The governance, valuation and transparency framework behind our private credit funds, and the standards we hold ourselves to. Click here to download the full report.

Not all collateral risks are created equal. In this edition Mick Wright-Smith unpacks why enterprise value – grounded in real M&A transactions and resilient cash flows – can be just as robust as property security, particularly for investors seeking diversified income beyond a single bet on real estate cycles.

You may have seen recent headlines showing U.S. business development companies (BDCs) and private credit managers struggling with software exposure, with many trading well below reported NAVs as investors reassess credit quality and loan valuations tied to the tech/SaaS sector.

In this edition Paul Nagy explores why corporate direct lending has emerged as one of the largest and most popular private credit strategies globally. "True direct lending is about origination, negotiation, and relationship-driven financing, where skilled lenders can create high-conviction portfolios with strong downside protection - not just passively track credit beta through broadly syndicated deals."

In this edition, David Elms explores the practical tools used in in private credit loan valuations, along with a hypothetical case study. "The most useful results come from tailoring the approach to the borrower’s specific characteristics, the nature of the collateral, and the tenor of the loan."

We’re proud to share that the Epsilon Direct Lending Fund has received an Investment Grade rating from research firm Lonsec in August. 

In this edition, Mick Wright-Smith explores the evolution of valuations in private credit and Australia’s path to best practice. "Unlike public markets, where daily trading provides real-time price signals, private credit valuations rely on structured internal processes, assumptions, and judgement."

In this edition, Joe Millward delves into why specialisation in private credit is critical to risk management and the lessons we can learn from the experience of major domestic banks and offshore peers.