The Fund delivered +1.03% in November, 14.20% over 12 months and 14.68% annualised since inception, continuing to deliver over 10% net return above the RBA cash rate.
As we approach the end of 2025, the Fund remains well placed, with performance continuing to reflect disciplined deployment, controlled cash levels and the strong contribution of asset-backed transactions across the portfolio. Activity from counterparties has remained consistent, and we continue to see high engagement from lenders seeking long-term, strategic funding partners.
Structure, Discipline and Measured Deployment
2025 has been a year defined by rising competition in credit, a more discerning regulatory environment and heightened scrutiny around valuation and income recognition across the market. Against this backdrop, the Fund has maintained a clear and consistent stance: prioritise structure, control and counterparty quality over scale or speed of deployment.
A number of transactions completed throughout the year highlight this approach. Several facilities were upsized as our familiarity with issuers deepened, while others progressed through extended structuring and negotiation phases before meeting the Fund’s standards. This approach - gaining comfort, building conviction, and scaling over time - has remained central to managing risk and return in an environment where headline yields alone are not a reliable guide of underlying quality.
Market Conditions
Stronger competition for simpler, more commoditised assets persisted through 2025, supported by record inflows into both public and private credit strategies. By contrast, the Fund’s focus on more complex, less intermediated transactions has continued to present attractive opportunities, reaffirming the value of genuine structuring capability and transparent credit processes - features that have long underpinned the Fund.
Looking Ahead to 2026
We enter the new year with a constructive but measured outlook. The pipeline remains healthy, and we are progressing preliminary discussions and early stage due diligence on a select number of more substantial opportunities. While still in formative stages, these may create pathways for additional deployment in 2026.
Any decision to reopen the Fund will continue to be guided by transaction availability and the ability to deploy capital into opportunities that meet our risk and return requirements. At present, the Fund remains closed to new and existing investors.
