigating market cycles.

SEC

Registered

Heron Finance is an SEC-registered investment advisor.

$1.5 trillion

Aggregate manager AUM

Exposure to managers that oversee some of the world's largest private market funds.

<0.5%

Low realized loss rates

Highest quality funds chosen for their industry-leading low loss rates.

20+ years

Avg manager track record

Private market managers with experience navigating market cycles.

Your questions answered.

See our help center

$5000 minimum investment.

Significantly lower than any of the underlying funds.

1% annual management fee.

Simple flat rate, already deducted in returns shown.

Request to sell at any time.

We aim to fulfill requests within one quarter. View the full redemption policy.

We support tax advantaged accounts like IRAs and 401ks.

Heron has partnered with AltoIRA to make this very easy. If you have an existing IRA or 401(k) account, you can transfer funds for free, or you can deposit cash through Alto. For more information, see our help center article here.

In Heron's private credit strategies, there are thousands of loans, loan defaults are rare, and most of our loans are first in line for repayment.

When you open a private credit portfolio with Heron, you gain exposure to multiple high-quality funds with over 3000 loans. These loans are 95% or more first lien. First lien debt holders are paid back before all other debt holders making the chance of a loss very low. And if one loan does have a loss, your Heron portfolio has over 3000 more loans, providing protection from a high level of diversification. Read our article to learn more about our approach to risk mitigation.

In the unlikely event that Heron goes out of business, your money is safe.

To start, we don't plan to go out of business! We are backed by large institutional investors, generating revenue, and maintaining an ample runway. As any business should, we maintain a continuity plan.

In the highly unlikely event that we did wind down the business, your money is still safe. At a high level, here's what you need to know and how it would wind down:

All LP shares of funds are held in a separate, bankruptcy-remote legal entity from the one that we use to run our day-to-day operations. Second, Heron Finance works with a qualified custodian, Inspira, that custodies said LP shares.
In the event that Heron Finance's operating entity were to shut down, we would submit redemption requests to all of the funds.
Then that separate holding entity and Inspira would work to identify a backup service provider that could manage the redemptions and work to facilitate the return of your capital.

Heron is available to US accredited investors. See what is required to qualify.

Anyone automatically qualifies as an “accredited investor” if they meet just one of the following criteria:

Income: Individual income of $200,000, or joint (with a spouse or partner) income of $300,000 for the two prior years, with the same anticipated in the current year
Net Worth: Individual or combined (with a spouse or partner) net worth of $1 million or greater, excluding your primary residence
Exam: A Series 7, 65, or 82 in good standing

You can verify your status as an accredited investor as a part of our sign-up process. The documents you need will depend on the method of verification. You only need to verify via one of the following:

Income verification: Connect your payroll provider, or upload W-2s, K-1s, 1099s, paystubs, or tax returns to verify your income
Net worth verification: Bank statements, brokerage statements, securities holdings statements, certificates of deposit, tax assessments, or appraisal reports (Note: when you use the net worth verification, we pull a “soft” credit report that will not impact your credit score.)
3rd party letter: A letter from an attorney or accountant testifying that you are accredited

To learn more about how to become accredited, see our article: 4 Easy Steps to Becoming an Accredited Investor.

Returns represent overall performance, including interest and net changes in principal (accounting for any appreciation/depreciation).

Interest typically represents the primary source. When a fund appreciates or depreciates, it reflects the changing market value of the fund's underlying assets. Month over month fluctuations are normal. This does not affect interest payments. Fund appreciation/depreciation is expected and is factored into all estimated returns.

See our help center

Learn more

See our blog

Portfolio diversification beyond stocks and bonds: the value of private credit

With global stock and bond markets facing ongoing uncertainty, investors are looking to other asset classes for income and diversification.

How private credit can help investors weather volatile markets

See how private credit has historically performed during market volatility.

Why private credit covenants matter for investors: a Q&A with FS Investments

In this Q&A with FS Investments, we explore how private credit loan covenants aim to protect investors.

Portfolio diversification beyond stocks and bonds: the value of private credit

With global stock and bond markets facing ongoing uncertainty, investors are looking to other asset classes for income and diversification.

How private credit can help investors weather volatile markets

See how private credit has historically performed during market volatility.

Why private credit covenants matter for investors: a Q&A with FS Investments

In this Q&A with FS Investments, we explore how private credit loan covenants aim to protect investors.

See our blog

Get your private market portfolio recommendation.

10.2% average client return after fees

Up to 10,000+ assets in each portfolio

16+ highly ranked private market funds

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White-glove support at every step.

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Charts, images, and other visual materials are for illustrative purposes only and should not be considered individualized investment advice. The strategies shown may not be suitable for all investors.

The information on this website does not constitute an offer to sell securities or a solicitation of an offer to buy securities. Further, none of the information contained on this website is a recommendation to invest in any securities or a recommendation of any interest in any investment offered by Warbler Labs, Inc. or any of its subsidiaries (collectively, “Warbler”).

Any financial forecasts or financial returns, whether in the form of interest or appreciation displayed on this website are for illustrative purposes only and are not a guarantee of future results. Private credit investments are subject to credit, liquidity, and interest rate risk. In the event of any default by a borrower, you will bear a risk of loss of principal and accrued interest on such loan, which could have a material adverse effect on your investment. A borrower may default for a variety of reasons, including non-payment of principal or interest, as well as breaches of contractual covenants. Credit risks associated with the investments include (among others): (i) the possibility that earnings of a borrower may be insufficient to meet its debt service obligations; (ii) a borrower's assets declining in value; and (iii) the declining creditworthiness, default, and potential for insolvency of a borrower during periods of rising interest rates and economic downturn.

Any investment target return presented here is intended for informational purposes only and does not guarantee future performance or results. This model assumes no variability, including no loan defaults, fluctuations in interest rate, customer withdrawal requests, late payments, or penalties, and our management fees have remained unchanged throughout this projection. Please be aware that all investment involves inherent risks, and past performance is not indicative of future outcomes. Customers are advised to consult their own legal and tax advisers regarding their specific circumstances and needs. We do not accept any liability for any loss or damage arising from the use of this information or for any actions taken based on this information without seeking professional advice.

Private equity investments involve a high degree of risk, including the potential loss of the entire investment, illiquidity, long holding periods, limited transparency, and sensitivity to economic and market conditions. Diversification does not ensure a profit or protect against loss, and past performance is not indicative of future results. Comparisons to individual private funds, public markets, institutional portfolios, or other benchmarks are provided for illustrative purposes only. These may not represent a direct comparison, may rely on data reported by third-party managers, and may reflect differing methodologies, time periods, or investment universes. Data from underlying fund managers may be subject to reporting lag, estimation, or revision.

No communication by Heron or any of its affiliates through this website should be construed or is intended to be investment, tax, financial, accounting, or legal advice. Heron Advisory, Inc., d.b.a. Heron Finance is an SEC-registered investment advisor (RIA). Such registration should in no way imply that the SEC has endorsed the entities, products or services discussed herein.