Retail investors will have the choice to lend to global corporates within months after two financial firms embarked on $200 million joint venture.
Australian investors are set to have greater access to global exposure in lending to corporates after fund manager Pengana Capital Group and investment company Washington H Soul Pattinson arrived at a joint venture involving private credit, even amid the prospect of a recession and as banks tighten their lending.
While private credit accounted for about 12 per cent of lending globally last year, it made up just 2 per cent of local lending, according to the Australian Investment Council. “Banks have been contracting in terms of what they’re willing to lend and who they’re willing to lend to,” Pillemer said. By contrast, he said private credit managers could be more agile, offering risk-based pricing – where the lender charges a borrower higher interest rates to compensate for the higher risk associated with unusual loans or other factors.
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