Tanarra Credit Partners (TCP) confirmed on Tuesday it has selected Equity Trustees to be the responsible entity of its new fund, the TCP Private Debt Income Fund.
“We are very pleased to be selected as the responsible entity role for this new private debt fund by TCP and look forward to working closely with them now and into the future in this growing asset class,” Equity Trustees executive general manager for corporate trustee services, Russell Beasley, said.
The TCP Private Debt Income Fund aims to provide investors attractive risk-adjusted returns with a focus on capital preservation by providing credit to primarily mid-market corporates locally and across the Asia-Pacific region.
"We’re excited about the launch of this fund and providing credit facilities to a range of companies here and in the region, and passing the income generated from these loans to our core sophisticated investors,” Peter Szekely, managing partner at TCP said.
According to Mr Szekely, TCP has identified growing demand for alternate sources of capital by medium-sized companies. As such, by targeting asset-light growth companies in Australia and across the Asia-Pacific, TCP’s objective is to “fill that financing gap for companies as traditional banks experience reduced appetite for lending to mid-market corporates amid tight regulatory capital requirements.”
“This fund also provides us with more flexibility and the ability to be move nimbly, to optimise credit investments especially in this rising interest rate and inflationary environment,” he said.
TCP boasts over $750 million in assets under management and is a part of Tanarra Group, a specialist alternative investment group with $3 billion in assets under management.
On Monday, Equity Trustees confirmed it would acquire Australian Executor Trustees from SFG Australia, a whole-owned subsidiary of Insignia, for a total cash consideration of $135 million.
“This is a transformative acquisition that enhances Equity Trustees’ capability in private client trustee services while growing shareholder value,” said the trustee company’s chair Carol Schwartz.
Also on Monday, the trustee company announced a 12.5 per cent boost to its net profit after tax on the prior year to $24 million, on revenue of $112 million, up 10.4 per cent.
Funds under management, administration and supervision (FUMAS) added 3.3 per cent, reaching $148.9 billion.
The company also declared a fully franked final dividend of $0.49 per share, bringing the total dividends for the year to $0.97, compared to $0.91 last year.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
