Earn passive income from leading private credit funds in one simple account.
8.8% annualized return after fees
Performance
3,000+ loans
Diversification
12 established fund managers
Quality
Automated portfolios with white-glove support.
Take a short quiz and get a private credit portfolio recommendation
Invest and start earning from 12+ funds with 3,000+ loans
Options for monthly income payments or automatically reinvest your earnings
Optional 1:1 support, every step of the way
Why invest in 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
Heron’s diversified private credit strategies.
Historical performance since the inception of each strategy and returns are shown after fees
Conservative
Annualized return
8.3%
Monthly interest
0.8%
Strategy focus
Offers greater diversification and lower risk through exposure to lower interest rate loans.
Moderate
Annualized return
9.5%
Monthly interest
0.8%
Strategy focus
Balances diversification and increased return potential across loans with varying interest rates.
Aggressive
Annualized return
11.2%
Monthly interest
0.9%
Strategy focus
Aims to deliver extra returns through increased exposure to higher interest rate loans.
Conservative | Moderate | Aggressive | |
|---|---|---|---|
| Annualized return | 8.3% | 9.5% | 11.2% |
| Monthly interest | 0.76% | 0.77% | 0.87% |
| 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
Coller Private Credit Secondaries
<0.01%
Coller Private Credit Secondaries (CPCS)'s investment objective is to provide long-term investment returns by investing primarily in an actively managed portfolio of private credit assets. CPCS provides exposure to a variety of investment types that include investments in existing or newly formed private credit funds managed by unaffiliated asset managers, investments in direct-lending assets issued primarily by private companies, and co-investments. The portfolio is expected to hold primarily senior secured, performing private credit assets; exposure to non-performing debt, junior tranches of structured products, and emerging market investments will be limited. CPCS's returns are expected to comprise a combination of capital gains, predominately from acquiring assets at a discount, and contractual interest, providing a cash yield to investors. CPCS is managed by Coller Capital, which was founded in 1990 and is one of the world's leading investors in the secondaries market for private assets. The firm began investing in private credit secondaries during the significant credit market dislocation which followed the bankruptcy of Lehman Brothers in 2008. In 2022, Coller Capital launched what was then the world's largest dedicated private credit secondaries fund. Today Coller Capital has a global team of approximately 331 people working from 11 offices worldwide, including 77 investment professionals which is one of the largest secondaries investment teams in the world.
$7B
AUM
+18 years
Track record
8.0
Quality score
7.64%
Returns
T. Rowe Price OHA Select Private Credit Fund
2.9%
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
+24 years
Track record
8.4
Quality score
6.91%
Returns
Ares Strategic Income Fund
3.0%
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.
$331B
AUM
+22 years
Track record
8.4
Quality score
7.36%
Returns
Apollo Debt Solutions BDC
3.2%
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
+18 years
Track record
8.7
Quality score
7.01%
Returns
Crescent Private Credit Income Corp
4.5%
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.
$37B
AUM
+34 years
Track record
8.7
Quality score
8.11%
Returns
Golub Capital Private Credit Fund
4.8%
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.
$88B
AUM
+22 years
Track record
8.3
Quality score
7.18%
Returns
Monroe Capital Income Plus Corp
6.8%
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
+20 years
Track record
7.7
Quality score
4.27%
Returns
Stellus Private Credit BDC
7.5%
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
+14 years
Track record
7.8
Quality score
10.38%
Returns
HPS Corporate Lending Fund
9.2%
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.
$233B
AUM
+26 years
Track record
8.2
Quality score
8.15%
Returns
Antares Private Credit Fund
14.3%
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
+30 years
Track record
8.7
Quality score
8.47%
Returns
TPG Twin Brook Capital Income Fund
14.6%
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.
$29B
AUM
+12 years
Track record
9.0
Quality score
10.26%
Returns
PGIM Private Credit Fund
21.6%
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
+26 years
Track record
9.0
Quality score
12.72%
Returns
Other funds
7.5%
Create an account to see all funds See funds
Compare Heron's private credit to other asset classes.
Data reflects performance of private credit funds on Heron after fees
Annualized return
Private credit funds on Heron
8.8%High yield bonds (HYG)
5.3%Real estate (VNQ)
1%Treasuries (TLT)
-5.1%Invest with confidence.
SEC Registered
Heron Finance is an SEC-registered investment advisor.
Institutional access
Heron Finance provides individual investors access to institutional pre-IPO stock deals.
Backed by the best
The team behind Heron is backed by leading VCs including Andreessen Horowitz.
“As an economist, I value diversification. The returns have been very good and Heron Finance is now part of my long term financial strategy.”
Alex Tabarrok
Chair in Economics, George Mason University
“After 20+ years at Google, the consistent income that Heron provides has helped support my transition to teaching, a lifelong passion of mine.”
Matt Waddell
STEM Educator, founder, ex-Google product leader
“Hands down, the smartest way to invest in Private Credit!
Heron Finance checks all the boxes if you're looking to invest in Private Credit! According to your risk profile, you get a diverse mix of some of the worlds largest private credit funds managed by experienced professionals with a proven track record of success. That coupled with each funds inherent protection of predominately First Lien loans, use of covenants and low market correlation, along with Heron's added liquidity and ease of onboarding, and all for a very reasonable fee, make this such a wonderful investment vehicle. Though you do need to be an "Accredited Investor", their minimum investment is only $10,000 and you do not need an Investment Advisor to participate! Add to that you'll get direct access to Blake, Mike, Khang (all brilliant people) and the rest of the team who've been exceptionally responsive along the way so far! Highly Recommend!”
Steven Moss
From Trustpilot
“Finally a platform for retail to invest in private credit.
Super easy to sign up and safe platform. I used to work in this industry and would have loved to invest in private credit but it has always been a market only for institutional buyers until Heron. They like a robo advisor for private credit. Why private credit? You get strong returns for lower risk compared to stocks and bonds.”
Jose
From Trustpilot
“Easy diversification, full transparency and control
Easy onboarding, easy diversification, full transparency and control over how to allocate your funds. If I want to add more money, I can just do it myself, don't need to fill out forms or pay wire transfer fees like I do with other private credit funds.”
Oleg
From Trustpilot
“Great Platform to invest with.
Finally a company that brings private credit investing to the retail investor! They are great to work with and now I can diversify my portfolio with greater returns than traditional high yield savings and bonds.”
John McKee
From Trustpilot
Testimonials are based on unique experiences from current clients and are not representative of all client experiences. No cash or non-cash compensation has been provided.
Your questions answered.
1% annual management fee.
+ 5% transaction fee on pre-IPO strategies. All returns are shown with fees already deducted.
Request to sell at any time.
We aim to fill requests within one quarter for funds and as the market allows for pre-IPO companies. View our redemption policy.
$10,000 minimum investment.
At Heron, an initial $10,000 deposit will give you exposure to thousands of private market assets.
Does Heron 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.
How does Heron mitigate risk of loan defaults in private credit strategies?
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.
What happens to my investment in the unlikely event that Heron goes out of business?
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. How do I 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.
What is the advantage of investing in pre-IPO companies through Heron?
Heron offers several key advantages over a traditional secondary marketplace or a fund:
- End-to-end management. Once you select your strategy and make a deposit, as a robo-advisor, we manage the entire investing process for you. We keep up with inventory across many brokers and marketplaces, manage the bids and offers, and sign documents and help with all of that in reverse when you're ready to sell. We turn what can be a multi-week process to buy shares in a single company into a simplified process that gives you exposure to multiple companies
- Automated, diversified strategies. Compared to manually buying shares of pre-IPO companies, Heron offers ways to get themed access to many companies at once via pre-built strategies, and we will update that list over time automatically.
- Access to institutional deals. As a qualified purchaser (> $25M in investable assets), Heron Finance provides individual investors exposure to institutional pre-IPO company deals that simply won't show up on the marketplaces, or would come with very high minimums.
- Investment minimum. At Heron, you gain exposure to multiple private companies for a single $10,000 investment compared to $5,000 to $1 million+ per company when you buy individual pre-IPO company shares on marketplaces.
How do investing timelines work at Heron Finance?
- Heron (as of Jan 2026) makes investments monthly (because that's what almost all the underlying funds do). This means clients can deposit at any time, and then once per month, we batch together what we have received and invest in the appropriate funds to match client demand.
- In order to simplify all the requirements of the underlying funds, banks, and custodians, your money must land with us by roughly the 15th of each month (give or take a couple days, depending on how the calendar falls. The actual day will be messaged in the app). We do have same-day ACH, but you should target sending at least 1 business day early to be safe.
- Interest for any given month does not hit your account until 2-8 weeks after the end of a given month, depending on your distribution preferences. In rare cases it could be longer.
- We distribute dividends in batches twice / month for whatever we have received since the last distribution. Typically on the 8th and the 21st of each month.
Can I invest in a pre-IPO company strategy and private market fund strategies in one Heron account?
Yes, all strategies and asset classes can easily be invested in through one single Heron account.
Learn more
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.
Get your private market portfolio.
9.6% average client return after fees
Up to 10,000+ assets in each portfolio
25+ private market funds and 50+ pre-IPO companies
White-glove support at every step.
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Ask support questions before you invest
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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.
Investing in private, pre-IPO companies involves significant risk and is not suitable for all investors. These investments are generally illiquid, may be difficult to value, may be subject to transfer restrictions, and may result in the loss of some or all of your investment. Any information provided is for informational purposes only and should not be viewed as investment, legal, or tax advice or as a recommendation to buy or sell any security. Past performance, estimated valuations, company growth, or secondary market pricing are not indicative of future results. Pre-IPO companies are privately owned and not all private companies will experience an IPO or other liquidity event.
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.