The Private Credit segment delivered a distinct performance profile over the period, shaped by a combination of macro influences, fund‑specific positioning, and the evolving risk appetite across markets. Manager outcomes varied meaningfully, as differences in exposure, yield strategies, and defensive allocations created a wide dispersion of performance within the category.
Income generation continues to be a central anchor for this segment, with the group averaging a yield of 8.46%. This steady income base supported total‑return outcomes for many funds, particularly those positioned toward high‑quality assets or segments with consistent payout histories. Funds with higher yield profiles often benefitted from strong underlying cashflows, while lower‑yielding peers tended to emphasise capital‑growth opportunities or more conservative portfolio structures.
Short‑term performance trends, reflected in the 1‑Year CAGR average of 8.83%, were influenced by sector rotation, changes in rate expectations, and broader macro shifts. Managers with tactical agility and selective exposure management captured near‑term opportunities more effectively. The longer‑term perspective, demonstrated by the 5‑Year CAGR average of 7.60%, shows the cumulative advantage of disciplined portfolio construction, robust risk controls, and alignment with structural market trends.
Risk behaviour remained a defining characteristic in the period. The average max drawdown of -0.29% highlights how market volatility affected certain strategies more than others. Funds with diversified exposures, downside protection, and well‑managed factor risks preserved capital more effectively during stress periods. In contrast, strategies with concentrated or higher‑beta exposures displayed deeper drawdowns, underscoring the importance of risk‑adjusted allocation frameworks.
Across the Private Credit universe, the overall narrative points to an environment where manager skill, structural yield support, and effective risk oversight played decisive roles in shaping outcomes. The segment continues to offer a balanced mix of stability and return potential, but dispersion across managers highlights the need for selective allocation. As markets remain sensitive to global policy direction and credit conditions, well‑positioned funds within Private Credit may continue to benefit from favourable yield spreads and measured risk exposure.
Looking ahead, the category is expected to maintain its relevance for investors seeking dependable income and resilient long‑term return profiles. The interplay between yield opportunities, macro cycles, and portfolio construction discipline will remain the key differentiator among managers.
| APIR Code | Fund Name | AUM ($m) | Mgnt Fee | 1-Yr CAGR% | 3-Yr CAGR% | 5-Yr CAGR% | Volatility | Max Drawdown 5y | Sharpe (5y) | Launch Date | Yield | Fund Type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FRM9005AU | Alceon Debt Income | 1.54 | 9.11 | 9.46 | 8.86 | 1.69 | -1.82 | 3.11 | 01/10/19 | 8.86 | Offshore Regulated | |
| ATX2244AU | AltX Credit C1 Dis AUD | 1.75 | 8.96 | 26/04/24 | 8.5 | Other Offshore Funds | ||||||
| HOW7354AU | Ares Diversified Credit Class I | 1730.3 | 0 | 8.93 | 9.73 | 17/12/20 | 8.6 | Offshore Regulated | ||||
| AUG4961AU | Australian Ethical Infrastructure Debt Dis AUD | 37.3 | 0.35 | 7.5 | 01/02/24 | 7.49 | Other Offshore Funds | |||||
| AVA5801AU | Avari Private Loan Income | 428.1 | 9.97 | 10.59 | 01/05/21 | 9.46 | Offshore Regulated | |||||
| CMC2251AU | Balmain Opportunity Trust A | 2374 | 1.6 | 9.65 | 8.95 | 8.43 | 0.25 | 0 | 19.32 | 01/04/18 | 9.24 | Offshore Regulated |
| PER7447AU | Capital Prudential Real Estate Income Opportunity | 0.4 | 10.48 | 01/08/23 | 10.82 | Offshore Regulated | ||||||
| BSS8714AU | Centuria Bass | Other Offshore Funds | ||||||||||
| HOW5500AU | Challenger IM Credit Income Fund Class | 960 | 0.35 | 7.68 | 8.35 | 6.31 | 1.26 | -0.61 | 2.15 | 03/10/17 | 6.45 | Offshore Regulated |
| HOW1472AU | Challenger IM Multi-Sector Private Lending | 1264.5 | 0.55 | 8.19 | 9.02 | 03/02/20 | 6.64 | Offshore Regulated | ||||
| HOW9739AU | Challenger IM Private Lending Opportunities Class F | 202 | 0.75 | 8.06 | 12.58 | 17/12/20 | 10.69 | Offshore Regulated | ||||
| CVS7241AU | CVS Lane Property Finance A Dis AUD | 0.5 | 10.66 | 9.65 | 9.04 | 0.73 | -0.2 | 7.45 | 23/12/15 | 10.1 | Offshore Regulated | |
| PIM4938AU | Hamilton Lane Senior Credit Opportunities Hedged | 91 | 1.25 | 8.11 | 17/07/24 | Offshore Regulated | ||||||
| LTC8436AU | La Trobe US Private Credit Trust A Wholesale AUD | 284.9 | 0.75 | 7.15 | 15/12/23 | 8.75 | Offshore Regulated | |||||
| MAA7333AU | MA Secured Loan Series A | 2181 | 0.85 | 8.68 | 9.15 | 8.06 | 0.39 | 0 | 11.44 | 19/12/19 | 8.23 | Offshore Regulated |
| MAA6243AU | MA Secured Real Estate Income AUD | 51.7 | 1.03 | 8.34 | 8.95 | 01/05/21 | 8.09 | Offshore Regulated | ||||
| MXC6343AU | MaxCap Investment Trust First Mortgage Dis AUD | 869.3 | 1.1 | 10.59 | 01/03/23 | 9.04 | Offshore Regulated | |||||
| MXC6934AU | MaxCap Investment Trust High Yield Dis AUD | 0 | 1.3 | 11.96 | 01/03/23 | 10.93 | Offshore Regulated | |||||
| PER7697AU | MCP Real Estate Debt | 3278.4 | 0.2 | 11.1 | 11.13 | 9.48 | 0.59 | 0 | 9.97 | 05/10/17 | 10.37 | Offshore Regulated |
| TCA3906AU | MCP Wholesale Investments Trust | 6383.1 | 0 | 7 | 5.83 | 4.38 | 1.15 | -0.23 | 0.68 | 05/10/17 | 6.75 | Offshore Regulated |
| MER0001AU | Merricks Capital Partners Dis AUD | 1102 | 0.25 | 7.28 | 8.59 | 8.63 | 0.73 | -0.57 | 6.89 | 01/01/17 | 8 | Offshore Regulated |
| PER0746AU | Metrics Credit Partners Diversified Australian Senior Loan | 7042 | 0.3 | 7.8 | 8.47 | 6.63 | 0.65 | 0 | 4.66 | 03/06/13 | 7.45 | Offshore Regulated |
| EVO2608AU | Metrics Direct Income | 2926.6 | 0.21 | 8.34 | 8.93 | 7.42 | 0.66 | 0 | 5.79 | 01/07/20 | 8 | Offshore Regulated |
| Metrics Metrics Master Income Trust | 2445.8 | 0.21 | 7.41 | 8.43 | 6.91 | 0.62 | 0 | 5.34 | 26/09/17 | 7.12 | Offshore Regulated | |
| PCL1389AU | Pengana Global Private Credit SMA A Inc AUD | 0.9 | 24/09/24 | 3.7 | Offshore Regulated | |||||||
| PIC2634AU | PIMCO Private Diversified Lending | 6.06 | 30/09/23 | 7.79 | Other Offshore Funds | |||||||
| MSC8502AU | Remara Private Credit Income A Dis AUD | 198.9 | 0.5 | 12.52 | 12.96 | 01/08/22 | 11.5 | Offshore Regulated | ||||
| SPI0001AU | Spire Wholesale Alternative Income No.1 | 9.9 | 09/11/15 | Other Offshore Funds | ||||||||
| TGY0003AU | Trilogy Monthly Income Trust | 991.8 | 0.96 | 7.88 | 7.94 | 7.06 | 0.34 | 0 | 10.18 | 01/02/07 | 7.48 | Offshore Regulated |
| WGT7019AU | Wingate Property Senior Debt Feeder Dis AUD | 8.9 | 8.5 | Other Offshore Funds |
Please note: Historic yield figures will only be provided for funds with at least 12 months