In this episode of The Rate of Change, host Murdoch Gatti sits down with investment strategist Jason Coggins, former Joint Head of a major wealth management firm and consultant to leading private-market firms including Aura Group, Elliston Capital, and IBEX Investors. Jason also serves on the investment committees for Australian Philanthropic Services and Third Link Growth Fund, providing him with a uniquely broad view across public and private markets.

Murdoch and Jason explore the major macro forces shaping wealth creation in 2025 — from the rapid acceleration of AI and large language models, to evolving trends in global private credit, to the shifting dynamics of U.S.–China competition in technology, energy, and infrastructure investment.

Together, they examine questions such as:

• In what way is the Australian private credit market structurally different to the U.S., and how do differences in creditor rights, recovery processes and loan duration shape risk?
• How is AI reducing business-formation timelines, and what does that mean for early-stage investors, founders, and legacy SaaS businesses?
• Could some private equity and SaaS business models be more exposed to disruption than previously understood?
• Why might seed-stage technology investing offer the cleanest expression of AI-driven upside, compared with later-stage deals?
• Could the U.S. CapEx boom — driven by data centres, AI infrastructure and geopolitical competition — create the conditions for a market melt-up despite elevated valuations?
• What structural challenges does Australia face around productivity, government spending, energy reliability, and housing supply?
• And which regions — including Asia, India and select frontier markets — may play a larger role in driving global growth over the next decade?

This episode brings together forward-looking ideas and frameworks relevant to high-net-worth investors, private credit specialists, family offices, and anyone navigating one of the most dynamic investment landscapes in decades.

If you want to understand the trends driving the rate of change across markets, technology and global macro — please have a listen and enjoy!

You can reach me at [email protected] and www.yorkwealth.com.au

In today’s ROCast, Murdoch is joined by Ben Harrison, Co-Founder and Chief Investment Officer of Altor Capital, which as of February 2024 has been acquired by Prime Financial Group.

Ben’s career began in engineering and project management on major infrastructure projects across Australia and Southeast Asia, before moving into finance with Wilsons — soon to be part of Canaccord — where he worked in equity research, ECM, and M&A. Nearly a decade ago, he co-founded Altor, building it into a specialist alternative asset manager with a focus on private credit and growth equity.

What I find most interesting about Altor is that they’re not just lending to businesses. They want to get in alongside them, with both debt and equity, and work with founders to succeed. Their loans are senior secured, giving investors downside protection, but Altor often takes an equity stake too — putting them on the same side of the table as management and giving their investors a share in the potential upside.

Their borrowers are typically operating companies with $20–100 million in revenue and $2–10 million in EBITDA, looking for capital to expand, make acquisitions, or invest in growth. Altor isn’t a property lender — they don’t fund land banking or development — but when a business owns property, or other hard assets, those assets are taken into account as part of the security package. In that sense, they use the full balance sheet to structure deals, but always through the lens of backing operating businesses.

As of the time of recording, Altor’s flagship Private Credit Fund had delivered just under 12% per annum net of fees over its seven-year track record, paying quarterly distributions with a 10% cash yield target. That consistency comes from disciplined structuring, active involvement, and the additional upside created by equity positions.

We also talk about Altor’s decision to join Prime Financial Group. The acquisition gave Altor the scale and infrastructure to accelerate growth, while opening up Prime’s sports and entertainment advisory business. Together, they’ve already completed several high-profile deals — most notably, the acquisition of the Tasmania Jack Jumpers NBL team — showing how sports franchises can be treated as platform assets with strong brands, loyal fans, and multiple streams of revenue.

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did.

So sit back, relax, and enjoy.

In today’s ROCast, Murdoch Gatti is joined by Eric Chan, co-founder and Group MD of Aura Ventures & Aura Group. Eric shares what it takes to build a funds management business and their pursuit of backing Asia-Pacific’s next AI unicorn — through a disciplined process that blends private credit stability with high-conviction venture capital.

We break down Aura’s two flagship strategies:

• Aura Private Credit Income Fund — an evergreen wholesale fund that has delivered ~9% p.a. since 2017 by financing SME-focused non-bank lenders. With short-duration loans, first-loss protection, and monthly liquidity, it offers stable income and strong risk controls.
• Aura Venture Fund — a seed-stage vehicle conditionally registered as an ESVCLP (Early Stage Venture Capital Limited Partnership), where investors commit capital via staged calls, gain tax benefits once fully registered, and back founders across Australia and Southeast Asia. A standout holding is Haast, an AI compliance platform already used by Telstra and Zurich. As Eric points out, the best measure of AI success is cost savings — and Haast has reduced compliance costs by ~60%, cut review times by 80%, and scaled rapidly from a $1.2m pre-seed in 2023 to a $6m raise in 2025 to drive international growth.

Eric also explains why venture capital must be run as a portfolio, how to balance write-offs against fund-returners, the cyclical nature of venture markets, and where AI is already creating measurable business value — and where Aura is looking to invest next.

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.

In today’s ROCast, we’re joined by Johann Kenny, CFA, Investment Director at Allcap Securities. Johann brings deep experience across capital markets, structured credit, and private equity—having held senior roles at ANZ, ING, Fitch Ratings, Equifax and Arowana before joining Allcap. His current focus is on structuring investment opportunities that aim to deliver income, capital protection, and exposure to real-world assets and government-backed infrastructure projects.

We often speak with asset managers who raise capital via managed funds—but today’s episode brings a different structure. Allcap uses special purpose vehicles (SPVs) to raise capital for specific transactions, allowing wholesale investors to participate directly in defined, asset-backed investment opportunities with fixed terms and transparent risk profiles.

Before diving into the specifics, Johann offers a broader perspective on the construction landscape—comparing private sector builds, like industrial and commercial developments, with government-commissioned infrastructure. The former tends to be more cyclical, tied to credit markets and investor sentiment. The latter, by contrast, is often long-dated and essential—driven by population growth, regulatory mandates, and service delivery. In today’s higher rate environment, that contrast has become especially relevant for investors focused on risk and resilience.

In this episode, we explore Allcap’s current acquisition—an equity co-investment in Haslin, a Tier 2 construction firm focused on delivering essential water infrastructure for local government clients across NSW and QLD. This includes the construction of sewage treatment plants, water filtration facilities, pump stations, stormwater systems, and upgrade works to existing utilities. Haslin’s client base is concentrated at the municipal level, rather than servicing state-level authorities such as Sydney Water.

The total capital structure for the acquisition is $89.6 million, comprising:

• $29 million in senior debt, provided by National Australia Bank
• $26.75 million in equity raise, representing a 44% stake in the target group
• $12.13 million in equity from the sponsors representing a 20% stake in the target group
• $21.75 million allocated to the sponsors to meet differed consideration in three years time and representing a 36% stake in the target group

Haslin is being acquired at a 5.0x FY25 forecast EBITDA multiple, based on expected earnings of $14.5 million. The equity is structured to deliver a target cash yield of over 10% per annum, with a projected 2.5x multiple on invested capital over a three-year period—inclusive of dividends. Johann also explains how Haslin’s contracts often include mobilisation payments of up to 20% on awarded projects—providing early-stage liquidity and helping to accelerate debt reduction on the senior facility.

We also touch on governance, risk management, deal structuring, and Allcap’s infrastructure-focused platform—which includes interests in Inter-Port Global. While Allcap expects Haslin to potentially win future work under Inter-Port’s rollout, no revenue from that channel is included in the current forecasts or investor returns.

As always, this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of the episode and keep your feedback coming. You can reach me at [email protected].

With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy.

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy.

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did so sit back, relax, and enjoy.

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did.

Sit back, relax, and enjoy!

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!

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 [email protected].

With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!