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Capital Brief
Airtree has officially closed its fifth fund at $650 million, with more than half the capital coming from global institutional investors. Despite the impressive number by Australian standards, partner James Cameron says the figure represents a deliberate decision to maintain fund size discipline rather than chase a mega-fund. "Fund size inflation can be the enemy of returns in venture and all of the big LPs internationally are very attuned to that," he told Capital Brief. Some of the previously identified backers of the fund include Harvard Management Company, the University of Wisconsin, and Chicago-based private equity firm Adams Street Partners. Read the full story by Bronwen Clune 👉 https://lnkd.in/gfTrdAED
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Luci Ellis
As widely expected, the RBA cut the cash rate by 25bps to 3.6% today. With underlying inflation clearly inside the 2–3% target range and heading towards its 2½% midpoint, the need for restrictive monetary policy is dissipating. The updated inflation forecasts are largely unchanged but show a 2.5% at the end of the (extended) forecast horizon to December 2027. The RBA’s forecasts are predicated on further cuts to the cash rate as expressed by market pricing last week. The trough rate implied by this assumption is now sub-3%, consistent with our own view. In the press conference, the Governor did not rule out back-to-back cuts and emphasised that the MPB would take things meeting by meeting. The every-other-meeting pace implied by our own recent forecasts still seems a reasonable base case, though. The RBA has downgraded its near-term view of trend productivity growth, and hence GDP growth. Importantly, this does not imply a downgrade to the long-run trend. In addition, the RBA has moved away from its view of a year ago that slow productivity growth presented an upside risk to inflation. https://lnkd.in/g2CDM9Qv
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Michael Bleby
Big need, big money: Macquarie Group’s entry into the land lease sector, developing affordably priced housing for downsizing over-50s, gives global institutions a new way to invest in Australia’s deep housing shortage. #propertydevelopment #landlease The Australian Financial Review https://lnkd.in/g8FecquZ
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Toorak Capital Partners
Toorak CEO John Beacham recently spoke with Private Debt Investor about the growing residential transition loan (RTL) market: “RTLs are needed in the US because of the national housing shortage, as well as the ageing and obsolescence of existing housing stock. As a result, houses frequently need to be refurbished, or repurposed, so that, for example, a large house built for one family can become a multi-family residence.” Read the full article here (paywall): https://lnkd.in/gCnM62mQ #RTL #housing #privatefinancing
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Peter Bryant
I’m delighted that my op-ed was published yesterday in the Australian Financial Review. A handful of global index providers dominate the benchmarks used by Australian super funds; charging millions in licensing fees that ultimately reduce member returns. This lack of competition means higher costs, less innovation and limited flexibility for funds to adopt better alternatives. Superannuation is compulsory. Members cannot opt out and trustees cannot escape the benchmarks against which they are judged. That makes it critical we shine a light on this issue and call for regulation that doesn’t entrench monopoly rents for private firms, but instead creates a contestable market that better serves investors. Thanks to the AFR for shining a light on this important issue. The link to the article is in the comments. Christine St Anne Stephanie Lerdall Amelia Furr Jonathan Morgan Ashley Wang, CIMA® Mark Hoven Luke Elliott Emma Roylett Mark McPhee Michelle Cameron Marco Bell Tom Raymond Mark Roomans Brian Cullen Julie Willoughby Kunal Kapoor Kate Parker (CIM) Chris Galloway, CFA Pankaj Parmar, CFA Frannie Besztery
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Reserve Bank of Australia
💡 Innovation in Action: From Banknotes to Real-Time Payments For decades, the RBA has played a key role in shaping Australia’s financial infrastructure, often in collaboration with industry and research partners. 🔹 In the 1980s, we pioneered polymer banknotes with the CSIRO, making cash more secure and durable. 🔹 In recent years, we’ve supported the development of the New Payments Platform, enabling real-time payments 24/7 🔹 During the pandemic, this infrastructure helped deliver nearly 700,000 support payments in a single day. 📖 Learn how we’re preparing for the future of central banking in the Governor’s latest speech https://ow.ly/nf8850WRH7S
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Anthony Doyle
A great FY2425 for two of Pinnacle Investment Management Group’s Affilates - Firetrail Investments and Hyperion Asset Management Limited in Australian Small Cap Equities according to Mercer and The Australian Financial Review. For comparison, the S&P/ASX Small Ordinaries Total Return was 12.3% for the 12 months through June 2025. https://lnkd.in/ezYntr5P
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Jonathan Kearns
My opinion piece in the Australian discusses systemic financial risk in Australia's $4.2 trillion superannuation system. The Reserve Bank of Australia and others fret about the potential for super to amplify a financial shock. However, while there are operational risks, concerns about their large FX hedges are overdone. What gets far too little attention is the risk for a run on an individual super fund or a growth investment option. Around one-quarter of superannuation assets are illiquid. Many a financial crisis has at its roots instant liquidity (transfer to another fund or investment option) and illiquid assets (fund holdings of unlisted shares and property, private debt, infrastructure and alternatives). To ensure this liquidity mismatch in superannuation isn't part of a future crisis having a system-wide response plan is critical. You can read the full Australian article here.
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Sally Auld GAICD
There are some significant structural changes going on in the world at the moment, with some meaningful implications for cross-asset price correlations. Here are the key takeaways from the note I wrote with Glen Bertram, Acting CIO for the JBWere and NAB Private Wealth CIO office (to get the full document, please contact your to your NAB banker or JBWere adviser). -We have written previously about the notion of regime change, and its utility as a framework in which to make sense of the many changes taking place across economics, politics and ultimately, financial markets. In our view, these shifts are both significant and likely to endure. -At the same time, the policy environment is changing too. Central banks are likely to face into both demand- and supply-side shocks in the new regime, which has different consequences for monetary policy. That this is occurring at the same time as central bank independence is being tested in some jurisdictions only amplifies the challenges. -One important consequence of these changes relates to the stability and directional characteristics of cross asset correlations. Many fundamental assumptions that investors and risk managers have taken as constant appear to be changing as we transition into a new regime. -In our view, this is consequential for both portfolio construction and risk management practices, and hence the topic of this note, jointly written with our colleagues in the JBWere & NAB Private Wealth CIO Office. -For portfolio construction, the most significant changes relate to correlations between government bond and equity market performance and AUD/USD and US equity market performance. These changes are likely to force (for local investors) a reassessment of optimal USD growth asset exposure and hedging levels, as well as a consideration of new or “alternative” defensive assets. -For other financial participants, there is much to absorb. At a minimum, the cost of hedging will rise, and scenario analysis will need to envisage a wider range of outcomes. A more de-synchronised global economy will influence cross market correlations and perceptions of both counterparty and sovereign risk.
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