Global Investment Institute

Kim Morison, Chairman, Chief Investment Officer, Argyle Capital Partners | Kim discusses the role of water rights in portfolios, where it sits in the portfolio from a risk-return perspective and the objectives investors may seek to achieve through an allocation to the asset class. He explains the drivers of return when investing in water rights from both an income and capital growth perspective.

Listen to the full interview where we ask Kim:

- Who are the typical investors and what are they looking to achieve when investing in water rights from a portfolio objective perspective?

- Where do water rights sit within the portfolio on a risk return perspective relative to other asset classes?

- What do the returns from water rights comprise? How much annual income do water rights generate? What proportion of returns is represented by long-term capital growth?

- What are the drivers of income from investments in water rights?

- What are the drivers of capital growth? Why would water rights continue to appreciate in value? Can farmers continue to afford higher prices for water?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Joss Engebretsen, Portfolio Manager, Barwon InvestmentPartners | Joss explains what Specialist Disability Accommodation (SDA) is and its role in portfolios as a government-funded, inflation linked essential housing play that can help diversify investor portfolios dominated by AI driven equity and credit exposures. For those looking to build an exposure to the asset class, Joss discusses what investors should be asking their managers before committing capital to an emerging, specialist real estate sector, with no index to benchmark against.

Listen to the full interview where we ask Joss:     

- What exactly is Specialist Disability Accommodation, and why does it behave more like social infrastructure than like residential property?

- Investors tend to price “NDIS reform” as a single risk. How should professional investors separate scheme risk from the Specialist Disability Accommodation asset class?

- Australia has a large national shortfall of Specialist Disability Accommodation, yet some regions are oversupplied. Why does local market matching decide returns in this sector?

- What role can government-funded, inflation-linked essential housing play in a portfolio dominated by AI-driven equity and credit exposure?

- What should an investor ask a manager before committing capital to a young, specialist real asset sector with no index to benchmark against?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Osvaldo Pereira, Partner, Global Head of Direct Lending, Park Square Capital | Osvaldo discusses the evolution of European private credit and shares the lessons learned investing across multiple cycles. He shares his perspectives on what investors should be considering when choosing a European credit manager, what dictates culture at their organisation and what has enabled them to consistently maintain best in class loss rates.

Listen to the full interview where we ask Osvaldo:

- Park Square Capital has been investing in private credit for more than 21 years, what are the key lessons learned that you can share with us? 

- How have European private credit markets evolved over the time you have been involved?

- What are the key factors you would advise investors to consider when choosing a European manager?

- What dictates culture at a manager?

- Your loss rates are best in class, what do you attribute that to?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Missy Dolski, Partner & Global Head, Asset-Based Finance, Värde Partners | Missy discusses how the opportunity set in asset-based finance (ABF) has evolved over the years, the segments of the market offering the greatest opportunities, the attractiveness of the ABF middle market and shares her views on what best-practice in ABF underwriting discipline looks like.

Listen to the full interview where we ask Missy:

- Värde has been active in ABF for many years. How have you seen the opportunity set change as the market has evolved?

- ABF covers a wide range of collateral types. Which segments of the market do you have the most conviction in and are there any segments you are currently avoiding?

- What does the ABF middle market landscape look like today, and what makes it attractive for investors?

- How would you describe what best practice in underwriting discipline looks like in ABF?

- “Data science” is a term widely used across the industry, but what does that look like in practice and how much variance is there in access to and quality of data between lenders

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Bill Eckmann, Head of US Direct Lending, Macquarie Group | Bill discusses how direct lending markets have evolved over the past decade and the key differences between the U.S. and European markets. He explains the structural factors institutional investors should consider when allocating across regions, how to assess risk through a full credit cycle, and whether the fundamentals that have underpinned the growth of the asset class remain intact. Bill also shares his perspectives on the key questions investors should ask when evaluating direct lending managers with cross-regional capabilities.

Listen to the full interview where we ask Bill:

- How has the direct lending market evolved over the past decade, and how do the US and European markets differ today? 

- How should institutional investors think about risk in direct lending through a full credit cycle, rather than through reported default rates alone? 

- Direct lending has grown rapidly over the past decade. Do the fundamentals that drove that growth still hold?

- Where are the pressure points for direct lending across the industry?

- What questions should institutional investors be asking when evaluating a direct lending manager, particularly one with cross-regional capability? 

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Rene Ogunbona, Director, Igneo Infrastructure Partners | Rene discusses the key global trends driving increased infrastructure spending and the opportunities for investors. He explains why mid-market infrastructure is an attractively differentiated sector to the large-cap space for investors to consider for their portfolios. Rene shares his perspectives on changes in the Australian renewables market and contrasts the opportunity set in wind, battery and solar.

Listen to the full interview where we ask Rene:     

- What are the key global trends driving increased infrastructure spending and what opportunities does this provide investors?

- Why is mid-market infrastructure an attractively differentiated sector to the large-cap space?

- What has changed in the Australian renewables market that makes it an attractive space to deploy capital?

- Grid congestion and connection delays are often cited as the biggest constraints on renewables, how material is this in practice for investors?

- How do you view the investment opportunity set between wind, battery and solar?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Jason Schreiber, Principal, Co-Head of Real Estate Equity, CIM Group | Jason discusses the recent changes he has seen unfold in the net lease market and the types of sectors and tenants that are attracting the most investor interest today. He explains why net lease real estate has become more attractive to global investors, the impact of a higher rates environment on how net lease deals are underwritten and where he sees the biggest opportunities in net lease investing.

Listen to the full interview where we ask Jason:     

- How is today’s net lease market different from where it was just a few years ago?

- What types of tenants and sectors are attracting the most investor interest right now?

- Why has net lease real estate become increasingly attractive to international investors?

- How are higher interest rates changing how net lease deals are underwritten?

- Looking ahead, where do you see the biggest opportunities in net lease investing?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Dylan Ross, Managing Director, Portfolio Manager & Head of Asset-Backed Finance, TCW | Dylan discusses how TCW manages its ABF investments, from portfolio construction through to risk management, with a focus on ensuring client capital is protected. He outlines the key areas of investment focus for their ABF platform, explains the rationale behind those areas of focus, and explores how the platform benefits from being integrated alongside TCW's public securitised credit business.

Listen to the full interview where we ask Dylan:

- How do you structure and monitor ABF investments to detect fraud risk early and ensure capital is protected even in stressed scenarios?

- How does the broader experience of having TCW’s ABF platform sitting alongside a public securitised credit business support the way you underwrite and manage ABF investments?

- Why does TCW’s ABF platform focus on core, repeatable asset classes over highly idiosyncratic, single‑asset financings and why is that distinction important from a risk and portfolio construction standpoint?

- How do you think about first‑loss protection and where it sits in the capital stack across different ABF strategies

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

Tom Patrick, Partner, Head of Healthcare Property, Barwon Investment Partners | Tom discusses the key indicators suggesting why the current environment is an inflection point in the property cycle, how investors should think about the role of core real estate today, given the competition faced from fixed income and why alternative real estate sectors like healthcare property are gaining traction. Tom also shares where he would be allocating capital in today’s environment across the alternative real estate sector from healthcare and beyond, what he would be avoiding and risks to be managed.

Listen to the full interview where we ask Tom:

- You have described the current environment as an inflection point in the property cycle, what are the key indicators suggesting the market has turned?

- How should investors think about the role of core real estate today, given the competition from fixed income after the rate reset?

- Alternative sectors like healthcare property have gained traction, what differentiates them from traditional real estate exposures in a portfolio context?

- To what extent is the current opportunity in healthcare property cyclical versus structural?

- If you were allocating fresh capital today, where would you be most focused, and what risks would you be most conscious of in real estate investing?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.

William Vettorato, Managing Director, Head of Evergreen Fund Strategy, EQT Group | William discusses how investors around the world are using evergreens as a solution for overcoming accessibility issues and the complexity involved with private markets investing. He explains that Australian investors have been at the forefront of adopting evergreens and shares his views on what investors should consider when considering allocating, as the adoption and proliferation of evergreen products continues.

Listen to the full interview where we ask William:

- What are the most consistent and practical ways investors are using evergreens to build out their private market exposures?

- What can Australian investors learn from global peers in allocating to evergreens?

- Do you expect the proliferation of evergreen products to continue and what should investors consider when allocating?

- What areas of private equity is EQT excited about deploying capital into at the moment?

- What are EQT’s views on liquidity, gating and valuations in semi-liquid funds?

Disclaimer

The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.

International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.

All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.

Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.

All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.