The Rate Of Change

The Rate Of Change

por Murdoch Gatti
EmprendimientoInversiones
Temporada 1

#44 - Johan Kenny | Tapping Into Australia's Essential Water Infrastructure Pipeline

In today’s ROCast, Murdoch is joined by Johann Kenny, CFA, Investment Director at Allcap Securities. Johann’s background spans capital markets, structured credit, and private equity—having held senior roles at ANZ, ING, Fitch Ratings, Equifax and Arowana. But what struck me most in this conversation is just how risk-averse and methodical he is—shaped, in part, by his early career navigating capital markets during the Sri Lankan civil war. In this episode, Johann breaks down the macro environment for construction in Australia—highlighting the difference between private sector development and government-funded infrastructure, particularly essential water projects tied to long-term public service delivery. And today we’re doing something different. Instead of a managed fund, we’re looking at a special purpose vehicle (SPV)—structured to acquire a Tier 2 builder delivering sewage plants, pump stations, filtration facilities, and stormwater infrastructure for local councils across NSW and QLD. The deal is: backed by NAB, targeting a 10%+ annual cash yield dividend distribution and target 2.5x return over three years, $14.5 million FY25 EBITDA forecast and a 5.0x acquisition multiple. What I found fascinating is how this ties into those moments where governments announce infrastructure spending to stimulate the economy. Ever wonder where that money actually ends up? Well, it’s firms like this—quietly delivering critical projects that ensure sewage doesn’t flow into rivers and towns have the systems they need to grow. This conversation covers a lot—from deal structure and risk management, to how Allcap thinks about governance, cashflow timing, and exit pathways. As always, this ROCast is for entertainment purposes only. Feel free to reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.
T1 · E44
30 jun 2025
1:12:27

#43 - Ryan Bass | Opening the Door to Australia’s Institutional-Grade Property Market

Ryan Bass, Founder and Managing Director of PanGen Capital joins Murdoch Gatti from York Wealth Management on The Rate Of Change. Ryan spent 16 years at UniSuper, where he was involved in more than $8 billion in property transactions across direct real estate, unlisted property funds, and listed A-REITs. After completing his articles at a commercial law firm, Ryan started his career at MCS Property—one of Australia’s original and largest syndicators—and was one of the founding six behind iSelect, before choosing to focus on funds management and institutional real assets. At The Rate of Change, we love conversations with entrepreneurs who have operated at the highest level—and are now stepping out to solve a real problem they’ve seen up close. Ryan’s new venture, PanGen Capital, is doing exactly that. After decades inside major super funds, he observed a key issue: some of the best-performing, most stable property assets in the country—like prime grade core shopping centres, CBD office towers, and logistics hubs—are largely inaccessible to wholesale investors. These institutional-grade opportunities are typically locked behind $10 million minimums, strict mandates, and relationship-based entry. Through PanGen’s new fund-of-funds, the PanGen Australian Real Estate Fund (PAREF), Ryan is now making those opportunities available to wholesale investors. With target returns of 8–10% p.a., exposure to diversified unlisted property funds managed by top tier managers such as Dexus, GPT, Charter Hall, Lendlease and Mirvac, and a structure designed for monthly unit pricing and quarterly income, PAREF aims to deliver quality, stability, and long-term performance—with the flexibility to expand across other high-calibre managers as opportunities arise. This is about bringing institutional-grade real estate to investors who have historically been shut out. In this conversation, Ryan breaks down how the strategy works, why now is such an attractive time in the real estate cycle, and how his fund is positioned to benefit from the repricing in property markets, surging population growth, and tightening supply of premium commercial assets. We also touch on fund mechanics, risk management, the importance of manager independence, and what Ryan learned deploying capital at scale inside one of Australia’s largest super funds. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy.
T1 · E43
18 jun 2025
1:12:25

#42 – Jason Coggins | Macro Insights & Where to Strategically Allocate Your Assets

Quarterly Insights with Jason Coggins. In today’s ROCAST, we’re bringing you something a little different. For those unfamiliar with Jason, he is one of the industry's leading minds in strategic asset allocation, wealth management, and macroeconomics. He’s worked with some of the biggest names in the industry—ANZ, CBA, Koda Capital—and currently advises five major institutions and family offices. We’re fortunate to have him as the Investment Committee Chair at Initium Capital and the Hayson & Huang Family Office, with whom York Wealth Management is proud to be partnered and I think you’re really going to benefit from Jason’s perspectives. This Insights series focuses on strategic asset allocation and macroeconomic themes. If you're a York client and were lucky enough to join us live last week, I hope you found Jason’s insights as valuable as we did. If you're not a client and would like to attend future sessions as this current episode will always be a delayed release, feel free to reach out—we’d love to have you at our next quarterly live broadcast. We're also pleased to introduce our soon-to-be wholesale client adviser and associate, Anthony Adlam, who will be introducing and organising the Insights series going forward. Before we get into the conversation, please remember this ROCast is made for entertainment purposes only. Past performance is not a reliable indicator of future returns, and today’s discussion is intended to help you better understand Macro Insights & Where to Strategically Allocate Your Assets. It is not in any shape or form personal investment advice. I encourage you to listen to the disclaimer at the end of this ROCast and, as always, keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did so sit back, relax, and enjoy.
T1 · E42
7 may 2025
57:29

#41 - Nick Thomson | How to target equity style returns via asset backed private lending?

Welcome back to The Rate of Change with York Wealth Management. As advisors to some of the wealthiest families in the country, The Rate of Change is a podcast designed to help you in the pursuit of building long-term wealth through insights from some of the brightest minds in asset management. I’m your host, Murdoch Gatti, and in today’s ROCast, we sit down with Nick Thomson, Executive at Aquasia to exploring the world of private credit and structured finance. If you’re interested in how private credit funds are structured, how lending is approached outside of traditional banks, or simply want to better understand the alternatives sector, then I think you’ll really enjoy today's conversation with Nick. Nick brings over 25 years of experience across investment banking, property funds management, and broader funds management, having worked at institutions such as UBS, JP Morgan, and AMP before joining Aquasia almost a decade ago. His perspective offers a unique look into how capital flows, deal structuring, and investment access have evolved over the last two decades. In this conversation, we take a close look at the Aquasia Private Investment Fund — a wholesale fund that lends across sectors like real estate development, social infrastructure projects such as disability accommodation and childcare, hospitality, industrial and logistics facilities, as well as selective office and retail projects. Rather than looking at equity-style risk, the fund focuses on senior secured loans, mezzanine finance, and convertible notes, offering investors exposure to private market debt with a strong emphasis on capital protection. As of the time of recording — about two months ago — the fund was delivering robust returns. Based on the most recent data available as of March 2025, the Aquasia Private Investment Fund has produced a 1-year return of 10.38%, and a since-inception annualised return of 10.05%, net of fees. Throughout the discussion, Nick shares valuable insights into the dynamics driving private credit markets, the increased internationalisation of capital, and how private lending has evolved to become a mainstream allocation for many sophisticated investors. If you’ve been curious about how alternative debt structures work behind the scenes — and how funds like these manage borrower quality, deal flow, and credit risk — Nick’s commentary will give you a strong foundation. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. It’s important to remember that past performance is not a reliable indicator of future returns, and today’s conversation is designed to help you learn more about the nature of private credit investing rather than provide investment advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. Sit back, relax, and enjoy!
T1 · E41
28 abr 2025
1:14:22

#40 - Clint Maddock | Bitcoin, Ethereum – Income Through High-Yield Crypto Contracts

Clint Maddock, Founder and Director of Digital Asset Funds Management—or DAFM for short. DAFM operates multiple funds, including the Digital Income Class, an income-focused fund in digital assets that applies a trading strategy originally developed by a hedge fund partner for traditional fixed-income markets. If you're familiar with digital assets like Bitcoin and Ethereum—or if you’re still trying to figure out what exactly is a digital asset?—this conversation will be interesting for you. We explore broader questions about crypto markets, like: Where is the industry headed? Has it matured beyond its early volatility? What if another Sam Bankman-Fried FTX-style collapse happens? Can investors gain exposure to crypto in a way that avoids the extreme price swings of Bitcoin? And is there a structured, regulated approach to integrating digital assets into an SMSF? One of the interesting takeaways is how the Digital Income Class Fund, established in May 2021, has produced a three-year compound return of 48.21%, a 30.98% gain over the past year, and a 4.05% return last month. For context, since May 2021, Bitcoin has delivered an annualized return of 19.94%—but with substantial volatility, including deep drawdowns along the way. By contrast, the Digital Income Class has maintained consistent returns, with only one negative month in 44 months. It raises an interesting question: Is long-term success in digital assets purely about price appreciation, or is there merit in structured strategies that generate steady returns without relying on market direction? Another aspect worth unpacking is the strategy itself. Originally developed to identify inefficiencies in traditional fixed-income markets—bonds, term deposits, and bank bills—it has since been adapted and refined for digital assets. One of the key reasons it continues to generate returns is due to higher borrowing costs in crypto markets. When investors borrow BTC or Ethereum using futures and forward contracts, they often pay a premium—creating yield opportunities for those on the other side of the trade. Clint explains how this all works, the mechanics behind the strategy, and what it tells us about the broader evolution of digital asset markets. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
T1 · E40
18 mar 2025
1:07:23

#39 - Simon Klimt | Resource Royalties & How They Can Outlive Miners Boom & Bust Cycles

In today’s ROCast, Murdoch's joined by Simon Klimt Portfolio Manager at Regal Resources Royalties Fund. The fund was established in 2019, available for wholesale investors only and as of time of recording has an Annualised return since inception of 25.5%. 5 year ave is 26.46%, 3yr ave 31.49%, 1 Year ave 26.69% and has most recently returned 4.89% last month. If your familiar with Royalties or you’re sitting there wondering what is a Royalty? How do royalties work? How do they work in regards to Mining Resources? Are they as volatile as investing directly in mining companies and why have the historical returns on these investment been so high? Then join us as Simon sheds light on all these areas and more. For me, one of the wildest things about royalties—and Simon breaks this down in detail—is how they can outlive the mining companies themselves. For many of us, unfortunately we may have experienced one or many mining companies fail. Although with Royalties. as long as another miner steps in, buys the license, and keeps production rolling, the royalty payments keep flowing. It doesn’t matter if the original company goes under; as long as someone’s digging and selling, the royalties live on. Absolutely fascinating. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
T1 · E39
16 feb 2025
1:24:06

#38 - Andrew McVeigh | Where to for Private Credit Lending?

Andrew McVeigh is the Managing Director at Remara Investment Management. With over a decade of experience, Andrew has developed innovative lending strategies and has a deep understanding of private finance. His career offers unique insights into the evolving world of real estate and private credit markets. Andrew explains Remaras' integrated model, there investment philosophy and sheds light on Remaras' Private Credit Income Fund, which has returned 13.5% annual returns as of late last year, just before Christmas. Beyond finance, Andrew shared his experience as a former board member of the Cronulla Sharks and discussed Remara’s new sponsorship of the St. George Dragons. By focusing on tailored solutions for small businesses and developers, this model not only addresses borrower needs but also carefully manages risk to provide consistent stability and returns for investors. Through vertical integration, Andrew’s team oversees every step of the lending process—from loan origination to borrower performance—ensuring greater oversight, control allowing Remara to respond swiftly to economic changes and reduce potential risks. We also discuss major trends in finance, such as securitised credit’s rise, shifting borrower behavior, and how real estate adapts to higher interest rates. Andrew offers clear insights into navigating credit risk through vertical integration, emphasizing granular control over borrower quality and leveraging data for strategic decisions. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
T1 · E38
20 ene 2025
1:36:17

#37 - Michael Goldberg | Unlocking Value Beyond Consensus in Gold, Energy & Aussie Markets

In today’s ROCast, Murdochs joined by Michael Goldberg, Co-Founder, Managing Director and Portfolio Manager of Collins Street Asset Management. Michael’s flagship fund, the Collins Street Value Fund, has returned 14.85% over the past 12 months and 13.5% per annum since its inception in 2016. His background, shaped by early lessons in his family’s business in the rag trade and his unconventional path into finance, brings a fresh perspective on identifying deep value opportunities in the Australian Share Market. In this episode, Michael dives into their core principles for value investing. We’ll explore how Collins Street Asset Management goes beyond conventional methods, refusing to rely solely on consensus data. Instead, they take a more hands-on approach—testing products themselves, asking family members if they’d use the product (like shopping at Myer), calling company representatives with his daughter to gain unique insights, and even hiring on-the-ground contractors to investigate factors like potential radioactive material fallout linked to a rumoured nuclear submarine incident nearby, which may have had a material impact one of there investments at the time Michael also highlights their unique “Mentor and Buddy” system, where investment ideas are rigorously debated and stress-tested. These strategies, combined with a disciplined focus on long-term outcomes, have helped the fund uncover undervalued opportunities others often miss. We’ll dive into case studies, including past and current positions in Metcash, ResMed, and Ramelius Resources, while exploring opportunities across sectors like gold, energy, and consumer staples. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
T1 · E37
18 nov 2024
1:37:44

#36 - Steven Maarbani | How Crowdfunding is Reshaping VC & Real-Estate

Steven Maarbani is the CEO and Co-founder of VentureCrowd. Steven shares the story of VentureCrowd’s evolution, beginning in 2013 as a venture capital-focused tool and expanding into a multi-asset investment platform. This transformation, supported by the 2017 legalization of crowdfunding in Australia, has opened access to traditionally restrictive deals—an approach that, according to Forbes, aligns with the changing investment preferences of younger generations. Steven brings extensive experience as a corporate lawyer and former partner at PwC, where he guided founders, high-net-worth individuals, angel syndicates, and venture firms through the complex deal-making process. Steven shares the story of VentureCrowd’s evolution, beginning in 2013 as a venture capital-focused tool and expanding into a multi-asset investment platform. This transformation, supported by the 2017 legalization of crowdfunding in Australia, has opened access to traditionally restrictive deals—an approach that, according to Forbes, aligns with the changing investment preferences of younger generations. Throughout the ROCast, Steven provides insights into how VentureCrowd is democratizing investment opportunities and reshaping private markets. We discuss the evolution of crowdfunding, the digitization of private capital, and how platforms like VentureCrowd are influencing the future of investing. Steven also highlights the importance of syndication, the growing role of secondary markets, and his vision for a more accessible and efficient investment landscape—making private markets more attainable and appealing to younger generations. So, before we get into the conversation, please remember this podcast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au With that being said, hope you enjoy this conversation as much as I did, so sit back relax and enjoy.
T1 · E36
4 nov 2024
22:44:30

#35 - Nicholas Chaplin | Generating Income with Hybrid Securities

Nicholas Chaplin is a Director & Senior Portfolio Manager for Seed Partnerships Hybrid Income Fund. Nicholas specialises in structuring and education of financial capital with a focus on Hybrid Notes. Nick spent 12 years building and leading NAB’s hybrid and structured capital origination business. Prior to Nab, he built Westpac's Hybrid capital business For Commsec he ran a hybrid securities portfolio with over $250 million and managed the HIF investment strategy within the Paraclete Funds Management Trust, which invested exclusively in prudentially regulated securities. Nicholas shares his thoughts on how Hybrids have evolved from 1990s, to the notable CBA PERLS to where we are today, his thoughts on the Hybrid securities space with ASIC, the role secondaries plays in this space and where he thinks markets are going. The fund was established in September 2015 and as of time of recording, the fund has an annualised average return since inception of 6.38% and for the past 12 months the fund has averaged 8.23%. I really enjoyed this conversation, and I encourage you to stick around for the disclaimer at the end of the ROCast. As always, feel free to share your thoughts by reaching me at mgatti@ywm.com.au. With that being said, I hope you enjoyed this conversation as much as as I did, so sit back, relax, and enjoy!
T1 · E35
23 oct 2024
26:50:13
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