Capability Statement (June 2024)

Page 1

Your Investment – Your Choice – Your Option

Do you have an interest in, or have investments in the Commercial Private Credit Market, financing property transactions?

1. Fund Investment

Invest into our flagship PrivateInvest First Mortgage Income Fund.

The Fund is a pooled open- ended, unregistered Unit Trust for wholesale and sophisticated investors. Investors are paid monthly distribution. No impairments or write downs since inception in August 2018. The May 2024 distribution was 9.72% per annum, net of fees and expenses. Return since inception is 8.83% per annum, net of fees and expenses.

2. Investment Mandate

Provide PrivateInvest an investment mandate for PrivateInvest to originate first mortgage loans for you and syndicate the loan with PrivateInvest.

An Investment Mandate is an agreement between PrivateInvest and your nominated entity to originate the loan types you seek to invest in. PrivateInvest has deep relationships with larger broking houses and an extensive national data base of over 10,000 commercial Brokers, which means we can find the right loan for you.

3. Co-Invest Opportunities and Syndication with Other Non-Bank Lenders

Invest with PrivateInvest on a pari passu basis in single first mortgage loans you originate and we provide the additional capital.

With both parties having “skin in the game”, both parties share the risk and return of the co-investment opportunity. Better outcomes can be achieved when aligned resources work together.

4. Managing Credit Books

You may already have a commercial debt book and wish to reduce the time, effort and resources that are required to manage this loan book by engaging PrivateInvest to manage this loan book on a Fee for Service basis for you.

The management of loan books is very active, with detailed credit analysis, governance and compliance regimes needing to be in place. Outsourcing these processes by engaging with PrivateInvest can potentially mitigate risk and increase your returns.

5. Capital Raising

Do you need to raise capital for equity and debt for property transactions

PrivateInvest is very experienced in structuring, preparing and marketing investment offers within the property sector. This includes structuring equity, senior debt, mezzanine debt, preferred equity, hybrid debt instruments or a combination of any of these.

Company Overview and History

■ PrivateInvest was founded over a decade ago by the Roberts Family based off a long history in property development, large scale property, asset and facilities management, both in listed and unlisted sectors.

■ It then established PrivateInvest Credit Pty Limited (Investment and Facility Manager) in August 2018, to provide investment opportunities to wholesale and sophisticated investors through its lending to qualified borrowers in the Australian commercial property sector.

■ PrivateInvest Credit is now its core business activity, which is a 100% subsidiary of PrivateInvest.

■ At its inception, the major shareholder of PrivateInvest Credit was the Roberts Family with a holding of 55% shareholding with two other parties holding the other 45% share.

■ In late 2022, the Robert’s Family purchased the other two families 45% share of the business share and another Senior Member of the PrivateInvest team took a 3% stake. Shareholders of PrivateInvest are now the Robert’s Family 87% and two Senior Staff with 10% and 3% shareholdings.

■ PrivateInvest has evolved its business model to combine the best of large and small sized financial service providers to deliver a personalised service to both investors and borrowers.

■ As an Investment Fund Manager in non-bank lending, with an impressive pedigree in funds management, we are large enough to offer our Fund investors, Investment Mandates, Co-Invest Opportunities, Management of Commercial Credit Books or assist with Capital Raising within the property sector. However, we remain small enough to ensure both borrowers and investors have direct access to all team members when required the expertise, industry leadership, and governance expected of major financial institutions.

■ PrivateInvest has currently over 120 existing wholesale investors consisting of high net individuals, ultra-high net individuals (“UHNW”) and Family Offices. Additionally, we have developed a significant list of Family Offices and UHNW investors for future capital origination.

Company Overview and History

■ PrivateInvest does not seek capital through advisor platforms or from retail investors. Instead, our business model focuses on creating bespoke solutions for Family Offices investing in the commercial property sector. This direct market positioning differentiates us from our competitors.

■ To d ate, all investment growth has been achieved with minimal external marketing, relying primarily on referrals.

■ Our loan origination initially established through large broking houses, has expanded to include over 10,000 commercial brokers in our database. PrivateInvest has developed a marketing campaign to leverage this network for loan origination.

■ The core essence of our business model is captured in our name, PrivateInvest. As our Funds grow, our strategic objective is to maintain our “Big Enough. Small Enough.” positioning. We aim to be the best in class and sector, focusing on being an optimum funds management and commercial credit provider. This corporate investment objective can align with strategic partners that have similar objectives upon further investigation by both parties.

■ The alternative commercial credit property sector is not a business that is learnt overnight. Getting the right balance of resources and systems takes hard work. PrivateInvest has learned from past experiences in the sector, which has strong growth potential to scale the PrivateInvest business.

■ Having offices based in Perth and Sydney allows PrivateInvest to service both the Eastern and Western seaboards of Australia with a national spread of loans. We share our Sydney office with a major commercial construction company, multi-family office and a large real estate investment trust. This allows access to sector specific market intelligence.

Non-Bank Lending Commercial Real Estate

The Rise of Non-Bank Lending: A Decade of Growth and Strategic Realignment Around the World

Around The World

■ S&P Global estimates that the global private debt market has grown tenfold in the past decade (2011-2021).

■ In 2008, in the US and Europe, Banks held a 55% share of first mortgage lending (NonBank Lending 45%). By 2019, this composition had inverted to 21% and 79%.

■ According to the European Central Bank, since the GFC in 2008, “the overall growth in financial assets can almost entirely be traced to non-bank entities which now represent more than half of the total financial asset holdings in the euro area”.

A demonstrated global shift in the deployment of debt via Non-Bank Lenders has seen investors realign their portfolio strategy through:

■ An emergence of demand towards private debt funds and away from volatile equities markets, meaning lower volatility and stable, risk-adjusted returns.

■ Overseas investors, particularly Asian domiciled, are taking advantage of Australia’s growing Non-Bank Lending sector.

Non-Bank Lending Commercial Real Estate

Australia’s Non-Bank Lenders Gain Market Share Amid Shifting Funding Dynamics

In the Australian Market

■ Traditionally in Australia, Non-Bank Lenders have had limited exposure to large capital mandates, restricting their market share compared to Banks which have regular access to cheaper and more diversified funding e.g. deposits.

■ The market share of Australia’s ‘Big Four’ Banks in CRE lending is falling, currently at 70.3% in Q2 2022 and well below its 10-year average of 78.2%.

■ Driving the falling market share is a lack of appetite for early-stage construction and land subdivision loans, with Banks restricting first mortgage LVRs to 50-55%

compared to their Non-Bank peers which remain at 60-65% LVR.

Given the prevailing local market conditions, coupled with the demonstrated success of the sector globally:

■ Non-Bank Lenders, which are not subject to increased regulation brought about by changes in APRA lending guidelines, are now attracting further institutional capital, for example:

Non-Bank Lending reached a record high of $287.94 billion in 2021-22 and is forecast to grow 16.92% through to 2026-27 ($336.67 billion).

Non-Bank Lending Sector Growth In Australia

The Funds and Process

The PrivateInvest First Mortgage Income Fund (“Fund”) is PrivateInvest’s flagship Fund and offers sophisticated investors monthly income derived from property loans which provides returns uncorrelated to listed instruments.

The Fund is a traditional ‘pure play’ private debt strategy, which has nil exposure to subordinate debt and no debt leverage (gearing). PrivateInvest Credit Pty Limited (Investment and Facility Manager) focuses exclusively on property finance, by offering short term loans typically between 6 months to 2 years which are secured by registered first mortgages. The Fund is independently audited, which is unusual for a wholesale fund, as wholesale funds are not required to be audited unlike retail funds. This is part of PrivateInvest’s rigid c ompliance framework.

PrivateInvest applies a high level of governance to the Fund. The Trustee has external nonexecutive Directors on its Trustee Board, its Compliance Committee and Investment Review Committee, and has engaged independent Registry Services.

The First Mortgage Income Fund is a “pooled fund” comprised of registered first mortgages.

The First Mortgage Income Fund seeks exposure to a diversified range of private debt loans (secured by first mortgage) mostly construction and civil works, with an exclusive focus on commercial property development opportunities. The types of loans may vary across commercial and industrial projects, site finance for land and land development, residential projects and residual stock projects.

The Select Mortgage Trusts offer larger, individual registered first mortgages for investors seeking direct investment, allowing investors to select the loan.

The Capital Trusts instrument offers registered second mortgage and preferential equity placements, for investors pursuing returns further up the risk curve.

The Impact Investments Trusts provide a platform for investors to make a positive difference in the community.

■ The Loan Originator (either external broker, or the Investment and Facility Manager) is r esponsible for sourcing the lending opportunity.

■ The Trustee is responsible for provision of finance, protecting interests of fund investors, and approval of loan applications.

■ The Investment and Facility Manager is responsible for managing and assessing loans on behalf of the Trustee.

■ The Underwriter underwrites part or full loan, subject to satisfactory due diligence.

■ The Investment Review Committee is an advisor to the Trustee in relation to loans.

The Fund is a ‘pure play’ private debt strategy with no subordinate debt or leverage. PrivateInvest Credit Pty Limited offers short-term loans secured by first mortgages. Uniquely, the Fund is independently audited despite being a wholesale fund, ensuring strict compliance. The First Mortgage Income Fund targets diverse private debt loans in commercial property development, while Select Mortgage Trusts and Capital Trusts provide direct and higher-risk investment opportunities. Our Impact Investments Trusts enable investors to positively impact the community.”

PrivateInvest Investment Offers

First Mortgage Income Fund Select Mortgage Trusts

Target Returns 8.25% to 9.25% per annum, post fees and expenses.

Monthly interest returns paid into your bank account

This Fund is a pooled, open-ended, unregistered Unit Trust for wholesale and sophisticated investors. Distributions are paid monthly.

The objective of the Fund is to provide wholesale and sophisticated investors with a professionally managed exposure to a nationally diversified portfolio of commercial finance secured by registered first mortgages over real estate.

The Fund has always met its target returns since inception over six years ago with a strong focus on capital preservation and liquidity.

This Fund is “pure play” meaning there is no subordinated debt in the Fund, or debt leverage to bolster the investment returns.

There have been no impairments, or loss of capital in the Fund.

Target Returns 7.50% to 11.00% per annum, post fees and expenses.

The choice on selecting and investing in individual loans

The Trusts are mortgage trusts, structured as an unregistered Unit Trust, for wholesale and sophisticated investors.

A mortgage trust allows investors to select the loan or loans they wish to invest in, secured by registered first mortgages over real estate.

Investors can purchase units in the trust alongside others that are syndicated to the specific loan they select. This approach enables investors to determine their level of participation and choose which loans to invest in.

Other lenders can also syndicate in the loan under bi-lateral facility agreements with PrivateInvest.


+ Capital Trusts

Target Returns 15.00% to 21% per annum, post fees and expenses.

For investors that understand the correlation of higher returns against higher risks

PrivateInvest First Mortgage Income Fund/Trusts do not offer second mortgage or preferential equity. The PrivateInvest + Capital Trusts fills this void, providing qualified borrowers financial services across the capital stack.

Property is a capital-intensive industry and many large listed and unlisted development entities use different forms of project finance as it generally cheaper than common equity.

Our PrivateInvest Capital Partnership Platform provides pre-qualified developers access to trusted recurrent capital in order to scale their company without diluting shareholder equity.

PrivateInvest ESG/Impact Trusts

Target Returns Case by Case

For impact investors seeking to make a difference in the community

ESG (Environmental, Social, and Governance) or impact investments are increasingly popular due to their multifaceted benefits. These investments not only generate financial returns but also align with investors’ values, fostering sustainable practices. They promote responsible corporate behavior, leading to a cleaner environment and ethical governance. Furthermore, ESG/impact investments often demonstrate resilience during market downturns, reducing risk. Ultimately, they contribute to addressing pressing global issues like climate change and social inequality, making them a compelling choice for socially conscious investors.

Leveraging our strong track record in delivering social and affordable housing and our acknowledged commitment to environmental, social, and governance practices, PrivateInvest aims to harness its capacity to create a positive impact on local Australian communities.

PrivateInvest First Mortgage Income Fund

First Mortgage Income Fund

The Fund is a “Pure Play” First Mortgage Income Fund with a high focus on capital preservation and with no subordinated debt to bolster investors returns that brings additional risk to the Fund.

Investment and Facility Management Expertise

The PrivateInvest team has decades of technical management experience in funds management, property development, valuation, property asset management and banking gained from prior work in the public and private financial sectors.

Portfolio Repayment Strategy

Exit strategy and repayment of loans is important to credit analysis. Loans usually have a bridging strategy with refinance by mainstream ADI Banks or sale to market.

Investment Returns

The Fund targets a return between 8.25% and 9.25% per annum, post fees and expenses. May 2024’s distribution was 9.72% post fees and expenses.

Investment Structure

The Fund is a pooled, open-ended, unregistered mortgage Unit Trust for wholesale and sophisticated investors, meaning it is always open for investment.

Management Fees and Trustee Fees

Management fee of 1.95% per annum payable monthly in arrears, calculated on the total Funds Under Management. The Trustee is entitled to an annual fee of 0.25% of the drawn loan balance of the Fund, payable monthly in arrears, subject to a minimum payment of $6,000.

Yield Quality and Stability

First mortgage registered security aligned with a rigorous credit approval process and properly priced lending interest rates that support stable investment distributions.


Investors can redeem their investment in part or in full whenever one of the Fund’s underlying loans matures or by new investor subscriptions. Loans are constantly maturing and new capital inflow provides excellent liquidity. There is no lock-up period and no entry and exit fees.

Governance and Compliance

For our wholesale fund, we apply a retail fund manager mindset. The pooled fund, though exempt from audits like retail funds, undergoes voluntary audits for enhanced governance. Our Trustee Board, with NonExecutive Directors, oversees our adept management team, supplemented by the Investment Review Committee, all supported by institutional-grade investor reporting

Minimum Investment

Minimum application $100,000, and thereafter in $10,000 multiples. This can be altered at the Trustee discretion.

Loan Origination

PrivateInvest has an extensive database of finance brokers and industry professionals providing the PrivateInvest loan origination team a solid weekly national supply of new loans allowing the team to “handpick” the right loans.

Fund Performance

The Fund has met its target returns since inception August 2018 with a strong focus on capital preservation and liquidity. Whilst historical performance is not necessarily an indication of future performance, the investment return is expected to increase with the rise in wholesale interest rates in Australia.

Stable Regular Income

Distributions are paid monthly or can be reinvested into the Fund.

Low Risk on Curve

Average weighted sub 65% LVR on registered first mortgages, supported by Directors or personal guarantees, which further increases the security pool and hedges against default recovery and downside risk in declining markets.

Loan Size and Term

These loans are generally in the $3 million to $25 million loan size range, with an average loan size now increasing to between of $8 million and $12 million (variation with market demand). This range has the highest market demand and is considered the “unloved sector” as the amount is too small for bigger Funds. Average loan facility is generally 12 months which avoids the risk of loans with longer tenure trading through different property cycles.

The First Mortgage Income Fund offers wholesale and sophisticated investors a professionally managed, nationally diversified portfolio of commercial credit secured by registered first mortgages. This pooled, open-ended Unit Trust provides monthly investor distributions directly to your bank account.”


Investment Mandate

PrivateInvest to originate registered mortgage loans for other similar investors and then syndicate the loan with PrivateInvest.

An Investment Mandate is an agreement between PrivateInvest and your nominated entity to originate the loan types you seek to invest in. PrivateInvest has deep relationships with larger broking houses and an extensive national data base of over 10,000 commercial Brokers. We can find the right loan for you.

A n Investment Mandate Agreement is usually structured where you would appoint PrivateInvest on the following basis:

1. Ap pointing PrivateInvest to source and present debt-based investment opportunities in Australia which fall within set investment criteria (agreed between the parties prior, which may include max/min investment amounts, returns, sectors);

2. No n-exclusive appointment;

3. Investor to commit a set amount of funds for potential investments, however participation in an investment is subject to the investor approving the terms presented for a specific investment;

4. Pr ivateInvest to source and present investment opportunities which satisfy the agreed investment criteria; and

5. Investor would have a pre-agreed time frame within which to accept an investment proposal.

Co-Invest Opportunities with PrivateInvest

Invest with PrivateInvest on a pari passu basis in single first mortgage loans you originate and we provide the additional capital.

With both parties having “skin in the game”, both parties share the risk and return of the co-investment opportunity. Better outcomes can be achieved when aligned resources work together.

There of contractual ways this can be structured between the entities. A single purpose special Unit Trust is established to be the Lender. The options for the legal structure are as follows;

Participation Agreement

This is involves:

a) A bilateral facility arrangement between the Borrower and PrivateInvest (PrivateInvest will be the security holder and lender on record (meaning registered on the title).

b) As an Investors you participates in the loan by way of a sub-participation arrangement. The sub-participation would be documented by way of a participation deed, which would you’re you the Investors the right to participate in the loan, though not as a lender on record. In essence it gives you the Investor the right to share in the interest under repayment of (on a pro-rata basis) the loan. That relationship however is strictly between you the Investor and PrivateInvest

Club v Syndicated

The key differences between a club loan and a syndicated loan are:

1. A cl ub loan usually has fewer lenders (between two and five) whilst a syndicate can have 1 to 20.

2. A sy ndicated loan usually has a lead arranger or agent that coordinates the syndication process, structures the deal and takes on additional responsibilities such as:

a) Notifying the Lenders:

b) In relation to any Defaults;

c) Of non-payments of any principal, interest, commitment fee or other fee payable to a Lender; and

d) Where there are requests by the borrower regarding extensions or pre-payments

e) Distribution of payments under the Finance Documents.

3. Un der a traditional club arrangement there is no lead arranger or agent. The lenders usually share common facility agreement definitions, warranties, covenants, events of default, review events and boilerplate clauses. These are commonly documented in a common terms deed. Each lender may then have a separate bilateral facility setting out terms negotiated directly between the borrower and the specific lender. In a syndicated facility, lenders lend a proportion of the total amount borrowed by separate loans under a single facility agreement. Aside from the amount each lender makes available, the terms of the facility are common to each lender.

4. Un der both a club and a syndicated facility, a security trustee can be appointed to deal with, and hold, the security. This can be a professional security trustee such as Global Loan Agency Services (GLAS) or a PrivateInvest entity with an AFSL that allows for it.

A Participation Agreement involves a bilateral facility arrangement between the Borrower and PrivateInvest, where PrivateInvest is the security holder and lender on record. Investors participate in the loan via a sub-participation arrangement, giving them the right to share in the interest repayment on a pro-rata basis, though not as a lender on record. This relationship is strictly between the Investor and PrivateInvest.”

Managing Loan Books

High-Level Key Considerations for Loans | Loan Origination and Distribution Channels | Loan and Credit Process | Borrowers Rate

Card - First Mortgage Loans | Loan Origination Process | FinTech: Integrated Systems | Third-Party Service Providers | Cyber Security Implementation | Governance | Company Corporate Structure

High-Level Key Considerations for Loans

1. Location of the Loan

a) High preference to CBD locations.

b) For regional and rural loans (outside of regional centres) we would require a rationale (e.g. demographic study, pre-sales) to justify the credit worthiness.

2. Liquidity/Capital Commitment from the Borrower

a) A preference to loans that have the Borrower’s cash equity invested in the project and are not reliant on valuation uplift.

b) An overview of the status of their other projects and loan facilities would be required.

3. Capability Of The Borrower

a) Has the Borrower completed similar projects?

b) Are all the necessary approvals and governance in place?

c) Strength of their balance sheet?

d) Capital plan for their exit strategy?

e) And other areas that are covered in this document credit process.


Capability of Third Parties

a) Financials and capability statements of builders & tenants, when applicable.

b) What is the strength of the consultant team and their advisers?

c) Valuation firms that are acceptable to PrivateInvest.


Facility Agreements

a) Using top tier legal firms that have banking and finance divisions.

b) Documentation that addresses any risk mitigants (e.g. conditions precedent and subsequent, step-in deeds with builders, intercreditor deeds, corporate and personal guarantees).

6. Exit Strategy

Site finance: Capacity of the Borrower to move the project into construction and ability to achieve pre-sales or a “bankable” tenant for commercial/industrial assets.

Construction finance: Level of pre-sales to demonstrate market acceptance of the product or a suitable tenant that has comparable experience and financials to support them being an operator.

Loan and Credit Process

Stage 1:

Enquiry and review of information

Stage 4: Detailed due diligence

Stage 5: Present to wider management team and IRC for preliminary endorsement and capital treasury assessment

Loan Enquiry

Reject� (Record enquiry for Marketing ROI)

Stage 3: Request further info

(Record loan enquiry)

Review information (Provide email summary to Credit Origination Team)

Stage 2:

Early stage assessment of quality (Preliminary Due Diligence)

Credit Origination Team feedback and initial DD

further information (“RFI”)

Stage 6: Issue Indicative Term Sheet to Borrower/ Sponsor

Stage 7: Stage 8: Stage 9:

Credit Paper Production and obtain all due diligence requirements for presentation to Investment Review Committee (“IRC”)

to wider to team for feedback

Trustee Board: If Approved, Final Letter of O�fer to Borrower, subject to satisfaction of CP’s and satisfaction of legal documentation

Investment Review Committee Meeting Commence Legal Documentation and then Financial Close

Borrowers Rate Card - First Mortgage Loans

lending analysis.

clearly evidenced. Pre-sales Debt Cover N/A

by Case basis and must demonstrate market sales evidence

by Case basis and must demonstrate market sales evidence.

Ratio (“LVR”)

Rate Type

cap at 65% LVR and up to 70% if Loan Covenants are very strong. General cap at 65% LVR and Total Development Cost and Net Realisable assessed case by case basis.

or Serviced or Combination of Both. Generally Fully Capitalised with

Loan Origination Process

PrivateInvest is currently transitioning to a new Web Portal Loan Management system to be live by the 1st July 2024.


Due Dilligence

• Request Conditions Precedent

• Instruct lawyer to proceed with Legal Documentation Review

• Trustee Approval for any Extension

• Borrower to pay Extension Fee upon Approval of Extension

• Notify lawyer & Prepare Documents

• Release PPSR

• Approval of Settlement Statement

• Notify borrower

ARMnet Loan Management Web Portal

PrivateInvest has recognised the necessity of establishing an online presence for the Loan Management of the business to manage a Loan through the below life cycle. This system was selected after an exhaustive process of reviewing replacement systems.

FinTech: Integrated Systems

PrivateInvest’s FinTech’s evolution began with early phase Cloud-based solutions and we have further expanded our capabilities, encompassing a CRM, Salesforce, Ansarada Project Management, and Axcess Loan Management system. This enhanced functionality has set our platforms for the integration of AI, unlocking opportunities for data analytics and automation in powerful new ways.

Salesforce is our preferred customer relation management (CRM) platform. It is a cloud-based system that centrally manages our customer data, sales processes, and integrates with other business tools.

Axcess is our digital platform provider that flows the automation and streamlining the entire loan life cycle including loan servicing, reporting, loan management and syndication as part of the business lifecycle. Account

■ All Workflow Driven

■ Unqualified brokers (finance/investment)

■ Brokers (finance/investment) with fitting opportunities Leads

■ Individuals/business ready to invest /borrow

■ Un qualified investor Opportunity

■ Fund/loan application

■ Closed won (fund invested/loan settled)

■ Closed lost (fund exit/loan lost) Reports

■ Lead engagement ■ Sa les pipeline

■ Full Arrears Management

■ Document Management Underwriting

■ Accounting and General Ledger

■ Ex tensible API (Application Programming Interface)

■ We b Service End points to and from other services

■ Reporting + Loan Statements

■ Privacy Systems Integration

■ Da shboard Reporting Servicing

■ Automated Rules Engine

Third-Party Service Providers

These providers bring specialised expertise, resources, and capabilities that enhance efficiency, reduce costs, and allow PrivateInvest to focus on its core business functions.

Automic provides external funds registry services which includes online applications, KYC/ AML verifications, funds management services and reporting.

Fund Management Dashboard

Fund Management dashboard includes consolidated holder reporting across multiple entities, holding balances, transactions, distribution history and full registry reporting. Assists in meeting all regulatory requirements by generating reports - quarterly TFN, Annual Investment Income Return (AIIR), share and unit transfer and FATCA/CRS.

As part of the investor process, Automic completes AML/KYC verification and FATCA/CRS declarations of all investors and associated entities.

Online Application Process

Online application process for investors to reduce paperwork and time.

Investors dashboard with real time access to holding statements, tax statements and correspondence.

Multi-factor authentication

Multi-factor authentication is mandatory for all users as security protocol.

Automic follows strict adherence to ISO 27001 and ISO 9001 quality standards, with strong cryptographic standards across all customer data, encrypted with TLS in transit and AES-256 at rest. All systems are thoroughly tested by an external independent third-party security vendor.

First AML provides KYC/AML verifications of all borrowers in the Fund.

Electronic Identification and Verification

First AML’s user-friendly Electronic Identification and Verification is via a secure web form to verify borrower identification. The platform automatically conducts checks on politically exposed persons, sanctions, and adverse media.

Multi-Country Privacy Legislation

First AML complies with relevant privacy legislation within the United Kingdom, New Zealand, Australian, and European countries. All data transmitted and stored via the First AML platform is encrypted both in transit and at rest using the industry standard AES-256 encryption algorithm to encrypt data.

As part of the credit review process, all borrowers must complete a privacy form to authorise a credit score check for both themselves and their guarantor.

Multi-Country Privacy Legislation

■ Quick summary of a borrower’s credit history, financial behaviour, and gauge likelihood of timely repayment.

■ Mitigate risk - identify potential red flags, such as past defaults or late payments, which might indicate a higher risk of non-payment.

■ Compliance with financial regulations and lending guidelines.

Cyber Security Implementation

With the support of our IT partner, iQuest, PrivateInvest recently reinforced our security posture, in line with the Essential Eights framework (devised by the Australian Cyber Security Centre, part of the Australian Signals Directive).

Managed Security Operating Centre (SOC)

Provides continuous cyber threat monitoring, real-time threat detection, swift incident response.


– Email Protection

Monitors emails sent from various locations; creates and maintains approved list of senders.

Azure AD, Defender & InTune Deployment

Centrally managed PI devices to effectively implement security functions, IT policies.

Cyber Security Awareness (KnowBe4)

Enhance cyber security awareness, fostering security-conscious culture via phishing simulations, questionnaires.


PrivateInvest has a detailed Compliance Manual addressing the following work plans:

■ General Compliance arrangements

■ Outsourcing Statement

■ Conflicts of Interest Policy and Procedures and Related Party Disclosure

■ Organisational Expertise − Processes

■ Development Program for Responsible Officers

■ Industry Standards Compliance

■ Monitoring and Supervision of Representatives Plan

■ St aff Functions and Responsibilities

■ Control of Financial Transactions

■ Financial Statements and Financial Resources

■ Audit

■ Process for Reporting on Financial Obligations

■ Money Handling

■ Anti-Money Laundering and Suspicious Transactions

■ Non-Financial Resources

■ Human Resources Statement

■ IT Capacity Statement, Business Continuity and Disaster Recovery

■ Risk Management System

■ Risk Management System Statement

■ Ex ternal Service Provider Criteria

■ Electronic Communication Policy

■ IT Strategic Plan

■ IT Disaster Recovery Plan

■ Privacy Policy Compliance Structure of the Company Board of Directors Compliance Committee Compliance Consultant Staff with ASFL Related Responsibilities Create Documentary Records and Provide Signoffs to Compliance Officer Conduct Regular Reviews of Registers and Records

Leon Boyatzis Compliance Officer (CO)

Governance Cont.

Investment Review Committee


The IRC is tasked by the Trustee to ensure any proposed loans meet the investment criteria, objectives and mandate of the Fund.

The IRC is governed by its Charter, and its members represent and serve the interests of unitholders in the Fund. They oversee and appraise loan recommendations by the Manager, identify and manage conflicts of interest and perform its functions as per the IRC Charter.

The IRC critically evaluates each loan via a deep dive into each credit paper. Detailed loan analysis occurs covering characteristics and background, property description and development management, security, valuation, borrower and guarantees, key risks and mitigation, and any relevant conditions precedent that apply for final loan approval.

Compliance Committee

Compliance Committee meets quarterly and is comprised of the following personnel:

■ Roger Campbell – Chair and Compliance – External Compliance Consultant

■ Le on Boyatzis (Compliance Officer)

■ Naomi Roberts

Company Corporate Structure

PrivateInvest Pty Limited (PI)

Parent Entity

ACN 626 703 026

PrivateInvest 87% shares Roberts Family – 13% shares staff

PrivateInvest Credit Pty Limited (PIFM)

Investment and Facility Manager

ACN 625 468 215

PrivateInvest 100% Subsidiary Entity


Mark Roberts (Managing Director)

Naomi Roberts (Company Secretary)

PrivateInvest Capital Securities Limited (PICSL) (Trustee Company)

ACN 611 892 249

AFSL Licence No 491287

PrivateInvest 100% Subsidiary Entity


Mark Roberts (Managing Director)

Leon Boyatzis (Head of Funds Management)


Greg Peel (Non-Executive Director / Chairman)

Naomi Roberts (Company Secretary)

PrivateInvest Select Mortgage Trusts (PIST) (Master Constitution)

PrivateInvest First Mortgage Income Fund (PIFF)

ABN 40 229 793 954

Naomi Roberts (RM/ Company Secretary)

Elizabeth Court (Non-Executive Director)

Mark Roberts (Managing Director)

Boyatzis (RM)

PrivateInvest Capital Trusts (PICT) (Master Constitution)


Company Corporate Structure cont.

Mark Roberts
Naomi Roberts
Leon Boyatzis Director - Funds Management
Sarah de Rozario Director - Group Finance
Bel Stewart Office Manager/
Andrew Groves Manager – Private Capital
Brett Roberts Graphic Design - Marketing
William Colebrook Adviser - Private Capital

PrivateInvest: Key Professionals for the Investment Management

Our specialist finance team has decades of property experience in structuring equity and debt for property transactions at leading investment firms and institutions. Through the experience of our team, its focus on transparency, oversight, collaboration, and governance, PrivateInvest has established an investment fund management company that is BIG ENOUGH. SMALL ENOUGH to deliver to deliver quality investment returns whilst being a property capital partner to the property sector.

LEFT TO RIGHT: Natasha Birch (Marketing Consultant) , Brett Roberts (Graphic Design - Marketing), Leon Boyatzis (Director - Funds Management), Andrew Groves (Manager – Private Capital), Sarah de Rozario (Director - Group Finance), William Colebrook (Advisor - Private Credit), Greg Peel (Non-Executive Chair Trustee and Chair Investment Review Committee), Naomi Roberts (Director – Legal –Investor Relations – Trustee Board Member), Mark Roberts (Executive Chairman – Founding Managing Director), Tom Ellen (Investment Review Committee), Belinda Stewart (Office Manager - South East Asia Co-Ordinator), Tim Jones (Investment Review Committee), Elizabeth Court (Non Executive Director - Trustee Board Member)

PrivateInvest: Key Professionals for the Investment Management

Mark brings over 30 years’ property experience to PrivateInvest and its clients in both the public and private sectors. His real estate experience includes corporate and property finance, funds management, asset management, investment management, and large-scale commercial property development.

Mark founded PrivateInvest over a decade ago, taking a measured approach to its evolution as it grew. In August 2018, Mark identified the opportunity to move into the non-bank lending sector, one of Australia’s fastest growing asset sectors which PrivateInvest has now become a genuine alternative finance solution to underserviced lenders in the commercial property market. Since that time, PrivateInvest has grown providing a range of tailored financial solutions to qualified borrowers in the real estate sector and supporting a range of significant projects and developments across Australia.

Mark has directed and executed a number of significant transactions in the finance, property and securities industries including listing an ASX entity as a major shareholder and as Managing Director. This entity became Australia’s largest in its sector, managing 5,600 rental retirement units and providing asset, facilities, tenancy, and funds management services to institutional, wholesale and retail owners. The Roberts family private investment entity has also undertaken direct developments in the industrial, commercial, retail, hospitality and healthcare sectors. Mark is based in Perth, Western Australia.

Contact Mark Roberts Phone: +61 419 745 544


Funds Management

Leon has over 25 years’ experience in property funds management. Leon’s background combines accounting, finance, funds management and property valuation. He has held senior property industry funds management roles for listed, unlisted, retail and wholesale funds ranging from private family offices to large multinational organisations, including Multiplex and Brookfield. With highly valuable expertise in investment, property valuation, and finance, Leon has built a reputation for driving fund performance and exceeding benchmark investor return hurdles. This has been achieved through, for example, the development of detailed feasibility and investment models to support valuation analysis, accounting analysis including property cash flow, and fund models to drive strategic decision making and internal valuations. Leon has been the responsible manager for a number of responsible entities holding Australian Financial Services Licences with investment in property developments on behalf of retail and wholesale clients.

Leon is a Chartered Accountant, and a Certified Practicing Valuer with the Australian Property Institute. He holds a Bachelor of Business (majoring in Accounting and Business Law). Leon is based in Perth, Western Australia.

Contact Leon Boyatzis

Phone: +61 408 994 089


Director - Legal - Investor Relations - Trustee Board Member

Naomi has over 20 years’ experience in the property and funds management industries, with significant expertise in compliance, corporate governance and legal functions.

Her real estate experience spans across working in the family private business which involved direct development of commercial, industrial, retail and residential projects.

Naomi was previously involved in an ASX-listed national affordable rental retirement management company which became Australia’s largest in its sector, providing asset, facilities, tenancy and funds management services to institutional, wholesale and retail owners.

While studying towards a Bachelor of Laws, Naomi worked in a small legal practice in Queensland which provided excellent experience across many facets of legal matters including property, financing, conveyancing, wills and estates. She relocated to Western Australia and worked in a litigation firm as an Executive Paralegal while completing her law degree.

Naomi is the Responsible Manager on the PrivateInvest Australian Financial Services Licence.

Naomi has been admitted to the Supreme Court of Western Australia (2022) and also holds a Bachelor of Business (major in Marketing). Naomi is based in Perth, Western Australia.

Contact Naomi Roberts

Phone: +61 407 370 958


Non Executive Director - Trustee Board Member - Chair Investment Review Committee

Greg has over 35 years’ experience in the banking and finance industry including corporate finance, credit and risk management, and business banking. He is highly experienced in the areas of enterprise development, funding and business modelling and partnership identification and development particularly in the area of social finance and impact investment.

He established Bendigo and Adelaide Bank’s Business and Asset Finance divisions and the Strategic Market division. Greg also cofounded and was the Chief Executive Officer and Managing Director of Community Sector Banking, a financial institution focused on notfor-profit, impact investing and social infrastructure financing.

Greg was the Director of Business Development with the New South Wales Aboriginal Land Council where he was responsible for the development of a corporatisation strategy which included enterprise and housing policy.

He has held numerous advisory roles and directorships including Australia Social Investment Trust (Executive Director), Alternative Finance Custodians (Director and Chair of Trustee), Community Sector Enterprises and Community Sector Banking (CEO and MD), Bendigo Asset Management (Chair), Social Enterprise Finance Australia (Director), Eco Trust Australia (Director), Community Development Australia (Director and Chair) and LendForGood (Director).

Greg has also held positions as Senior Credit Analyst, and Corporate Relationship Manager at Banque Nationale de Paris, Standard Chartered Bank and State Bank of NSW, London.

Greg holds a Bachelor of Economics. Greg is based in Queensland.

PrivateInvest: Key Professionals for the Investment Management Cont.

Elizabeth Court

Non Executive Director - Trustee Board Member

Elizabeth has over 30 years’ banking, finance and treasury experience.

She has experience as an economist within the banking and finance industry. This background combines financial risk management, debt advisory, treasury policy together with client relationship management, corporate governance, systems, and training. Within the financial services sector, her roles have included: Treasury Consultant with ANZ Bank (where she provided economic advice and analysis, financial modelling and risk management), Assistant Treasurer with Colly Farms Cotton (treasury and risk management functions for Australia’s largest marketer and producer of cotton), Corporate Treasury Advisor with Societe Generale (treasury risk management services), and Consultant with Barrington Treasury Services (risk consulting and governance including treasury policy development, systems, and transactional banking review).

Elizabeth is the principal of Court Consultants and has recently retired her position as a Membership Director of the Private Wealth Network, an independent membership organisation of over 200 Family Offices.

In addition to her role at PrivateInvest, Elizabeth holds a NonExecutive Director position with Grey Innovation Group, a technology commercialisation company, and a Vice Chair Board position with Court Grammar School. Elizabeth is also a Member of the Board of Trustees of the Sir Frank Ledger Charitable Trust.

Elizabeth holds a Bachelor of Economics and is Member of the Australian Institute of Company Directors. Elizabeth is based in Perth, Western Australia.

Sarah is a Certified Practicing Accountant and finance executive with over 25 years’ experience in the areas of business and finance, strategy, risk and compliance, process engineering and governance.

Sarah has worked across the world in senior finance positions.

Formerly the CFO for Swedish company ACE Interactive, Sarah was also based in Dubai with the International Cricket Council (ICC) as the Global Development (Compliance & Reporting) Manager, overseeing a US$300 million world cricket funding program for 93 countries and 5 Global Regions. Other roles UK based, included the engineering and construction sector with FTSE 200 listed companies Balfour Beatty & Mowlem as Group Reporting Controller (accounting for revenues of £7.49 billion and a forward order book of £11.50 billion), Shell UK – Chemicals Downstream, and Head of European Finance at Holmes Place (high end luxury Co in the wellness industry).

Sarah holds a Bachelor of Business, Major in Accounting and Business Law. Sarah is based in Perth, Western Australia.

Contact Sarah de Rozario

Phone: +61 458 662 747


Belinda Stewart


- South East Asia Co-ordinator

In 2023, Belinda joined the PrivateInvest team, bringing with her an impressive portfolio of over two decades of professional expertise.

As a dynamic executive assistant and administrator, Belinda has a proven track record of supporting senior executives, C-suite professionals, teams in high-performance environments and industries. Her experience extends across diverse sectors, including oil & gas, construction, and finance.

Belinda is renowned for her exceptional adaptability and flexibility, having dedicated five years to the finance sector, where she has consistently demonstrated her organizational prowess, adept workflow management, and unwavering commitment to enhancing productivity. She possesses a deep proficiency in a wide range of business applications and systems, encompassing ERP to project management tools.

One of Belinda’s standout assets is her multilingual fluency in English, Malay, Mandarin, Cantonese, and Hokkien, providing a significant advantage in global communications and operations.

Belinda is based in Perth, Western Australia.

Contact Belinda Stewart

Phone: +61 468 487 836


Andrew Groves has over 20 years’ experience within the Australian Markets sector. With a career spanning several decades, he has developed a deep understanding of various financial products, including discounted securities, bonds, interest rate derivatives, and general banking products. His expertise extends to both front and back-office functions, making him well-versed in the intricacies of the industry.

Andrew’s professional journey reflects his versatility. He played a pivotal role in the establishment and financial success of the ANZIB/ Wealth Management Joint Venture, demonstrating strong business development skills.

His career at ANZ Group from 1994 to 2011 involved pioneering the Margin Lending Business, contributing to the ANZ Diversified Margin Loan, tailoring investment and risk management solutions and managed internal relationships across ANZ to drive new product initiatives.

Externally, he managed private client relationships and collaborated with large private companies and ASX-listed organizations. In 2014, Andrew joined National Australia Bank as an Associate Director, boosting FUM and revenue across diverse distribution channels for five years.

Andrew assumed the role of Private Chief Financial Officer at Candor Family Office, offering comprehensive financial advice to high-networth families, akin to institutional or corporate clients. His diverse expertise renders him a valuable asset in the financial industry. Andrew holds a Bachelor of Business, Majoring in Finance and Economics. Andrew is based in Perth, Western Australia.

Contact Andrew Groves

Phone: +61 411 443 971


PrivateInvest: Key Professionals for the Investment Management

William Colebrook has gained extensive experience with Family Offices, distribution, commercial valuation, and strategic advisory, making him an asset to PrivateInvest. His expertise spans real estate, private equity, venture capital, and private debt. William began his career as in Investment Analyst with Dodge Family Office in London, offering strategic analysis to high-end/luxury hospitality assets. He then moved to Colliers International and was responsible for managing institutional portfolios, providing strategic analysis, and asset valuation. William was Head of Investor Relations and Director of Distribution Wholesale at PropertyShares, where he established the NSW office and maintained relationships with Family Offices, Ultra-High-Net-Worth Individuals, cornerstone wealth groups and dealer groups. At Freedom Property Investors, he served as Distribution Manager, managing thirdparty distribution of unlisted real assets. He was recently the General Manager at Kingsmede Family Office in Sydney, where he was involved in implementing a major self-storage asset roll-up and responsible for introducing a $100 million residential real estate trading strategy.

He is a Director at Brook Shard Family Office, where he formed a joint venture for an AI-led industrial developer delivering a 38% IRR and manages private equity and venture capital allocations. William holds a Master of Property and Development from UNSW, a Bachelor of Urban Planning, Design and Management from UCL, and studied Architecture at Oxford Brookes. William is based in Sydney, New South Wales. Contact William Colebrook

Phone: +61 466 216 330


Brett joined the PrivateInvest team in 2023, bringing a wealth of expertise in graphic design and marketing. His journey began at the SAE Creative Media Institute, where he graduated in 2021 with a Bachelor of Design. During his time there, Brett was recognised for his high achievement, averaging distinction marks during his studies, culminating in an award for high achievement.

Following his graduation, Brett embarked on a dynamic career path, gaining valuable experience in a variety of professional environments. He worked in creative studios and corporate offices, where he honed his skills and specialised in graphic design. This allowed Brett to develop a unique perspective and a versatile skill set, making him a valuable asset in any setting.

Brett has taken on a dual role that combines his graphic design duties with marketing responsibilities. Drawing on his prior experience in Marketing and his Diploma of Marketing & Communication, Brett has become a key player in the company’s marketing efforts. His responsibilities encompass producing social media content, engaging video content, optimising search engine visibility, executing targeted marketing campaigns through platforms like LinkedIn and Mailchimp, and website design and management.

His proficiency extends to motion graphics, animation, branding, as well as designing the companies presentations, annual reports and IM’s. Brett is based in Perth, Western Australia.

Contact Brett Roberts

Phone: +61 423 923 508


Tom Ellen

Investment Review Committee

Tom has extensive experience in the banking and finance sector, with expertise in the areas of credit and risk analysis, compliance and governance, process and policy reviews, change management, and identifying and implementing business performance opportunities to improve operating efficiencies and ensure compliance adherence.

Tom had over 20 years’ experience with National Australia Bank as Regional Credit Executive, Senior Credit & Risk Manager, Credit & Risk Manager, and Relationship Manager Business Banking.

He has developed comprehensive risk management templates for National Australia Banks’ Operational Risk and Compliance Team, numerous business process improvement initiatives to improve both business efficiencies and customer experiences, and change management platforms for the implementation and roll out of process improvements.

Tom has managed risk dashboard and quality assurance controls to both maintain and improve banking industry compliance functions and their implementation, leading a team of credit and risk managers to deliver leading, independently assessed Asset Quality Assurance results.

Tom holds a Bachelor of Business and Securities Institute of Australia Certificate in Financial Markets. Tom is based in Perth, Western Australia.

Contact Tom Ellen

Phone: +61 403 677 106


Tim Jones

Investment Review Committee

Tim has over 27 years’ experience in property funds management, property operations, property investment and development markets throughout Australia. He is currently the principal of Wholesale Securities, a fund manager for the commercial real estate sector. Tim was a senior executive for 15 years with the Sarich Family Office, Western Australia’s largest private property investor at the time. Tim was responsible for building the Sarich Family Office into a major property portfolio which included master planned estates and the acquisition of commercial buildings.

Prior to this, Tim’s roles included:

Director / State Property Manager with Macquarie Bank’s Development Funds Management team, where he was responsible for establishing various projects in direct property investment and development, with a portfolio valued in excess of $800 million. Head of Funds Management with Goldmate Property Group in Sydney ,with the responsibility of establishing their property funds management business.

Tim holds a Bachelor of Business (Valuation and Economy), is an Associate with the Australian Property Institute, and is a Fellow of the Financial Services Institute of Australasia (FINSIA). Tim is based in Perth, Western Australia.

Contact Tim Jones

Phone: +61 410 571 486



The registered office of the company is:


561 Stirling Highway, Cottesloe, Western Australia 6011


PO Box 477 Cottesloe, Western Australia 6911


1300 2 INVEST (1300 2 468 378)

1300 4 FUNDING (1300 4 386 346)



The principal places of business of the company are:


561 Stirling Highway, Cottesloe, Western Australia 6011


Level 9, 60 Castlereagh Street, Sydney, NSW 2000


PO Box 477 Cottesloe, Western Australia 6911


1300 2 INVEST (1300 2 468 378)

1300 4 FUNDING (1300 4 386 346)


Accounting and Taxation Accountants

Pitcher Partners

Level 11, 12-14 The Esplanade Perth, Western Australia 6000

Registry Services

Automic Group Pty Ltd

Level 5, 126 Philip Street

Sydney, New South Wales 2000 1300 288 664

Banking and Finance


Level 20, 1 William Street

Perth, Western Australia 6000

+61 8 9288 6000

Banking and Finance / Funds Management

HWL Ebsworth Lawyers

Level 14, Australia Square 264-278 George Street

Sydney, New South Wales 2000

+61 2 9334 8555


This presentation has been prepared by PrivateInvest Credit Pty Limited (“PrivateInvest”). The information contained herein is based on sources we believe to be reliable but is not guaranteed as to its accuracy, completeness, or timeliness. It is provided on an “as is” basis and is subject to change without notice.

This Presentation is provided to each recipient on the condition that it is strictly confidential and is solely for the use of the recipient. Redistribution or reproduction of this presentation without the prior written consent of PrivateInvest is strictly prohibited. By accepting this Presentation, you agree to be bound by the foregoing limitations and to keep the information contained herein confidential.

This presentation does not constitute an offer, invitation, or recommendation to buy or sell any securities or other financial instruments, nor does it constitute financial, investment, legal, tax, or other advice. Recipients should not act or rely on any material contained in this presentation without seeking their own professional advice.

To the maximum extent permitted by law, neither PrivateInvest, nor any of their associates, related parties, directors, officers, employees, advisors (including financial, accounting and legal advisors) do not accept any liability whatsoever for any direct or indirect loss or damage arising from any use of this Presentation or its contents.

This Presentation may contain certain forecasts and forward-looking statements. These have been prepared by PrivateInvest and represent PrivateInvest’s best estimates based on present circumstances. The forecasts and forward-looking statements involve subjective judgements and assumptions as to future events, which may or may not be correct. PrivateInvest cannot, and does not, guarantee the achievement of these forecasts and forward-looking statements.

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